Tuesday, October 27, 2020

PACE: We Must Act Against Money-Laundering ‘Laundromats’

-

Citing money-laundering scandals such as the ‘Global Laundromat,’ the ‘Azerbaijani Laundromat’ and the ‘Troika Laundromat’ the Parliamentary Assembly of the Council of Europe (PACE) has urged swift and substantial action to strengthen anti-money laundering provisions and improve international cooperation in the fight against such ‘laundromats.’

In a speech before the Parliamentary Assembly on Thursday, Representative Art van de Ven from The Netherlands presented a resolution based on his recent report on European laundromats, saying that the Council of Europe must step up efforts to “protect the rule of law, human rights and democracy against dangerous, destructive forces, forces that have already damaged this Assembly and the institutional home of European democracy.”

Van de Ven specifically mentioned the three laundromats which were the subjects of extensive investigations undertaken by the Organized Crime and Corruption Reporting Project, its partners and other media organizations over the past years.

Major European banks and scores of top officials, including Russian President Vladimir Putin, have been implicated in the findings and the proceeds of the money-laundering schemes are calculated in tens of billions of dollars.

- Advertisement -

The orchestrators exploited weaknesses in under-regulated Baltic banking systems and took advantage of the United Kingdom’s poor tax regulations to park billions of dollars in shell companies in British Overseas Territories or in lavish London apartments, van de Ven said.

In his speech, van de Ven bemoaned the lack of action taken thus far against the perpetrators of such high-level crime. “There does not seem to have been any concerted investigation of the Global Laundromat in particular,” and international efforts generally have been “disjointed and spasmodic,” he said.

- Advertisement -
- Advertisement -

MUST READ

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Berkshire Hathaway to pay $4.1m to settle Iran sanctions violation

Berkshire Hathaway Inc. has agreed to pay roughly $4.1 million to settle allegations that a Turkish subsidiary violated U.S. sanctions on Iran. The U.S. Treasury Department on...

Former Blue Bell Creameries CEO indicted for fraud linked to 2015 listeria outbreak

The former president and CEO of Blue Bell Creameries L.P., a Texas ice cream company, was indicted Tuesday on wire fraud charges in connection with a scheme...

Texas AG Ken Paxton fires second whistleblower who accused him of bribery

A second whistleblower has been fired from the Texas attorney general’s office after reporting his boss, Texas Attorney General Ken Paxton, to law enforcement for...

UAE suspends licences of 200 law firms over anti-money laundering compliance

Practicing licences of 200 law firms in the UAE have been suspended for a month for not following the prescribed procedures to combat money...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks