Tag: Cash

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Germany

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NEWS: Brussels on tenterhooks as Berlin wobbles on €10K cash limit which is key to EU’s new AML regulations

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LATEST: Banking group wants EU to prevent Member States reducing proposed €10K ceiling on cash transactions

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NEWS: NSW abandons plans to make cashless cards manatory in clubs despite ‘damning’ Commission report

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LATEST: Israel limits cash payments in attempt to stamp out tax evasion and dirty money

Malta

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NEWS: Malta’s FIAU issues Cash Guidance for Financial Institutions as body warns cash presents a ‘significant vulnerability’ for the country

Germany

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INSIGHT: Germany is a ‘paradise’ for money launderers claim as country’s lax AML regimes and regulations come under scathing criticism

British woman jailed for nearly three years following discovery of nearly £2 Million cash stuffed in suitcases at Heathrow Airport

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BREAKING: The detail behind how EU is outlawing cash transactions more than €10,000 – but there are two exemptions in place

Man convicted of trying to smuggle £1m in suitcases out of UK
National Crime Agency
April 18, 2025
A man who was stopped at Heathrow Airport with £1m in two suitcases has admitted money laundering following a National Crime Agency investigation. Mazen Al Shaar, 48, was stopped by Border Force officers on Saturday 15 March this year as he was about to fly from Terminal Three to Beirut.
Treasury Targets International Bank of Yemen for Support to the Houthis
OFAC
April 18, 2025
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning Yemen-based International Bank of Yemen Y.S.C. (IBY) for its financial support to Ansarallah, commonly known as the Houthis, which is part of the Iran threat network. As part of this designation, OFAC is also sanctioning key leaders or officials of IBY, Kamal Hussain Al Jebry, Ahmed Thabit Noman Al-Absi, and Abdulkader Ali Bazara. The designation of IBY complements the whole-of-government effort to stop Iran-backed Houthi attacks against commercial shipping in the Red Sea.
UK insurer charged with bribery in Ecuador
Serious Fraud Office
April 17, 2025
The Serious Fraud Office (SFO) today accused a UK insurance company of failing to prevent international bribery. Representatives of United Insurance Brokers Limited (UIBL) were ordered to appear before Westminster Magistrates’ Court next month. The company is charged with failing to prevent associates from bribing state officials in Ecuador between October 2013 and March 2016. The SFO alleges UIBL’s US-based intermediaries for Ecuador paid bribes in return for the awarding of re-insurance contracts worth US$38 million. If this case proceeds to a contested trial, it will be the first time that an SFO “failure to prevent bribery” case is heard by a jury.