Search Results for: France

BOTH France and Germany are facing legal action by the European Commission over their failure to implement the European Union’s (EU) 2015 fourth anti-money laundering directive (AMLD – 2015/849) correctly.

While both countries have written the legislation into national law, the EU’s executive has concluded that certain provisions are missing.…

THE EUROPEAN Commission today (March 18) gave competition law approval for France’s VINCI Airports to take over control of London Gatwick Airport from current owner Ivy Topco Ltd, a Cayman Islands registered company.

The European Union (EU) executive, acting as the EU’s senior competition authority, approved the deal which would see VINCI acquiring 50.01% of the issued share capital of Ivy Topco.…

THE JAPANESE nuclear sector may have the backing of its government, but a combination of technical challenges and public unpopularity is impeding plans to restore the country’s nuclear capacity towards its generation before the Fukushima disaster in 2011.

During a news conference on January 1, Hiroaki Nakanishi, chairman of the Japan Business Federation, was pessimistic about the industry’s future.…

THE EUROPEAN Commission is getting tough in enforcing compliance with the 4^th anti-money laundering directive (2015/849), with a large majority of member states now facing infringement proceedings. The European Union (EU) executive said on March 7 that it had sent letters of formal notice opening legal proceedings to six EU countries (the Czech Republic, Hungary, Italy, Slovenia, Sweden, and the UK) over their failure to apply its anti-money laundering and terrorist financing rules.…

INDIA’S Aditya Birla Group is continuing to improve its sustainability profile, with the global launch of a new ‘LivaEco’ fabric at the Première Vision show, held in Paris, France, from February 12 to 14, (2019).

The fabric, which will be available globally, is sourced from sustainable forests, all with Forest Stewardship Council certification, its production consumes less water than many rival fabrics and, when disposed of, biodegrades within six weeks.…

RECOVERY in the global marine seismic survey market for oil and gas E&P (exploitation and production) is entering its third year, with the surviving leaders in the sector starting to sound more optimistic after making painful adjustments.

Business intelligence provider Visiongain (London, UK) estimated the value of the global marine seismic acquisition and equipment market at USD5 billion in 2018, far below the USD8 billion it estimated in 2014, but nearly 15% higher than in 2017.…

BRITAIN, Germany and France have established a clearing house to facilitate non-USD trades with Iran, to help European companies to do business without falling foul of tightened American sanctions against the Islamic Republic.

Based in Paris, and headed by former Commerzbank director Per Fischer, a German, the Instrument In Support Of Trade Exchanges (INSTEX) is owned by the three supporting governments.…

THE GLOBAL art trade’s exposure to abuse by money launderers is to come under scrutiny as the European Union (EU) countries have started adopting the 5th EU anti-money laundering directive (EU 2018/843 – 5AMLD), which brings cultural artefacts trading under AML controls.…

SWISS bank UBS has said it will appeal a judgement made by a Paris court that it should pay penalties of EUR3.7 billion and EUR15 million, plus civil damages of EUR800 million, for helping its French customers evade tax.

Le tribunal correctionnel de Paris found UBS guilty of illicit solicitation and laundering of the proceeds of tax fraud, having heard allegations about how UBS executives persuaded French depositors to move money to accounts in Switzerland – reducing France’s tax take.…

EUROPEAN Union member states are dragging their feet implementing the fourth anti-money laundering directive’s (4AMLD 2015/849) beneficial ownership rules. Only five countries met the June 26, 2017, AMLD4 deadline for having an ultimate beneficial ownership (UBO) register under national law – Britain, Denmark, France, Germany and Sweden- according to the European Commission. …