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Belgium Is Pushing to Dilute the EU’s Belarus Potash Sanctions

Belgium is trying to water down European Union sanctions on Belarus’s potash industry, in a bid to ease difficulties companies within the bloc face in implementing the measures. Diplomats in Brussels have written to other EU member states, requesting a loosening of restrictions on Belarusian potash to allow for… Read More

After Pandora Papers, EU says it plans new rules against tax avoidance

The European Commission will present by the end of the year new legislative proposals to tackle tax avoidance and tax evasion, the EU tax commissioner Paolo Gentiloni told the European Parliament on Wednesday. The tax discussion at the plenary session of the EU parliament was added to the agenda after… Read More

AMLD5 and prepaid cards: what has changed?

The changes with regards to AMLD5 on prepaid card transactions represent key information for the payments ecosystem, especially on the way it could impact the payment acceptance rate. Using his expertise in the field of legal consulting, Timelex‘s Niels Vandezande sheds light on the new rules and exceptions around this law The directive… Read More
23rd September 2021
The European Union will make an official proposal to deny companies tax benefits linked to the use of shell entities, a top tax official said Wednesday. The EU loses between 30 and 70 billion euros ($35-$82 billion) to corporate tax avoidance each year, said Gerassimos Thomas, director general taxation and… Read More
21st September 2021
By Scott Pham, Buzzfeed News, 20 September 2021 Buzzfeed News — One year ago today, BuzzFeed News and the International Consortium of Investigative Journalists published the FinCEN Files, the largest reporting project ever undertaken, which revealed how terrorists, kleptocrats, and organized criminals laundered enormous sums of… Read More
20th September 2021
After multiple directives, several high-profile money laundering scandals, and numerous policy papers, the evidence is clear – money laundering remains an undiminished threat within the EU. The European Commission summarises the consequences as follows: criminals and terrorists have a sustained means to jeopardise public security, the incidence of money laundering… Read More
19th September 2021
By Isabella Chase, RUSI, 16 September 2021 RUSI — Since July 2019, the UK government and private sector partners have been on a mission to upgrade the UK’s response to economic crime. This mission has been guided by the Economic Crime Plan, which lists 52 actions for how… Read More
14th September 2021
A digital euro, currently under design by the European Central Bank, should have a limited role initially as it could disrupt the bank sector and overly extend the role of central banking, Bundesbank President Jens Weidmann said on Tuesday. “A gradual approach might make sense given the risks involved –… Read More
10th September 2021
A senior EU lawyer has concluded that the British government was negligent in its failure to tackle customs fraud that allowed criminal gangs to flood European markets with cheap Chinese-made clothes and shoes. The non-binding opinion from a European court of justice legal expert does not recommend any penalty, but… Read More
8th September 2021
Irish drug gangs are gaining a greater share of the European cocaine market according to intelligence compiled by the EU’s crime agency. A report by Europol and the UN’s Drug Crime Office (UNODC) also says there is greater cooperation among crime groups, including the Kinahan cartel, and that cocaine seizures… Read More
8th September 2021
The Central Bank of Cyprus (CBC), professional regulatory bodies and business stakeholders have agreed on ten steps to rationalise banking procedures. These include Know-Your Client (KyC) and client due diligence, speeding up transactions vital for the economy, while ensuring compliance with the EU and international anti money-laundering regulations, CBC Governor… Read More
3rd September 2021
When the former prime minister of Thailand, Thaksin Shinawatra, received Montenegrin citizenship in return for investing millions of euros in 2010, the government declared that it would kick-start large-scale foreign investments in the Adriatic country’s tourism sector. But even though Shinawatra invested 24 million euros in St. Nicholas Island on… Read More
23rd August 2021
Beijing is likely to draft a more refined and targeted anti-sanctions law for Hong Kong that could list exemptions for selected multinational corporations instead of adopting the blunt approach of just imposing its own powerful legislation, analysts have said. Explaining the central government’s surprising decision on Friday to… Read More