1st July 2020
The European Commission is preparing measures to protect the European Union as it faces threatened U.S. sanctions, which could break international law, on a link to carry gas directly from Russia to Germany, the EU’s foreign policy chief said. U.S. senators this month announced a bill tightening sanctions on the… Read More
1st July 2020
Germany will be quick to overhaul its regulation of financial companies to repair the damage caused by Wirecard AG’s collapse, Deputy Finance Minister Joerg Kukies said. “What we must do is analyze, by turning over every stone, exactly where and how things went awry,” Kukies said at an event… Read More
30th June 2020
The Philippines’ anti-money laundering agency on Monday said it would conduct a “swift and thorough” investigation into scandal-hit German payments firm Wirecard AG and that it has drawn up an initial list of people and entities of interest. Wirecard’s collapse last week and admission that $2.1 billion of its cash… Read More
30th June 2020
Ernst & Young GmbH, auditor to insolvent German fintech company Wirecard AG, had questions related to unorthodox arrangements under which the company’s cash was held in bank accounts it didn’t control as far back as 2016, according to emails seen by The Wall Street Journal. The auditor subsequently signed… 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
25th June 2020
Wirecard’s (WDIG.DE) former boss has been arrested on suspicion of falsifying its accounts, after the German payments firm disclosed a $2.1 billion financial hole and questioned whether trustees had actually held money on its behalf. Markus Braun turned himself in on Monday night after Munich prosecutors issued a warrant… Read More
24th June 2020
BaFin (Germany’s Federal Financial Supervisory Authority) is under fire for failing to properly respond to multiple red flags related to an accounting fraud at Wirecard, a German payments firm which now appears to have misplaced EUR 1.9 billion. Last Thursday (18 June), Wirecard revealed that it was unable to… Read More
23rd June 2020
Wirecard said on Monday that 1.9 billion euros ($2.1 billion) missing from its accounts was likely never there and it was looking at the sale or closure of parts of its business as it sought to avert a looming cash crunch. The former German stock market darling, which processes payments… Read More
18th June 2020
The UK’s financial regulator has fined Commerzbank £38m for money-laundering failures, including an “out-of-control” system for checking clients. The Financial Conduct Authority (FCA) said the German business bank had failed to put money-laundering controls in place over a period of five years, despite three separate warnings from the regulator. Read More
17th June 2020
Police say they have foiled an international criminal drug syndicate allegedly linked to homes and businesses in Western Sydney after combining with law enforcement agencies in seven countries, including the FBI. Five men have been arrested after a seven-year long investigation into large-scale importation and sale of MDMA and ice… Read More