moneylaundering
EU lawmakers today voted 482 to 47 to set up a long-promised EU anti-money laundering agency, as part of a package that would also see large cash payments banned across Europe. The move – taken by MEPs at their last voting session before June elections – means new rules apply for football deals and crypto transactions, as the bloc seeks to repair its reputation after a series of financial-sector scandals. “Dirty money finances terrible crimes,” EU financial services commissioner Mairead McGuinness said, adding that there was an “absolute imperative to improve significantly on the current situa...
Euronews (English)
Sam Bankman-Fried, the fallen ‘Crypto-King’, as he was once known, was sentenced to 25-years in prison for defrauding customers and investors of his now-bankrupt crypto exchange FTX. Thursday’s ruling shows how the legal system is trying to clamp down on crypto scams. But while the sentencing serves as a warning to the industry, it is uncertain if it will be a watershed moment that cleans up crypto. Bankman-Fried was cherished in the industry and went from having his face on the cover of Fortune magazine in September 2022, as head of the world’s biggest crypto exchange, to being sat in a court...
Euronews (English)
Frankfurt has won the race to host the EU’s prestigious new anti-money laundering authority, AMLA, the centrepiece of reforms that follow a series of dirty money scandals. Germany’s financial centre beat off competition from major cities including Paris, Madrid and Rome, in a Thursday night (22 February) vote procedure that could set a new precedent for the future siting of EU agencies. “We’ve had so many wake-up calls in recent years when it comes to dirty money being washed through the mainstream of the financial system,” the European Commission’s Mairead McGuinness told reporters. “Tonight ...
Euronews (English)
Europe is home to potentially millions of empty shell companies that could be used to evade taxes or sanctions, or launder money, recent data shows. Now EU lawmakers are agitating for more to be done against those idle corporate structures, which potentially offer an escape from European taxes and sanctions against Russia. Recent data from Moody’s shows nearly 5 million suspect companies in the UK alone, while the EU racks up nearly 4 million – with France and Cyprus leading the pack. The analytics firm combed through hundreds of millions of companies and individuals to look for dubious data, ...
Euronews (English)
The EU securities-market watchdog today (6 February) removed its recognition from the Dubai Commodities Clearing Corporation (DCCC) given money laundering fears. The move, which blocks EU banks from using the financial infrastructure, comes after the bloc badged the United Arab Emirates as a money laundering threat. The European Securities and Markets Authority, ESMA, had originally tried to blacklist the DCCC last year, but the attempt was put on hold pending an appeal. The Board of Appeal “found no evidence that the adverse economic consequences DCCC faced were disproportionate,” said a lega...
Euronews (English)
Iran evaded Western sanctions by using accounts at two UK banks to move money around the world in an extensive sanctions evasion scheme, according to the Financial Times. Lloyds Banking Group and Santander UK provided accounts to front companies that were secretly owned by a sanctioned and state-controlled Iranian petrochemicals company, the news outlet said, citing documents. The Petrochemical Commercial Company's (PCC) British subsidiary (PCC UK) is still operating near Buckingham Palace. Both companies have been under US sanctions since 2018, meaning that Western banks are blocked from doin...
Euronews (English)
Lawmakers today held landmark hearings to determine the site of the EU’s new anti-money laundering agency (AMLA) – probing issues from high politics to parking. There are nine candidates to host – and there are already signs of what lawmakers will take into account as they attempt to whittle that down to one, using an unprecedented decision-making process that sees MEPs given equal status with EU member states. Lawmakers Euronews talked to suggest connectivity and balance will play a key role in their decision, set to be finalised by 22 February. Yet candidates’ early pitches showed the remark...
Euronews (English)
Corruption in Western Europe and the European Union is getting worse, according to experts' perceptions, and this is the first time it's got worse in over a decade. Transparency International’s latest Corruption Perceptions Index (CPI) looked at 180 countries and territories by their perceived levels of public sector corruption on a scale of zero (highly corrupt) to 100 (very clean). According to the report, experts and business people find that the world's least corrupt country is Denmark, followed closely by Finland and New Zealand in second and third place respectively. Despite placing well...
Euronews (English)
Stephen Calk, a Chicago banker who approved loans of $16 million for ex-Trump campaign chair Paul Manafort, was convicted Tuesday on bribery charges. Calk was found guilty on two felony counts after a trial that lasted three weeks in federal court, according to the statement that the U.S. Attorney’s Office released. The jury has found out that Calk granted $16 million of unsafe loans to Paul Manafort in return for a position in the Trump administration. U.S. Attorney Audrey Strauss praised the jury’s verdict and claimed that this could restrain the further wrongdoings of other bankers. “Calk u...
uPolitics.com
Janet Yellen described cryptocurrencies as “a particular concern” when she spoke to the Senate Finance Committee about her expected nomination as Treasury Secretary. She called on lawmakers to crack down on bitcoin and other cryptocurrencies because she believes they are mostly used to finance illegal activities such as terrorism. Q4 2020 hedge fund letters, conferences and more Janet Yellen calls on lawmakers to “curtail” cryptocurrenciesAccording to Business Insider, Janet Yellen said lawmakers should “curtail” the use of cryptocurrencies because they are “mainly” used for “illicit financing...
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