Search Results for: Estonian

The development of trusted digital identity systems, now being rolled out internationally, will strengthen anti-money laundering and counter terrorist financing (AML/CTF) controls, the Financial Action Task Force (FATF) and AML technology vendors have argued.

Global AML body FATF is encouraging AML/CFT authorities to consider using regulatory ‘sandboxes’ to test how digital ID systems might interact with national AML/CFT laws and regulations.…

THE EUROPEAN Commission is moving ahead with its plans to replace the European Union’s (EU) long-standing system of anti-money laundering directives – which give member states some flexibility over implementation – with a compulsory AML regulation. This will be directly applicable in all member states and must be followed to the letter.…

EUROPEAN Union (EU) finance ministers today (Nov 4) gave support to plans to create an EU-wide anti-money laundering (AML) supervisor and harmonised EU laws to tackle the crime.

The European Commission announced in May that it plans to create “a single EU rulebook” to tackle money laundering and terrorism financing, with more reliance on a mandatory regulation than more flexible directives and a new coordination mechanism for national Finance Intelligence Units (FIU).…

• 1MDB SCANDAL IN MALAYSIA SEES USD BILLIONS STOLEN AND HIDDEN

Malaysia 1MDB scandal is one of the largest money laundering cases ever, worldwide, with Malaysian courts considering charges over how at least USD4.5 billion was stolen and then spent or laundered from Malaysian sovereign wealth fund 1Malaysia Development Berhad by former Prime Minister Najib Razak and his associates.…

Estonia, long known for developing its high-tech sector, innovation, and environment-friendly businesses, has seen its plastics sector gaining momentum. It has been expanding export sales, not only to neighbouring Nordic and Baltic countries, but as far east as China.

As regards volumes, regarding primary resins and plastics, 11,807.7 tonnes were produced by Estonian manufacturers this January-August (2019), an increase of 132.8% for the same period in the previous year.…

COMPANIES using offshore tax jurisdictions need to assess whether their strategies can be branded unethical, as well as illegal, causing them reputational as well as financial damage. They need to assess whether the risk is worth taking. Poorna Rodrigo reports.

The series of data dumps, such as the Panama Papers, and the recent Mauritius Leaks have continued to tarnish the reputation of offshore tax havens, but experts stress that properly used, a positive case can be made for offshore tax policies.…

THE INCOMING new European Union (EU) energy Commissioner has pledged to increase the role of the Euro in energy markets, instead of the US dollar. Former Estonian minister for economic affairs and infrastructure Kadri Simson, then responsible her country’s energy policy, is expected to assume her new EU role on November 1, when a new European Commission takes office.…

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.…