UBS will no longer be able to contest client data sent to France tax authorities: Swiss court
17th July 2020
UBS will no longer be able to contest client data sent to France tax authorities: Swiss court
UBS will no longer be informed or be able to contest customer data the Swiss tax authorities hand over to counterparties in France investigating alleged tax avoidance, a Swiss court said on Wednesday. Switzerland’s Federal Administrative Court upheld a decision to revoke UBS’s position as a party to the arrangements over… Read More
Pompeo warns of new sanctions over Nord Stream 2, TurkStream
16th July 2020
Pompeo warns of new sanctions over Nord Stream 2, TurkStream
The U.S. is moving toward sanctions against energy companies involved in Russian pipelines to Europe and Turkey, escalating a threat to punish allies for pursuing projects that the U.S. argues will only benefit Russia. As Europe’s domestic gas supplies decline, the region is becoming more dependent on imported fuel. The… Read More
Germany formally proposes first-ever use of EU cyber sanctions over Russia hacking
14th July 2020
Germany formally proposes first-ever use of EU cyber sanctions over Russia hacking
The German government has officially proposed that the European Union impose sanctions on Russian individuals responsible for a large-scale hacking of the Bundestag five years ago, the German Press Agency reported Sunday. If agreed, the plan, which was recommended by Berlin last month, would be the first use of an… Read More
‘58 foreigners bought Maltese passport without presenting birth certificate’
14th July 2020
‘58 foreigners bought Maltese passport without presenting birth certificate’
A total of 58 foreign nationals bought a Maltese passport without presenting their birth certificate in just 18 months, opposition MP Karol Aquilina is claiming. “This is further testament to the fake due diligence of this programme which is tarnishing Malta’s reputation,” he said. Aquilina divulged this “scandal” in parliament… Read More
EU sues Austria, Belgium, Netherlands over anti-money laundering rules
6th July 2020
EU sues Austria, Belgium, Netherlands over anti-money laundering rules
The European Commission said on Thursday it was suing Austria, Belgium and the Netherlands because the three countries had not fully integrated EU rules on anti-money laundering into their national laws. The 27-nation bloc’s executive cited a lack of action on EU law related to fundamental aspects of the anti-money… Read More
Luxembourg tightens screws on trusts with EU rules
3rd July 2020
Luxembourg tightens screws on trusts with EU rules
Parliament decided to set up a list of who gets to benefit from trusts in a unanimous vote on Wednesday, putting in place a tool to shine more light on the financial industry required under European Union rules. The EU in 2018 adopted stricter rules for trusts – fiduciary arrangements… Read More
ECB withdraws Malta-based bank’s licence
2nd July 2020
ECB withdraws Malta-based bank’s licence
A Malta-based bank, Satabank, has had its licence withdrawn by the European Central Bank, Finance Minister Edward Scicluna and the Malta Financial Services Authority said on Wednesday. The decision was taken on the recommendation of the authority. The Bulgarian-owned bank, established in 2014, had its 12,000 accounts frozen by the… Read More
Leading from Behind: The Focus on the Financial Investigation of Wildlife Crime Must be Sustained
1st July 2020
Leading from Behind: The Focus on the Financial Investigation of Wildlife Crime Must be Sustained
Over the past 12 months, under its Chinese presidency, the Financial Action Task Force (FATF) has made a welcome effort to engage with and promote the importance of financial investigation as a tool to combat the illegal wildlife trade (IWT). As per his objectives, Xiangmin Liu has used his… Read More
Suitcases of Cash Halted by Virus in EU Money-Laundering Hotspot
1st July 2020
Suitcases of Cash Halted by Virus in EU Money-Laundering Hotspot
When customs agents in Riga followed a tip and searched passengers arriving on a private jet from Ukraine last year, they hit the jackpot. Luggage belonging to the four travelers contained about $1 million in U.S. and European banknotes. The contraband was seized. Latvia, a European Union and euro-area… Read More
Bank of Estonia: SEB fine shows banks could step up money-laundering fight
30th June 2020
Bank of Estonia: SEB fine shows banks could step up money-laundering fight
Estonian banks need to develop and improve their Anti-Money Laundering (AML) processes, including by having smarter know-your-client systems, the Bank of Estonia says, following a €1 million the Financial Supervisory Authority (FSA) imposed on the Scandinavian-owned SEB Pank on Thursday. This would be made easier by legislative changes and more… Read More
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