Article: European police bust major online investment fraud ring

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European police bust major online investment fraud ring

Amer Owaida, 13 May 2021

Europol and several national law enforcement agencies have teamed up to take down an investment fraud and money laundering ring that caused losses of approximately €30 million (US$36 million) to hundreds of victims, according to a press release by the European Union’s law enforcement agency.

The investigation led to the arrest of 11 suspects and involved the search of dozens of locations across Europe and Israel with law enforcement officers seizing a range of ill-gotten gains including jewels, real estate, high-end vehicles and some €2 million (US$2.4 million) in cash. The effort was spearheaded by German law enforcement authorities and supported by their peers from Bulgaria, Israel, Latvia, North-Macedonia, Poland, Spain, and Sweden. Continue reading “Article: European police bust major online investment fraud ring”

Article: Danske Bank Watchdog Calls for EU Debate on Client Secrecy Rules

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Danske Bank Watchdog Calls for EU Debate on Client Secrecy Rules

Frances Schwartzkopff, 07 May 2021

The financial watchdog overseeing Danske Bank A/S says the European Union needs to re-examine the limits of client privacy if it’s serious about fighting money laundering and other forms of financial crime.

Jesper Berg, the director general of the Financial Supervisory Authority in Copenhagen, says Europe must acknowledge that the current bias toward bank secrecy means “substantially more resources” are being spent on trying to catch illicit transactions. It also adds to the risk that there’ll be “some money laundering we won’t get at.” Continue reading “Article: Danske Bank Watchdog Calls for EU Debate on Client Secrecy Rules”

Article: Regional Report – Netherlands: One of country’s largest banks, ABN Amro, pays nearly $600 million penalty for longstanding AML failings, lax risk ranking, missed reports on suspicious activity

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Regional Report – Netherlands: One of country’s largest banks, ABN Amro, pays nearly $600 million penalty for longstanding AML failings, lax risk ranking, missed reports on suspicious activity

Brian Monroe, 28 April 2021

Dutch authorities have hit the third largest bank in the Netherlands with a penalty of more than a half a billion dollars for longstanding failings in nearly every area of its fincrime compliance program, including lax customer risk scoring, shoddy alert investigations and missed reports of potential suspicious activity.

The Netherlands Public Prosecution Service (NPPS) has settled its probe into Amsterdam-based ABN Amro Bank for 480 million euros, or just less than $583 million, for falling “seriously short” of anti-money laundering (AML) compliance program requirements and being considered “culpable” in aiding criminal groups in cleansing ill-gotten gains. Continue reading “Article: Regional Report – Netherlands: One of country’s largest banks, ABN Amro, pays nearly $600 million penalty for longstanding AML failings, lax risk ranking, missed reports on suspicious activity”

Article: Three New York men arrested, accused of pulling off $30 million international bank heist

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Three New York men arrested, accused of pulling off $30 million international bank heist

David K. Li, 23 April 2021

Three Brooklyn men were arrested and accused of stealing more than $30 million in cash and other valuables from safe deposit boxes in banks across Europe, federal authorities said.

A grand jury indictment charged Val Cooper, 56, Alex Levin, 52, and Garri Smith, 49, with money laundering conspiracy and violations of the Travel Act after a string of alleged thefts between March 2015 and October 2019 at banks in Ukraine, Russia, North Macedonia, Moldova, Latvia, Uzbekistan, Azerbaijan and France. Continue reading “Article: Three New York men arrested, accused of pulling off $30 million international bank heist”

Article: Who’s manipulating the currency, US?

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Who’s manipulating the currency, US?

ET Edit, 22 April 2021

America’s decision to place India on its currency manipulator’s watchlist is ludicrous. The US Fed’s policy of keeping interest rates ultra-low, along with America’s allies in Europe and Japan, is responsible for both the dollar’s plunge and surging flows of capital to emerging markets, like India, in search of reasonable returns. These capital inflows make the rupee appreciate out of line with real economy concerns. Seen from India’s perspective, the US should be pointing fingers at itself when it comes to currency manipulation.

The US uses three benchmarks to judge currency manipulators: a bilateral surplus with the US of over $20 billion, a current account surplus of at least 3% of GDP and net purchases of foreign currency of 2% of GDP over a 12-month period. India met the first and the third benchmarks while its current account surplus has been below the threshold level. The country has a marginal current account surplus due to the Covid-induced economic contraction that dented imports. Else, India consistently has run a current account deficit (barring in 2004). Continue reading “Article: Who’s manipulating the currency, US?”

Article: Deliveroo Debut Declared “Worst IPO In London’s History”, Sign Of Amsterdam’s Growing Dominance

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Deliveroo Debut Declared “Worst IPO In London’s History”, Sign Of Amsterdam’s Growing Dominance

TYLER DURDEN, 02 April 2021

It’s official: the Financial Times (citing an informal polling of anonymous bankers) has declared Deliveroo’s botched London offering the “worst IPO in London’s history.”

As we reported yesterday, shares of the food-delivery competitor, which is struggling to grow market share at all costs in a battle for survival with Uber Eats and “Just Eat Takeaway”, tanked in their public-markets debut, sliding 31% after pricing at the bottom of their range. Bankers immediately started complaining to reporters about being misled by Deliveroo’s bankers, who had initially bragged that the company would price at the high end of the range. The debut, marketed as a major coup for the LSE and London markets, which are struggling for European supremacy with Euronext Amsterdam, more generally, has turned into a major embarrassment for the industry. Continue reading “Article: Deliveroo Debut Declared “Worst IPO In London’s History”, Sign Of Amsterdam’s Growing Dominance”

Article: Inside the New Currency Hedged ETFs from iShares

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Inside the New Currency Hedged ETFs from iShares

Eric Dutram, 12 February 2014

As the taper begins to ravage international markets, investors in the ETF world are starting to see the impact of currencies on foreign holdings. Many currencies are slumping against the U.S. dollar, and this is really having a huge negative impact on stock prices when investors adjust returns back to American currency.

Thanks to this currency slide and the possibility of a strong dollar, investors are starting to embrace currency-hedged ETFs in droves. Several have proven their worth over the past few months and they have really begun to build up assets as a result, leading other ETF issuers to consider jumping in on the market as well (see all the Top Ranked ETFs here).

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