Anti-Money Laundering Newsletter - January 2021 | News

The Ecofin supports the creation of a supervisor in the EU to combat money laundering

On November 4 last, the Economic and Financial Affairs Council of the European Union (Ecofin) supported the creation of a new supervisory body at Community level to strengthen the supervision and surveillance of financial markets, considering the wave of money laundering cases which have affected European credit institutions. The Ecofin is particularly concerned about the increasingly important role played by entities which offer cryptocurrency services, and by credit institutions which operate in the European Union as a whole, advocating widespread reinforcement of the supervision and monitoring of such institutions, and reaffirming the need for a unified European-wide legal framework, in order to prevent legislative differences between Member States from being used in favor of money laundering.

The Spanish Tax Authority and the ‘Audiencia Nacional’ dismantle a ring of managers that evaded funds of 500 Spanish fortunes to Switzerland and Andorra

The Spanish Tax Authority and the ‘Audiencia Nacional’ dismantled, on November 8 last, a ring of financial managers who, through the services of a money laundering and tax fraud network, managed to unlawfully conceal the assets of more than 500 Spanish fortunes in countries such as Switzerland and Andorra, through a corporate structure with ramifications in Luxembourg, Cyprus, Ireland and Panama, among other territories. The assets were subsequently repatriated by that organization, through correspondent accounts, cash payments within national territory and transport of shipments of banknotes by road.