18th May 2020
The European Commission launched legal actions on Thursday against Luxembourg over laws to prevent money laundering and tax avoidance, it said in a statement. New EU rules to step up scrutiny of financial assets controlled by politicians and companies’ owners were approved in May 2018 in an effort to clamp… Read More
8th May 2020
The United States has reached a settlement to recover more than $49 million involving Malaysian sovereign wealth fund 1MDB, the Department of Justice said. The government of former Malaysian Prime Minister Najib Razak set up the 1MDB fund in 2009. The Justice Department has estimated more than $4.5 billion was… 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
5th May 2020
Finance ministers and European parliamentarians said they will be keeping a close eye on the European Investment Bank after the Luxembourg Times revealed anti-money laundering loopholes found in an internal audit report from last year. The report showed gaps with regards to rules to prevent money laundering and the… Read More
30th April 2020
At times it can seem as if Swedbank’s recent history has been taken from the plot of a Nordic noir novel. There is a procedural bleakness to the Swedish bank’s money laundering scandal and a complexity to it all that does little to resolve the moral ambiguities of institutional malfeasance. Read More
28th April 2020
Falcon Private Bank, a wealth manager that was at the centre of Malaysia’s 1MDB scandal, could lose its Swiss banking licence by the end of the week, two sources close to the situation told Reuters. Swiss financial markets watchdog FINMA could withdraw the licence for the private bank owned by… Read More
15th April 2020
The U.S. Department of Justice on Tuesday said it has repatriated another $300 million to Malaysia in recovered money misappropriated from 1Malaysia Development Berhad, or 1MDB, the country’s sovereign wealth fund. The government of former Malaysian Prime Minister Najib Razak set up the 1MDB fund in 2009. The DOJ estimated… Read More
1st April 2020
Luxembourg’s finance watchdog suspended the former CEO of private bank Edmond de Rothschild (Europe), Marc Ambroisien, for a decade, no longer allowing him to work in finance in the country over that period. The Comite de Surveillance du Secteur Financier (CSSF) accused Ambroisien of having failed to ensure strong internal governance… Read More
24th March 2020
Starting today, you can get a taste of the International Consortium of Investigative Journalist’s powerful research platform without having to install any software – and use it to explore a set of leaked documents. Datashare, ICIJ’s open-source document analysis tool, is now available online via a web browser, complete with… Read More
23rd March 2020
Luxembourg’s parliament on Saturday voted in favour of new laws to implement EU rules increasing reporting duties on cross-border tax arrangements and stepping up the fight against money laundering. After Tuesday’s session was cancelled because of the pandemic, parliament convened over the weekend to vote on a package of laws. This… Read More