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money laundering
Europol uncovered network dedicated to money laundering for russian mafia
The investigation began in 2013 when the police detected that the russian mafia had intensified its activities in Spain, using it as an entry point for the money laundering of criminal organizations from the former Soviet Union, policia.es reported. Criminals made use of the enormous amounts of money that they —>
European Commission sues Austria, Belgium and the Netherlands over anti-money laundering
The European Commission has today referred Austria, Belgium and the Netherlands to the Court of Justice of the European Union, with a request for financial sanctions, for failing to fully implement the 4th Anti-Money Laundering Directive into their national law, ec.europa.eu reports. Following an assessment of the notified measures by —>
Commerzbank fined for money laundering failings
The UK’s financial regulator has fined Commerzbank £38m for money-laundering failures, including an “out-of-control” system for checking clients, The Guardian reports. 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. —>
Nearly 400,000 British companies evade anti-money laundering checks
Nearly 400,000 British companies do not, will not or cannot say who controls them, according to research carried out by openDemocracy. In 2016, the UK’s more than four million firms were ordered to identify who controls them, in an attempted crackdown on anonymously owned shell structures often used to wash —>
Grand jury in Cleveland investigates money laundering by Ihor Kolomoisky
A US federal grand jury in Cleveland is investigating massive money laundering of PrivatBank deposits into US real estate by Ihor Kolomoisky, BuzzFeed News reports. Kolomoisky and his partners reportedly became the largest commercial real estate investors in Cleveland, owning 2.8 million square feet, including “a 484-room, luxury hotel in —>
More than 700 British firms blacklisted in Ukraine for suspicious activity
They are as common as muck in Ukraine. And often as dirty. Foreign shell firms – ‘offshores’ in the jargon – litter the country’s politics and economy. They are used to conceal ownership, avoid tax, make illicit payments and launder dirty money. Their abuse, say anti-corruption campaigners, help keep Ukraine —>
EU states failed to introduce financial transparency
Most EU member states have failed to meet a legal deadline to introduce public registers of the real owners of companies, a transparency measure seen as key to fighting money laundering, according to a review by anti-corruption campaigners, the Guardian reports. In May 2018, the European Union passed a directive obliging member —>
Deutsche Bank risk losing access to the UK market following Brexit
Bank of England officials have voiced concerns that Deutsche Bank is failing to improve its anti-money laundering (AML) controls and have warned the German lender that it could lose access to the UK market following Brexit, the Financial Times reported. The bank’s latest compliance troubles come four years after it was —>