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
23rd October 2018
The international group that monitors money-laundering worldwide said on Friday Iran had until February to complete reforms that would bring it into line with global norms or face consequences. The Paris-based Financial Action Task Force said after a meeting of its members that it was disappointed that Tehran had acted… Read More
19th October 2018
A special unit designed by the European Union to enable its firms to continue trading with Iran despite US sanctions could also be used by the bloc to avoid other US sanctions. The Special Purpose Vehicle (SPV) is set to launch in November this year. A French foreign ministry spokeswoman… Read More
18th October 2018
The European Central Bank (ECB) is reportedly looking to revoke the licence of Pilatus Bank, following the arrest of its chairman over money laundering charges and allegations it processed corrupt payments. Malta’s banking regulator has also previously recommended that the licence be withdrawn. The ECB’s supervisory board has… Read More
17th October 2018
British-based Hermitage Capital Management has reportedly accused Nordea bank of breaching anti-money laundering rules, according to Sweden’s Economic Crime Authority. Hermitage is understood to have handed over some documents regarding the matter to the agency. “We have received documents from Hermitage regarding money-laundering and we’re evaluating which authority should handle… Read More
15th October 2018
The Council of the European Union has adopted new rules establishing jail sentences and sanctions for money launderers and terror financiers. The new directive complements, on the criminal law aspects, the directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist… Read More
11th October 2018
The European Commission is reportedly set to publish guidance for member states on how to manage ‘golden visas’ – resident permits that can be purchased by wealthy foreigners – amid growing concerns that they are being used by rich criminals to live and move around Europe easily, and that they… Read More
11th October 2018
AP — Switzerland’s high court has upheld the acquittal of a former bank accountant who handed over confidential client information to WikiLeaks, ruling Wednesday he wasn’t bound by the country’s strict banking secrecy laws at the time. The Federal Tribunal validated a ruling by Zurich’s regional supreme court in… Read More