15th May 2020
The European Commission says that Estonia has not fully implemented the European Union Fourth Anti-Money Laundering Directive (4MLD). The commission sent a letter of formal notice to Estonia Thursday, stating that Estonia, in the commission’s opinion, has not correctly transposed the 4MLD, which concerns the misuse of a member state’s… Read More
15th May 2020
The European Investment Bank’s disregard for anti-money laundering rules, first reported by the Luxembourg Times, extends into its fund activities, where it is even harder to follow where the money goes. The EIB invests in funds mainly through its flagship €172 billion European Investment Fund (EIF), where an audit… Read More
14th May 2020
The European Commission is hell-bent on creating a watchdog to enforce the bloc’s anti-money laundering rules. But skeptics fear it won’t have much bite. Executive Vice President Valdis Dombrovskis sounded a rallying call for a European authority last week as the Brussels executive launched an action plan for tackling… Read More
14th May 2020
By Sara Farolfi, OCCRP, 13 May 2020 OCCRP — A senior member of the Saudi royal family and government adviser arranged citizenship for himself and six family members through Cyprus’ controversial “Golden Visa” program, according to a document obtained by OCCRP. Prince Saud bin Abdulmohsen bin Abdulaziz Al Saud applied… Read More
14th May 2020
Construction of the world’s most controversial natural gas pipeline is about to enter the endgame of an energy dispute that’s pitted the U.S. against Russia and some of its closest trans-Atlantic allies, satellite images show. The Nord Stream 2 pipeline, built to increase the flow of Russian gas into Europe’s… Read More
14th May 2020
The EU, last week, told a black-and-white tale of 20 sinful states who posed a money-laundering threat to Europe’s law-abiding single market. But the real story of the EU and money laundering is more complicated. And the EU’s new dirty-money blacklist revealed more by its omissions than by its inclusions. Read More
13th May 2020
EU banking supervisors must investigate Cum-Ex transactions and other dividend arbitrage schemes as part of their reviews of anti-money laundering (AML) compliance programs, the bloc’s banking authority said Tuesday. The European Banking Authority (EBA) said in a report that recent surveys of the bloc’s AML and prudential supervisors indicate that… Read More
12th May 2020
The EU’s banking watchdog should have barred its former executive director from taking a position as the chief executive of a financial lobbying group, the European Ombudsman Emily O’Reilly ruled on Monday. O’Reilly said in the ruling that the European Banking Authority (EBA) should have vetoed Adam Farkas’ move earlier… Read More
8th May 2020
The European Union is set to unveil plans on Thursday for a bloc-wide anti-money laundering (AML) supervisory body as the union considers the introduction of new legislation intended to bolster enforcement of its directives, according to a report by the Financial Times. Valdis Dombrovskis, the EU executive vice-president tasked… Read More
7th May 2020
Members of the European Parliament have demanded answers from the president of the European Investment Bank following revelations made by the Luxembourg Times into anti-money laundering failures. Twelve Greens and European Free Alliance MEPs sent the letter to Werner Hoyer on Wednesday, requesting that he discloses compliance shortfalls identified… Read More