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EU adopts new directive on combating money laundering by criminal law

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

Bulgarian journalist killed after reporting on corruption

AP — Bulgarian police are investigating the rape and slaying of a female television reporter whose body was dumped near the Danube River after she reported on the possible misuse of European Union funds in Bulgaria. Authorities discovered the body of 30-year-old Viktoria Marinova on Saturday… 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
10th October 2018
Regulators are set to exercise their new powers by handing out fines and even temporary bans on companies that breach a new EU privacy law, with the first round of sanctions expected by the end of the year, the bloc’s privacy chief said. The European Union General Data Protection Regulation… Read More
9th October 2018
The European Union’s securities watchdog said on Monday it was examining every initial coin offering (ICO) to see whether it should be regulated, mirroring moves by its U.S. counterpart. An ICO issues crypto currencies like bitcoin or tokens to raise funds for a start-up company, and regulatory warnings that investors… Read More
9th October 2018
AP — Bulgarian police are investigating the rape and slaying of a female television reporter whose body was dumped near the Danube River after she reported on the possible misuse of European Union funds in Bulgaria. Authorities discovered the body of 30-year-old Viktoria Marinova on Saturday… Read More
4th October 2018
Banks doing business in Estonia, which has been at the centre of a money-laundering scandal involving Danske Bank, handled more than $1 trillion (768.18 billion pounds) in cross-border flows between 2008 and 2017, according to the country’s central bank. The European Union member country of just 1.3 million people has… Read More
3rd October 2018
European Union finance ministers on Tuesday formally adopted reinforced rules to control illicit cash flows coming in and out of the EU. The measures target individuals entering or leaving the EU with €10,000 or more in cash, however, authorities will have the powers to act on amounts lower than the… Read More
3rd October 2018
In a u-turn, Danske Bank has announced the immediate departure of CEO Thomas F. Borgen, just days after it said he would remain with the bank until a new CEO was appointed. Indications are Borgen would have preferred to stay on longer but was forced to quit immediately. He… Read More
3rd October 2018
The European Union needs clearer rules to combat money laundering that would apply equally to all EU countries, European Central Bank Vice President Luis de Guindos said on Tuesday. The 28-nation bloc is grappling with high-profile cases of money laundering at banks in member states, including Estonia, Denmark, the Netherlands,… Read More
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EU adopts Sixth Anti-Money Laundering Directive EU 6AMLD, deadline set

Countries across the European Union will have two years to implement a new system of jail sentences and sanctions for money launderers following the formal adoption of the EU’s latest anti-money laundering directive, dubbed 6AMLD (Sixth Anti-Money Laundering Directive) on 11 October 2018. Once the directive is published in the… Read More

Anti-money laundering compliance costs hit $25 billion annually – study

The cost of AML compliance across U.S. financial services firms equaled $25.3 billion per year based on survey responses from more than 150 decision-makers at banks, investment, asset management and insurance firms, according to a new study. The report shows that smaller firms are hit hardest, relative to their bottom… Read More