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EU states still divided over money laundering reform – sources

European Union states are still divided over an overhaul of rules for the supervision of banks against money laundering, two EU sources said on Wednesday. EU confidential documents show countries had agreed a preliminary common stance on the reform proposed by the European Commission in September which would give more… Read More

EU Sixth Anti-Money Laundering Directive (6AMLD) published, transposition date set

The European Union’s new rules aimed at strengthening its financial crime regime have been published in the Official Journal of the EU (OJEU). Dubbed the Sixth Anti Money Laundering Directive (6AMLD), the regulations complement the criminal law aspects of the EU Fifth Anti-Money Laundering Directive (5AMLD), which was formally… Read More

Tax evasion and avoidance: EU Paradise Papers probe highlights Isle of Man’s abusive regime

The European Commission has launched proceedings against the Isle of Man after its probe into the Paradise Papers uncovered widespread VAT evasion in the yacht and aviation industries in the bloc. The EU investigation was launched following the Paradise Papers exposé which showed – amongst other issues – that wealthy… Read More
16th November 2018
European Union states are still divided over an overhaul of rules for the supervision of banks against money laundering, two EU sources said on Wednesday. EU confidential documents show countries had agreed a preliminary common stance on the reform proposed by the European Commission in September which would give more… Read More
16th November 2018
A special European Union initiative to protect trade with Iran against newly reimposed U.S. sanctions faces possible collapse with no EU country willing to host the operation for fear of provoking U.S. punishment, EU diplomats said. The main European powers – Germany, France and Britain – will raise pressure on… Read More
15th November 2018
Danske Bank’s (DANSKE.CO) 200 billion euro ($225 billion) money laundering scandal might be the “tip of the iceberg” and investigators should examine whether major Western banks played a role, a lawyer for the whistleblower said. Stephen Kohn, a partner at U.S. law firm Kohn, Kohn and Colapinto who is representing… Read More
15th November 2018
Geneva prosecutors said on Tuesday they are looking at whether Credit Suisse (CSGN.S) exercised adequate oversight of money deposited in its accounts that belonged to Turkish investors who suffered losses. Two independent asset managers who used Credit Suisse accounts to deposit money from wealthy Turkish clients are suspected of covering… Read More
15th November 2018
The European Union’s new rules aimed at strengthening its financial crime regime have been published in the Official Journal of the EU (OJEU). Dubbed the Sixth Anti Money Laundering Directive (6AMLD), the regulations complement the criminal law aspects of the EU Fifth Anti-Money Laundering Directive (5AMLD), which was formally… Read More
14th November 2018
European Union governments have reached a preliminary deal to clamp down on money-laundering by strengthening bank supervision, but do not address key loopholes, documents show. A series of money-laundering cases at banks in several EU states have forced regulators to act after public outcry. The preliminary deal, which could… Read More
13th November 2018
AP — Brexit is already having an impact on Britain’s labor market, with the number of people from the European Union working in the country falling by a record amount. The Office for National Statistics said Tuesday the number of EU nationals working in Britain fell… Read More
12th November 2018
The European Commission has launched proceedings against the Isle of Man after its probe into the Paradise Papers uncovered widespread VAT evasion in the yacht and aviation industries in the bloc. The EU investigation was launched following the Paradise Papers exposé which showed – amongst other issues – that wealthy… Read More
12th November 2018
Eighteen managers of Swiss private bank PKB Privatbank SA Lugano are under investigation in Italy for fiscal fraud and money laundering, Milan’s Chief Prosecutor Francesco Greco said on Wednesday. The managers under investigation are mostly resident in Italy, where PKB owns Cassa Lombarda, Greco said. Tax police had searched… Read More
12th November 2018
AP — Switzerland’s chief economic crimes prosecutor was suspended last week while leading an investigation into corruption linked to FIFA, the federal prosecutor’s office said Friday. It was unclear how Olivier Thormann’s suspension will affect the integrity of ongoing criminal proceedings. Soccer officials under criminal suspicion… Read More
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EU states still divided over money laundering reform – sources

European Union states are still divided over an overhaul of rules for the supervision of banks against money laundering, two EU sources said on Wednesday. EU confidential documents show countries had agreed a preliminary common stance on the reform proposed by the European Commission in September which would give more… Read More

Former UBS trader jailed for Britain’s biggest fraud deported

Kweku Adoboli, a former UBS trader jailed for Britain’s biggest fraud over unauthorised trades that cost the Swiss bank $2.3 billion (1.7 billion pounds), has been deported to Ghana, his spokesman said. Adoboli was put on a commercial flight from Heathrow on Wednesday after being detained in Scotland earlier in… Read More