Money Laundering

Arrests in France, Germany, Italy, Latvia and Malta in anti-money laundering operation

National authorities in France, Germany, Italy, Latvia and Malta have carried out over 100 searches in a large-scale operation against a Russian-Eurasian criminal network and a Maltese-based financial institution allegedly…

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Italy uncovers $1.9 billion fraud linked to Chinese shadow bank network

Italian police said they had uncovered a tax fraud carried out by 85 suspects involving 1.7 billion euros ($1.9 billion) in false invoices, with the money laundered through a system…

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Ethics group urges tougher Swiss action over money-laundering

ZURICH, Jan 13 (Reuters) - Swiss prosecutors should enforce laws against money-laundering more effectively as the country remains a soft touch for corporate financial corruption, an ethics group said on…

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Swiss govt to track corporate ownership in bid to curb money laundering

ZURICH, Oct 12 (Reuters) - The Swiss government plans to create a central registry to track who actually owns legal entities in a move to fight money-laundering via shell companies,…

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Britain to overhaul public company registry in dirty money crackdown

LONDON, (Reuters) - Britain is moving ahead with plans for a sweeping overhaul of its public registry of companies in a bid to transform it into an active gatekeeper of…

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Germany criticised by FATF over money laundering

FRANKFURT, (Reuters) - Germany has been criticised by a global watchdog for failing to do enough to tackle money laundering, such as by prosecuting very few for the crime despite…

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Colombia detects $20 billion likely tied to money laundering

BOGOTA, Aug 9 (Reuters) - Colombia's financial crimes unit, intensifying efforts to catch fraud, has detected some $20 billion in financial operations potentially tied to money laundering over the last 3-1/2 years,…

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Court convicts Credit Suisse in money-laundering case

BELLINZONA, Switzerland, June 27 (Reuters) - Switzerland's Federal Criminal Court convicted Credit Suisse CSGN.S and a former employee of failing to prevent money-laundering in Switzerland's first criminal trial of one of its major banks.…

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07

Oct

NatWest pleads guilty to money laundering offences

NatWest pleaded guilty on Thursday to failing to prevent the laundering of nearly 400 million pounds ($544 million), the first bank in Britain to admit to such an offence. NatWest,…

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Singapore plans central data platform to fight money laundering

SINGAPORE, Oct 1 (Reuters) - Singapore's central bank said on Friday it would create a digital platform enabling banks to share information on customers and transactions, part of efforts to…

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Malta: Edward Scicluna loses libel over money laundering claim

Central Bank governor and former finance minister Edward Scicluna lost a libel case against former PN leader Simon Busuttil who claimed that he was “embroiled in a money-laundering investigation.” Source Newsbook…

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UAE central bank sees COVID-19 increasing money-laundering risks

The United Arab Emirates central bank sees increased risks of illicit financial flows emerging from the COVID-19 pandemic, including money-laundering and terrorism financing, it said in a report published on…

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FATF urges Japan to boost fight against money-laundering

A global financial crimes watchdog urged Japan on Monday to improve cooperation between different government agencies as part of efforts to combat money-laundering and the financing of terrorism. Responding to…

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Dubai sets up money laundering court

Dubai has established a specialised court focused on combating money laundering, in a move to "strengthen the integrity of the financial system", the emirate's media office said on Sunday. The…

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EU proposes watchdog to halt flow of dirty money

EU policymakers proposed a new agency on Tuesday to stop financial firms from aiding criminals and terrorists after a scandal at a Danish bank highlighted the inadequacy of the bloc’s…

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EU to propose new body to tackle dirty money

The European Union will propose a new agency to crack down on money laundering and new transparency rules for transfers of crypto-assets, EU documents showed as the bloc responds to…

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China arrests over 1,100 suspects in crackdown on crypto-related money laundering

Police in China arrested over 1,100 people suspected of using cryptocurrencies to launder illegal proceeds from telephone and Internet scams in a recent crackdown, the Ministry of Public Security said.…

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Australian financial crime watchdog widens probe on casinos already reeling from COVID

Australia's anti-money-laundering agency on Monday widened a probe into due diligence at casinos to include the three biggest operators, ratcheting up pressure on a sector already struggling with the pandemic…

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EU steps up its rules on cash controls to fight money laundering and terrorist financing

New rules come into force tomorrow, 3 June, which will improve the EU's system of controls of cash entering and leaving the EU. As part of the EU's efforts to tackle money laundering and…

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Malta: Man arraigned in Court charged with money-laundering – claims he was saving money from his pension

Mario Brignone, 66, from Bormla was arraigned in Court, charged with money-laundering and of breaching the conditions imposed by the Court in which he had been granted bail for money-laundering…

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Malta: Dedicated FIAU team to enforce €10,000 cash limit rule

A dedicated team within Malta’s anti-money laundering unit, the FIAU, is being set up to enforce a recently imposed €10,000 limit for cash transactions on high-value goods. This limit, introduced in March,…

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Turkey adds crypto firms to money laundering, terror financing rules

ISTANBUL, May 1 (Reuters) - Turkey added cryptocurrency trading platforms to the list of firms covered by anti-money laundering and terrorism financing regulation, it said in a presidential decree published…

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Malta: Charged with using Valletta-Marsaxlokk fish restaurants in money laundering case

29-year old Florinda Sultana, the daughter of former Maltese footballer Darren Debono’s partner, and Albert Buttigieg, a former BNF bank high official, pleaded not guilty in Court of various crimes,…

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UPDATED: Malta News Briefing – Tuesday 23 February 2021

Updated 1745- News portal briefing Times of Malta reports that the COVID-19 pandemic cost the Maltese government an estimated €900 million last year and the deficit for last year is…

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EU urged to push UK harder on tackling tax avoidance and money laundering – FT

Financial Times - The EU is being urged to withhold legal permits allowing UK financial services companies easy access to the single market until Brussels gets tougher commitments from London…

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Malta: Government official accused of money laundering – €500,000 found at his home

A government official who served as consul-general at Malta's consulate in Shanghai, Aldo Cutajar, 55, has been kept behind bars after being arraigned in court on Sunday and accused of…

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Succeeding the Moneyval test is a shared responsibility – Malta Chamber

The Malta Chamber called for a clear communication strategy to report on unambiguous progress achieved in updating Malta’s regulatory infrastructure relating to anti-money laundering, as the country prepares to face…

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EU action against money laundering in the banking sector to go under auditor scrutiny

The scale of money laundering is difficult to assess, but it is considered to be significant. The United Nations Office on Drugs and Crime (UNODC) estimates that between 2 and 5% of global GDP…

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Malta: Sovereign Charters denies vessels were chartered for military purposes or money laundering

Sovereign Charters has denied all the allegations that it has chartered two of its vessels in connection to money laundering or military purposes. The company has issued a statement in…

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Malta: Failure to fight money-laundering ‘could threaten financial stability’ – IMF

Failure to tackle “significant” deficiencies in Malta’s anti-money laundering regime could potentially threaten financial stability, the International Monetary Fund (IMF) has warned. In its annual assessment of Malta’s economic wellbeing, the IMF…

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EU heavyweight states push for joint supervisor against money laundering

The European Union’s largest states are pushing for the establishment of a new supervisory authority that would take over from states the oversight of money laundering at financial firms, after…

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Dutch bank ABN Amro subject to money laundering investigation

Dutch bank ABN Amro has been placed under investigation by Dutch prosecutors relating over suspected money laundering, it said today. Prosecutors said they believe that ABN Amro reported suspicious transactions…

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Council of Europe urges Malta to step up its efforts to investigate and prosecute money laundering

In a report published today, the Council of Europe’s anti-money laundering body MONEYVAL calls on the Maltese authorities to strengthen their practical application of their measures to combat money laundering…

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New German law to target money laundering in property market

Germany's government is unveiling a new law aimed at combating money laundering in the real estate sector. It's estimated that billions in illegal earnings are funnelled into the German property…

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Money laundering failures signal policy headaches for new Commission

In the twilight of its five-year administration, Jean-Claude Juncker's Commission on Wednesday released a package of reports that reveal how and why the EU failed to prevent a slew of…

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Fresh crackdown in the UK in fight against dirty money

The British government is giving new impetus to the fight against money laundering. Through the Economic Crime Plan the British Government intends to draw together actions to overhaul the approach…

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Swedbank fires CEO and financial director of Estonian operations following money laundering allegations

Swedbank has ousted the chief executive and finance director of its Estonian operations as part of its internal investigation into extensive money laundering allegations against Sweden’s oldest bank in the…

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EU reviewing past money-laundering cases at banks in the EU

The European Commission is reviewing past money-laundering cases at EU banks to assess what went wrong and decide possible tweaks to rules. Under the plan, the European Commission is assessing…

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How AI Can Help Combat Money Laundering and Make Online Gaming Safer?

A recent investigation found that mentions of the popular online game Fortnite on the dark web have risen directly with the game’s monthly revenue. Epic Games, the creator of Fortnite,…

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Warnings about money laundering by Danske Bank in Estonia were ignored

Russia's Central Bank sent warnings in 2007 and 2013 to Estonian and Danish financial supervisors over suspect transactions worth billion of dollars at the Estonian branch of Danske Bank but…

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EBA ends probe of Estonian, Danish regulators over Danske Bank

The European Banking Authority (EBA), the EU banking watchdog, terminated an investigation of financial regulators in Estonia and Denmark in relation to suspected money laundering activities by Danske Bank after…

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Entrapment – The Russian shadow over banking’s Nordic noir and money-laundering scandals – FT

When Nordic banks started to flood into the Baltic countries at the turn of the century, it seemed a golden opportunity to establish a lucrative new business in a hyper-competitive…

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Swedbank Chairman resigns over money laundering scandal

Lars Idermark, resigned as Swedbank Chairman, just a week after the bank’s chief executive was ousted over her handling of a money laundering scandal. In his resignation letter, Idermark said…

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Swedish police raid Swedbank on suspicion of laundering illicit money from Russia

Swedish police on Wednesday raided the headquarters of Swedbank, the latest Scandinavian banking giant to come under suspicion of laundering billions of dollars in illicit funds from Russia. WSJ reports…

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Digital bank Revolut’s money laundering lapse exposed – The Telegraph

The Telegraph reports : "One of Britain's most promising technology startups has been accused of violating basic banking rules by failing to block thousands of potentially suspicious transactions on its platform. The Telegraph…

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Swedish finance watchdog announces investigation into Swedbank’s alleged involvement in laundering case linked to Danske Bank

Sweden's finance watchdog has announced an investigation into Swedbank over allegations that the lender may have been used for money laundering of billions of kronor, on the same day that…

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Property, money laundering, Panama Papers – The case of Venezuela

On Avenida Balboa, Panama City’s premier seafront avenue, the 50 story tower blocks form a near continuous wall of glass to the Pacific Ocean. At night, however, most of the…

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Panama and Saudi Arabia included in 23-country list with serious money laundering and terrorism related risks

The European Commission concluded that 23 countries have strategic deficiencies in their anti-money laundering and counterterrorist financing regimes. This includes 12 countries listed by the Financial Action Task Force (FATF)…

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Britain is leading a group of European countries trying to block EU plan to include countries like Saudi Arabia and Panama on money-laundering blacklist

Britain is leading a group of European Union states who are trying to block an EU plan to include Saudi Arabia and 22 other jurisdictions on a blacklist of countries…

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Luxembourg and Netherlands urge caution on banks’ supervision against money laundering

Luxembourg and the Netherlands are among European Union states that in closed-door meetings urged caution in beefing up the bloc's supervision of banks against money laundering, an EU official familiar…

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