Article: View: Is Brussels taking dirty money seriously?

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View: Is Brussels taking dirty money seriously?

Andreas Dehio and Dr Kerstin Wilhelm, 22 July 2021

Preventing and combating money laundering and terrorist financing has been on the EU’s agenda for more than 30 years. The legal and regulatory framework has been strengthened steadily. But now the European Commission has taken an ambitious step towards beating financial crime by overhauling the current EU anti-money laundering and countering terrorism financing rules.

The legislative proposals that were presented on 20 July will allow the EU to close any loopholes in the current rules where member states apply them differently, and bolster enforcement of the existing framework. Continue reading “Article: View: Is Brussels taking dirty money seriously?”

Article: EU proposes watchdog to halt flow of dirty money

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EU proposes watchdog to halt flow of dirty money

Huw Jones, 20 July 2021

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 defences.

Europe came under pressure to step up enforcement of its anti-money laundering rules when several countries began investigating Danske Bank after more than 200 billion euros ($235 billion) of suspicious transactions passed through its tiny Estonian branch between 2007 and 2015.

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Article: London Couple’s Cash Trail Led Crime Agency to Azeri Laundromat

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London Couple’s Cash Trail Led Crime Agency to Azeri Laundromat

Jonathan Browning, 14 July 2021

When U.K. authorities began investigating wealth belonging to a politically-connected Azerbaijani family, their suspicions were triggered by a raft of “brass plate” companies that funneled more than double the amount of the couple’s stated income.

Almost 14 million pounds ($19.3 million) was routed into British bank accounts controlled by Suleyman Javadov, the son of a former deputy energy minister, and his wife. Among the 21 companies that moved their wealth was Rovers Production and Tourism Ltd., which chartered a private jet to fly female models to the Spanish party island of Ibiza. Another firm’s accounts were managed by an individual who appeared to be a dentist living in Belgium. Continue reading “Article: London Couple’s Cash Trail Led Crime Agency to Azeri Laundromat”

Article: EU bond sales run by four banks previously suspended for antitrust

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EU bond sales run by four banks previously suspended for antitrust

ishwarkimmins, 29 June 2021

As Brussels sold its new five- and thirty-year debt, four banks that had previously suspended EU bond sales were selected to manage Block’s latest trading on Tuesday.

JP Morgan, Crédit Agricole, Deutsche Bank and UniCredit were banned from participating in the first € 20 billion debt sale to fund the EU’s € 800 billion recovery fund earlier this month due to past antitrust violations. It was one of only 10 lines. Continue reading “Article: EU bond sales run by four banks previously suspended for antitrust”