Search Results for: Estonian

CHINA’S ministry of finance drafted regulations punishing accountants violating national accounting laws. Proposals under public consultation would include blacklisting accountants found guilty of fabricating, hiding or destroying financial reports, books and documents, or telling other accountants to undertake such malpractice. Accountants involved in embezzlement would suffer the same fate.…

BANKS worldwide are having to take increasing care lest they be fined for violating sanctions and not having adequate regulatory compliance regimes in place. With the USA expanding sanctions against Venezuela and Iran, financial institutions need to not only have adequate screening software but anticipate potential new regulations and that regulators will be pouring over past activities.…

THE BALTIC States, being European Union (EU) member states adjacent to Russia and Belarus have been exploited by Russian criminals as a gateway for their illicit funds into the EU and beyond.

This is despite that as EU member states, Estonia, Latvia and Lithuania must implement EU anti-money laundering and anti-terror finance legislation.…

DEUTSCHE Bank’s AMLO has told a European Parliament hearing – to the dismay of MEPs – that the German major had no evidence that it was involved in misconduct surrounding the Danske Bank Estonia money laundering scandal.

Stephan Wilken, head of anti-financial crime and Deutsche Bank’s group anti-money laundering officer, told the EP’s special committee on financial crimes, tax evasion and tax avoidance (TAX3) on Tuesday (Feb 4): “We have not identified any misconduct” in Danske case.…

DEUTSCHE Bank’s AMLO has told a European Parliament hearing – to the dismay of MEPs – that the German major had no evidence that it was involved in misconduct surrounding the Danske Bank Estonia money laundering scandal.

Stephan Wilken, head of anti-financial crime and Deutsche Bank’s group anti-money laundering officer, told the EP’s special committee on financial crimes, tax evasion and tax avoidance (TAX3) on Tuesday (Feb 4): “We have not identified any misconduct” in Danske case.…

It may not have been widely noticed internationally, but Dublin has become a key cog in the Russian economy’s financial system. That exposure – while profitable for the city’s accountants and lawyers – also risks becoming a liability due a lack of transparency over the source and use of funds.…

THE EUROPEAN Union (EU) must create a central agency to supervise banks and non-banking institutions to combat rising risks posed by money laundering, a European Parliament hearing that focuses especially on the threat posed by Russian dirty money, has been told.…

Estonia’s Versobank AS has announced the start of liquidation proceedings just days after the European Central Bank (ECB) withdrew its authorisation to operate as a credit institution. The Estonian Financial Supervision Authority (EFSA) submitted an official request on February 8 (2018) asking the ECB to pull the small Estonian bank’s license, which it did on March 26, due to “serious and long-lasting breaches of legal requirements, particularly concerning the prevention of money laundering and combating the financing of terrorism,” said an EFSA statement.…

THE EUROPEAN Union (EU) Council of Ministers today (December 5) adopted a money laundering blacklist, bringing widespread criticism because the listing – designed to prevent tax fraud and evasion – only covers countries outside the 28-nation bloc. Despite the European Commission screening 92 jurisdictions worldwide, the final list of non-cooperative jurisdictions in taxation matters only contains 17 jurisdictions: American Samoa, Bahrain, Barbados, Grenada, Guam (another US territory), South Korea, Macau (a China special administrative region), the Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad & Tobago, Tunisia and the United Arab Emirates (UAE).…

French prosecutors have accused Denmark’s leading bank Danske Bank of playing an organised role in a Russian fraud and money laundering scam. Prosecutors, from the Paris High Court, allege that an Estonian branch of the bank helped to move EUR15 million “from organised fraud and tax evasion” in Russia into France and other European Union (EU) jurisdictions between 2008 and 2011.…