The European Banking Authority (EBA) is an independent EU Authority which works to ensure effective and consistent prudential regulation and supervision across the European banking sector. Its overall objectives are to maintain financial stability in the EU and to safeguard the integrity, efficiency and orderly functioning of the banking sector.
5th Anti-Money Laundering Directive (Amendments to the 4th Anti-Money Laundering Directive)
The 5th Anti-Money Laundering Directive, which amends the 4th Anti-Money Laundering Directive was published in the Official Journal of the European Union on 19 June 2018. The Member States should have been transposed this Directive by 10 January 2020.
These amendments introduce substantial improvement to better equip the Union to prevent the financial system from being used for money laundering and for funding terrorist activities.
These amendments will:
– enhance transparency by setting up publicly available registers for companies, trusts and other legal arrangements;
– enhance the powers of EU Financial Intelligence Units, and provide them with access to broad information for the carrying out of their tasks;
– limit the anonymity related to virtual currencies and wallet providers, but also for pre-paid cards;
– broaden the criteria for the assessment of high-risk third countries and improve the safeguards for financial transactions to and from such countries;
– set up central bank account registries or retrieval systems in all Member States;
– improve the cooperation and enhance of information between anti-money laundering supervisors between them and between them and prudential supervisors and the European Central Bank.
Here you can find the factsheet on the main changes of the 5th Anti-Money Laundering Directive
Banking On Bitcoin
Prin interviuri cu utilizatori entuziaști și experți, acest documentar prezintă modul în care a apărut moneda virtuală bitcoin, viitorul său și tehnologia care o susține.
FinCEN Issues Advisory on the Iranian Regime’s Illicit and Malign Activities and Attempts to Exploit the Financial System
Release: October 11, 2018
The Financial Crimes Enforcement Network (FinCEN) issued an advisory to help financial institutions better detect and report potentially illicit transactions related to the Islamic Republic of Iran.
“This advisory lays out in great detail the extent to which the Iranian regime uses deceptive practices, including front companies, fraudulent documents, exchange houses, seemingly legitimate businesses and government officials, to generate illicit revenues and finance their malign activities. Iran’s deceptive practices have been orchestrated not only by elements of their government such as the IRGC-Qods Force, but also by Central Bank of Iran officials who were at the highest levels. Any country that allows its Central Bank to be involved in deception in support of terrorism requires the highest levels of scrutiny, particularly when the country itself is the world’s largest state sponsor of terrorism,” said Sigal Mandelker, Under Secretary of the Treasury for Terrorism and Financial Intelligence.
“Governments, financial institutions of all types around the world, and other companies need to be on high alert to the types of schemes described in this advisory. More than that, as we expect Iran to continue to attempt to engage in wide scale sanctions evasion while simultaneously using its resources to fund a broad array of malign activity, financial institutions should continue to sophisticate their compliance programs to keep these actors from exploiting them.”
For example, the Iranian regime has masked illicit transactions using senior officials of the CBI, who used their official capacity to procure hard currency and conduct transactions for the benefit of the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and its terrorist proxy group, Lebanese Hizballah. Accordingly, financial institutions are advised to exercise appropriate due diligence when dealing with transactions involving exchange houses that may have exposure to the Iranian regime and/or designated Iranian persons, and the advisory details examples of exchange house-related schemes. Iran-related actors use front and shell companies around the world in procurement networks through which the Iranian regime has gained goods and services related to currency counterfeiting, dual-use equipment, and the commercial aviation industry.
The advisory further warns financial institutions to be on the lookout for possible evasive practices involving Iranian shipping companies. Financial institutions should also be aware of possible Iranian abuses of virtual currency and precious metals to evade sanctions and gain access to the international financial system and to conceal their nefarious actions.
Convorbirea telefonică dintre fostul președinte al Curții Constituționale Alexandru Tănase și omul de afaceri Veaceslav Platon despre jaful bancar din Republica Moldova.
Bun venit în lumea interlopă locală în care desigur doar cetățenii acestei țări au de suferit.
Moldova is a tiny country squeezed between the interests of Russia and the European Union. Despite or perhaps because of its rampant poverty, it has grown into one of the biggest money laundering hubs on the continent.
Billions in black money flow annually through local banks. Moldova is a proxy – most of the money flowing through its banking system is not Moldovan. But the process has corrupted Moldovan society and wreaked havoc on the country’s politics, economy and judiciary.
The November billion vanished after the banks gave loans to companies owned by people whose identities remain hidden in a maze of offshore corporations. The borrowers took the money and ran. The collapse of these loans was a serious blow to a Moldovan banking sector already buffeted by corruption scandals:
- The Magnitsky Affair began in 2007 when US$ 230 million was stolen from the Russian budget. Eventually, the money was routed through a group of Moldovan banks; some of it was traced to high-end real estate in New York City.
- The Russian Laundromat, uncovered by OCCRP in August of 2014, was much bigger, passing US$ 20 billion in stolen Russian funds through some of the same Moldovan banks en route to Europe.
The “Laundromat” – a financial vehicle to move vast sums of money out of Russia through banks for years. The billions were moved from Russia, into and through the 112 bank accounts that comprised the system in eastern Europe, then into banks around the world.
Reporters can now say that much of the money ultimately found its way to Russian businessmen who own groups of companies involved in construction, engineering, information technology, and banking. All held hundreds of millions of US dollars in state contracts either with the government directly, or with state-owned entities.
Money that might have helped repair the country’s deteriorating roads and ports, modernize the health care system, or ease the poverty of senior citizens – was instead deposited in a Moldovan bank. At the other end of the Laundromat, money flowed out for luxuries, for rock bands touring Russia, and on a small Polish non-governmental organization that pushed Russia’s agenda in the European Union. (It is run by Mateusz Piskorski, a Polish pro-Kremlin party leader arrested for spying for Russia).
Well-known companies unwittingly took part when beneficiaries used their Laundromat money to buy goods and services: South Korea’s Samsung received laundered money, as did the Swedish telecom company Ericsson, and the toolmaker Black & Decker. In the United States, $500,000 went to Total Golf Construction Inc., the company that boasts of renovating a Donald Trump golf course on Canouan Island in the Grenadines.
Reading of the day -> The Economist: Why states fail and how to rebuild them
What we can learn from countries that failed to build themselves?!
– Few things matter more than fixing failed states. Broadly defined, state failure provides “a general explanation for why poor countries are poor”. Life in a failed or failing state is short and harsh.
– Lawless regions, such as the badlands of Pakistan and Yemen, act as havens for terrorists.[…] In the most extreme form of state failure, in places like Somalia, the central government does not even control the capital city. In milder forms, as in Nigeria, the state is far from collapse but highly dysfunctional and unable to control all of its territory. Or, as in North Korea today or China under Mao Zedong, it controls all of its territory but governs in a way that makes everyone but a tiny elite much worse off.
– The key to understanding state failure is “institutions, institutions, institutions”.
– States are not wretched and unstable because of geography—if so, how to explain the success of landlocked Botswana? Nor is culture the main culprit: if so, South Koreans would not be more than 20 times richer than North Koreans. Some societies have “inclusive institutions that foster economic growth”; others have “extractive institutions that hamper it”.
The world’s newest country, South Sudan has received billions of dollars of aid and the advice of swarms of consultants since seceding from Sudan in 2011, but has failed to build any institutions worthy of the name. South Sudan failed to build institutions that transcended tribal loyalties or curbed the power of warlords. There are plenty of government buildings, including state ministries of education, culture and health. But none of them does much. Nowhere in South Sudan does the state do what it is supposed to.
The fighting becomes tribal because warlords recruit by stirring up ethnic tension so that their kinsmen will rally to them. This creates a vicious circle. Lacking protection from other institutions, people seek it from their own tribe. Rather than demand evenhanded government, they back tribal leaders, knowing that they will steal and hoping they will share the spoils with their kin.
– “The politics of the vast majority of societies throughout history has led, and still leads today, to extractive institutions.” These tend to last because they give rulers the resources to pay armies, bribe judges and rig elections to stay in power. These rulers adopt bad policies not because they are ignorant of good ones but on purpose. Letting your relatives embezzle is bad for the nation but great for your family finances.
– But failed states are not doomed to stay that way. Even states that have collapsed completely can be rebuilt. Liberia and Sierra Leone were stalked by drug-addled child soldiers a decade and a half ago; now both are reasonably calm. The key is nearly always better leadership: think of how China changed after Mao died. Many bad rulers continue deliberately to adopt bad policies, but they can be—and often are—replaced with better ones.
Afghanistan case. Afghanistan’s president since 2014, Mr Ghani is a former academic and author of a book called “Fixing Failed States”. His TED talk on fixing broken states has been viewed 750,000 times. Now he is trying to put his own theories into practice.
Chairman Bernanke at Press Conference of the Federal Open Market Committee, on November 2, 2011.
“Politics is politics, and the Federal Reserve tries to stay nonpartisan and out of those debates. I mean, our job is to do the best we can for the U.S. economy, to do what we can to promote our mandate of maximum employment and price stability, and although we must be accountable to the Congress over the longer term, in the short term, it’s very important that the Fed be free from political pressures. And therefore, we are going to make our decisions based on what’s good for the economy, and we’re not going to take any politics into account.”
“With respect to inequality, I think the best way to address inequality is to create jobs. It gives people opportunities. It gives people a chance to earn income, gain experience, and to ultimately earn more. But that’s an indirect approach; that’s really the only way the Fed can address inequality per se.”
“My best advice to Americans is to continue to live your lives, though, and to continue to think about your personal situation and try to make smart decisions based on your own financial position. Clearly, Americans are trying to improve their balance sheets; they’re trying to pay down debt. That’s, of course, important. At the same time, you want to make smart decisions,you want to make good investments, you want to budget properly. So financial literacy is a big part of this, and lack of financial literacy was one of the things that got us into this mess in the first place. So I would advise people to try to be smart about their finances. Unfortunately, we can’t disassociate ourselves from Europe; the things that are happening there do affect us, and that’s an unfortunate fact. I hope very much that the Europeans will find a set of solutions that will allow markets to calm down and take off some of the headwinds from the U.S. economy.”
23 noiembrie 2016, UPDATE
Se pare că încep să apară primele victime la suprafață:
- Prin hotărârea CNPF din 18.11.2016 se retragerea autorizația de societate de registru a Societății pe acțiuni “Registru-Corect”, una dintre entitățile care ținea registul acționarilor băncilor cu probleme; se retrag certificatele de calificare a 2 persoane din cadrul entității și se inițiază lichidarea genului de activitate a societății.
- Prin hotărârea CNPF din 04.11.2016 se suspendă acțiunea licenței de societate de investiții a entității “ASITO-BROKER”;
- Prin hotărârea CNPF din 23.09.2016 se retrage licența de societate de investiții a entității “BROKING-VM”;
22 iulie 2016
După furtuna bancară moldovenească, apar nori negri și în alte sectoare financiare locale.
În domeniul asigurărilor, una dintre cele mai mari companii locale de asigurări – ASITO se duce la fund, CNPF instituind administrare specială. Situația în cazul acesteia fiind similară cu cele ale băncilor problematice cu o structură a acționariatului suspectă – desigur cu companii off-shore și cetățeni ucraineni implicați.
Se pare că și în domeniul pieței de capital, unde nu prea există activitate apar semne de îngrojorare: CNPF aplică măsuri provizorii în activitatea unei societăți de registru și suspendă activitatea unei societăți de investiții.
Se pare că există necesitatea unor acțiuni pro-active și mai hotărâtoare în domeniul financiar din Republica Moldova, de restructurare a acestuia și de o schimbare radicală a modului de efectuare a afacerilor și modul de supraveghere a acestor entități.