As the business world becomes increasingly digitized, complex, and globalized, the threat of financial crime also grows. As a result, the pressure from regulators increases, and implementing and sustaining effective AML policies becomes a more difficult task. An integral part of winning the war against money laundering and terrorist
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Liberty Reserve, a Costa Rica-based private currency exchange with its own digital currency, has shut down around the same time its founder has been arrested in connection with a money laundering investigation.
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The proposals, from members of Germany’s council of economic experts, raise the prospect of taxes being imposed on property in a country like Spain if its government was forced to seek a bail-out.
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Cyprus’ finance minister has insisted that the island’s banks were not a hub for money laundering and eurozone peers should decide quickly on the indebted island’s bailout bid. The minister’s position comes amid increasing reluctance in the German Bundestag to bail out Cyprus.
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A “secret” report by the German version of the CIA, the Bundesnachrichtendienst (BND) was leaked last November, revealing that any bailout of Cyprus would benefit rich Russians and their €26 billion in “black money” that they deposited in the now collapsing banks.
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