The Commission presented on Tuesday an ambitious package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing (AML/CFT) rules. The package also includes the proposal for the creation of a new EU authority to fight money laundering.
The Commission is planning to propose a new supervisory authority aimed at combatting money laundering, according to a draft seen by dpa. The new "Anti-Money Laundering Authority" will be able to impose financial sanctions on its own in case of violations of EU rules. It will also coordinate the national supervisory authorities and support them in increasing their effectiveness in enforcing the EU regulations.
A Vatican judge initiated trials against 10 people over serious crimes including, money laundering, fraud, extortion and abuse of office. An Italian cardinal is among the alleged criminals and will stand trial, Reuters reported.
The popular Dutch bank ABN Amro announced it had agreed a deal worth some 480 million euro to settle a scandal which involved allegations in illegal activities including money laundering, Reuters reported. It is expected that the agreed amount will weigh down on the bank’s first quarter earnings report. ABN Amro said in a statement it had agreed to pay a fine of a total of 300 million euros and 180 million euros as disgorgement reflecting "the seriousness, scope and duration of the identified shortcomings" in combating money laundering.
A Dutch court on Wednesday ordered a criminal investigation into the role UBS Chief Executive Ralph Hamers played in ING Group’s failure to crack down on money laundering when he was head of the Dutch bank.
Criminals are becoming more sophisticated in their use of cryptocurrencies to launder money, with hundreds of millions of dollars of dirty funds last year flowing through digital wallets that allow users to hide their trail, news wires reported.
Spain’s ex monarch Juan Carlos I has told his son, King Felipe VI of his "well-considered decision" to move away from Spain after Swiss and Spanish prosecutors opened an investigation into allegations of financial irregularities, El Pais reported on Monday.
Polish prosecutors have started an investigation into suspected money laundering at a small state-controlled lender BOS Bank, Dziennik Gazeta Prawna daily said on Tuesday, quoting an unnamed source. A spokesman for Poland’s financial sector regulator KNF asked on the matter by Reuters declined to comment.
A European money laundering watchdog has cautioned that a secretive investment-for-passports programme run by Cyprus was vulnerable to money laundering and fraught with risk, news wires reported. The country launched the scheme offering passports for an investment in 2013, with more than 3,000 people gaining citizenship through the programme.