Money laundering

    • Britain suspends $2.5 million golden visas to tackle money laundering

      Britain suspends $2.5 million golden visas to tackle money laundering

      Britain will suspend its top tier investor visas, which require 2 million pounds ($2.55 million) in investment, as part of a drive to crack down on organized crime and money laundering. From Russian oligarchs and Middle Eastern oil barons to newly-minted Chinese entrepreneurs, the wealthy have flocked to London over the past two decades, snapping up everything from opulent homes to soccer clubs.

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    • New rules on money laundering enter into force

      New rules on money laundering enter into force

      The new measures to counter money laundering by criminal law enter into force today across the EU. The new rules will ensure that dangerous criminals and terrorists face equally severe penalties for money laundering wherever they are in the EU, with a minimum term of imprisonment of 4 years. Member States now have 24 months to implement the new rules into national law and notify the Commission accordingly. 

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    • Money-laundering oversight to be delayed

      Money-laundering oversight to be delayed

      The EU finance ministers are set to delay a reform of money laundering supervision at banks next week because they first want to assess recent alleged cases of financial crime at the bloc's lenders, according to a draft document seen by Reuters. The text, to be adopted on 4 December, backs a need “to strengthen the effectiveness of the current framework” after recent scandals, but does not propose institutional or legislative changes, like the creation of an EU-wide supervisor recommended by the ECB.

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    • Venezuela's former treasurer took $1bn in bribes

      Venezuela's former treasurer took $1bn in bribes

      Venezuela's former national treasurer admitted receiving over US$1bn in bribes as part of illicit foreign currency operations that involved a local television mogul, according to court documents released on Tuesday. Alejandro Andrade, who ran the treasury for four years under late socialist leader Hugo Chavez, after being his bodyguard, reportedly received properties, platinum and gold Rolex watches and Mercedes Benz vehicles thanks to the scheme, the documents from the Southern District of Florida say.

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