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This article is brought to you thanks to the collaboration of The European Sting with the World Economic Forum. Author: Deya Innab, Chief Strategy and Product Officer, Eastern Networks (EastNets) Trade-based money laundering and associated tax evasion is big business. Financial losses from these crimes in developing countries totalled $9 trillion between 2008 and 2017. Global trade complexities […]
This article is brought to you in association with the European Commission. The European Commission is today adopting a Communication and four reports that will support European and national authorities in better addressing money laundering and terrorist financing risks. The Juncker Commission put strong EU rules in place with thefourth and the fifth Anti-Money laundering directives and reinforced […]
This article is brought to you in association with the European Commission. MEPs approved rules strengthening the EU financial supervision needed for safer financial markets, fighting money laundering, and protecting consumers. The new law, adopted on Tuesday by 521 in favour, 70 against, with 65 abstentions, already agreed with EU ministers and spearheaded through Parliament by […]
This article is brought to you in association with the European Parliament. MEPs expressed concern on Thursday that member states have scuppered the Commission’s plan to place new countries on the EU money-laundering blacklist. The resolution was adopted by a show of hands with an overwhelming majority. The adopted resolution comes one week after member states […]
This article is brought to you thanks to the strategic cooperation of The European Sting with the World Economic Forum. Author: Erik Barnett Head of Financial Crime Threat Mitigation, Europe, HSBC A young woman walks into a bank branch in London. She is soon noticed by a teller, who sees that she is closely followed by a man, who […]
This article is brought to you in association with the European Parliament. MEPs approved new measures to combat terrorist financing, by preventing money laundering and tightening cash flow checks, on Wednesday. The two laws will make it harder for terrorists and criminals to finance their activities, by closing the loopholes in the current money laundering rules […]
Despite the hullaballoo in main stream media about Queen Elizabeth’s investments in tax-havens and the implication of the US Trade Secretary Wilbur Ross in a Russia related offshore firm, the shocking revelation in the Paradise Papers is that London appears as the largest money washing machine of the world. The biggest single disclosure is that […]
A special purpose Committee of the European Parliament adopted this week a package of measures to fight organised crime, corruption and money laundering, setting out an EU action plan for 2014-2019. Blocking organised crime’s financial assets and incomes are on top of the list. This special Committee on Organised Crime, Corruption and Money Laundering of […]
Algirdas Šemeta, the European Commissioner responsible for Taxation Audit and Anti-fraud announced yesterday in very low tones the creation of a new consultative committee in Brussels, under the name of “tax good governance platform”. This was a very disproportionate outcome, after the widely advertised Commission’s initiative to crack down on tax evasion in the European […]
The informal Ecofin and Eurogroup councils that took place in the Dublin Castle this weekend had only one victim; the bank depositors. Tax evaders got away, with Algirdas Šemeta the EU Commissioner responsible for Taxation and Anti-Fraud, running after them brandishing only his “appetite for progress and action”. In reality no real progress or action […]
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