Saturday, September 18, 2021

Europe

UK watchdog criticises KPMG over “unacceptable” bank audits

KPMG's bank audits needed improvements for an "unacceptable" third year running and the accounting firm will be closely monitored, Britain's auditing watchdog said on Friday in an unusually blunt assessment of leading accountants. The Financial Reporting Council (FRC) said checks...

Vatican reveals real estate holdings amid financial crime scandal

The Vatican released information on its real estate holdings for the first time on Saturday, revealing it owns more than 5,000 properties as part of its most detailed financial disclosures ever. The information was contained in two documents, a consolidated...

Italy probes Lombard International Assurance over allegations of tax evasion, money laundering

Milan prosecutors are investigating Lombard International Assurance (LIA), a Luxembourg-based insurer owned by U.S. fund Blackstone (BX.N), due to allegations of tax evasion and money laundering, two judicial sources said. Newspaper Sole 24 Ore had reported the investigation on Wednesday and...

EU signals new watchdog to fight money laundering

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...

Bosnia’s intelligence chief detained over money laundering allegations

The Bosnian police have arrested the country’s intelligence chief on accusations of money laundering and abusing his office to forge university diplomas. Osman Mehmedagic, the head of the Intelligence-Security Agency (OSA), was arrested on Wednesday at the request of state...

Portugal ex-minister Armando Vara sentenced to two years in prison for money laundering

The former minister and former director of Caixa Geral de Depósitos bank, Armando Vara has been sentenced on Tuesday to an effective sentence of two years in prison for the crime of money laundering. Reading the judgment at the Lisbon...

Albania ex-vice interior minister Rovena Voda arrested on corruption allegations

A former Albanian deputy interior minister has been arrested on corruption accusations, authorities said Tuesday. A statement from the Special Structure Against Corruption and Organized Crime said Rovena Voda, deputy interior minister from 2017 until 2020, was put under house...

Tax adviser at the centre of German ‘cum-ex’ tax fraud arrested in Switzerland

Hanno Berger, a German accused of playing a key role in a years-long tax fraud, has been arrested in Switzerland where he had been living in exile, German and Swiss authorities said on Friday. The scandal, known as "cum-ex", is...

Portuguese art collector Joe Berardo detained in money laundering, tax fraud probe

Portuguese art collector Joe Berardo, who was once one of the country's richest men and showcased major works by Miró and Mondrian in his own museum, was detained by the police on Tuesday in an investigation of money laundering...

President of soccer club Benfica detained in tax fraud probe

Luis Filipe Vieira, the president of Portugal’s biggest football club Benfica, was detained on Wednesday, public broadcaster RTP said, as part of an investigation into alleged tax fraud and money laundering. Without naming Vieira, the public prosecutors’ office said in...

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