12th November 2018
The European Commission has launched proceedings against the Isle of Man after its probe into the Paradise Papers uncovered widespread VAT evasion in the yacht and aviation industries in the bloc. The EU investigation was launched following the Paradise Papers exposé which showed – amongst other issues – that wealthy… Read More
9th November 2018
The European Commission has requested Malta’s Financial Intelligence Analysis Unit step up its supervision of the banking sector after an investigation revealed that Malta had failed to ensure banks comply with EU anti-money laundering (AML) rules. Malta has been under the spotlight over various scandals related to money laundering,… Read More
7th November 2018
The Council of the European Union has announced the adoption of a new set of rules that will provide authorities with broader powers and faster methods of seizing property off criminals. A key feature of the legislation is that is introduces a single set of asset freezing rules across the… Read More
6th November 2018
The European Central Bank (ECB) has withdrawn Maltese-based Pilatus Bank’s licence following allegations of money laundering and the arrest of its owner over financial crime charges in the US. The money laundering allegations around Pilatus, which was central to a scandal investigated by murdered journalist Daphne Caruana Galizia, go back… Read More
26th October 2018
The European Union should set up a new agency to counter money laundering after a series of high-profile cases at banks bared weaknesses in the system, an influential think-tank said in a report, urging full disclosure of fines imposed on wrongdoers. Over the last months, lenders in Denmark, Estonia, Latvia,… Read More
26th October 2018
Denmark plans to strengthen its financial regulator to make it better able to fight money launderng, its business minister said on Thursday, as the country’s largest bank, Danske Bank (DANSKE.CO), is embroiled in a major scandal. The scandal involves 200 billion euros ($230 billion) in payments through Danske’s Estonian branch… Read More
26th October 2018
AP — British regulators slapped Facebook on Thursday with a fine of 500,000 pounds ($644,000) — the maximum possible — for failing to protect the privacy of its users in the Cambridge Analytica scandal. At the same time, European Union lawmakers demanded an audit of Facebook… Read More
25th October 2018
The Financial and Capital Market Commission (FCMC) of Latvia has fined JSC ‘LPB’ Bank 2.2 million euros for breaching anti-money laundering and counter terrorist financing (AML/CFT) rules, after it uncovered a number of significant deficiencies. The FCMC said it carried out an on-site inspection and off-site target inspections of the… Read More
25th October 2018
British-based businessman Bill Browder has reportedly accused Nordea Bank of processing $405 million is suspicious funds, adding more details about the banks he alleges helped launder dirty money from Russia. Nordea is listed in a criminal complaint filed to Finish authorities, Bloomberg said, adding that Finland’s National Bureau of Investigation… Read More
25th October 2018
AP — Russian President Vladimir Putin and Italian Prime Minister Giuseppe Conte pledged Wednesday to boost economic ties between their countries despite European Union sanctions against Russia. They also agreed to pool efforts to help settle the political crisis in Libya. Making his first trip to… Read More