14th July 2020
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
14th July 2020
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
6th July 2020
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
3rd July 2020
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
2nd July 2020
A Malta-based bank, Satabank, has had its licence withdrawn by the European Central Bank, Finance Minister Edward Scicluna and the Malta Financial Services Authority said on Wednesday.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
1st July 2020
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
1st July 2020
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
30th June 2020
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
29th June 2020
Finalising the European Union’s package of measures to help the economy recover from the COVID-19 pandemic is a “massive priority” for Germany’s presidency of the EU, German Deputy Finance Minister Joerg Kukies said on Friday. EU leaders agreed in April to build a trillion-euro emergency fund to help the 27-nation… Read More
26th June 2020
A senior government official has called a new amnesty on dirty money to bring billions of euros in hidden bank accounts back into the legal economy. In an interview with De Tijd, Steven Vanden Berghe, a senior civil servant with the federal finance ministry, argues there are billions of undeclared… Read More