Tag Archives: money laundering

On his blog, JP Koning offers two explanations for the surprisingly high rupee notes redemption rate—nearly 99%—after last year’s demonetization experiment: Money laundering, and a partial amnesty. Indians who had large quantities of illicit cash were able to contract with those who had room below their ceiling to convert illicit rupees on their behalf … Two weeks after the initial … announcement, the government introduced a formal amnesty for demonetized banknote holders. Any deposit of...

Having discontinued its production of EUR500 banknotes, it appears Europe is charging towards the utopian dream of a cashless society. Just days after Davos’ elites discussed why the world needs to “get rid of currency,” the European Commission has introduced a proposal enforcing “restrictions on payments in cash.” With Rogoff, Stiglitz, Summers et al. all calling for the end of cash – because only terrorists and...

Authorities in Switzerland and Singapore are punishing BSI, the private bank based in the Ticino region of Switzerland, for alleged money-laundering offenses, shutting their activities in Singapore and seizing part of its profits. Switzerland’s attorney general has opened criminal proceedings against BSI Bank in connection with alleged money-laundering and corruption by Malaysia’s statement investment fund 1MDB. In a separate move, the country’s financial market regulator said the bank was...

The Greens/EFA group in the European Parliament wants the European Union to exert more pressure on the United States: the US should no longer serve as a “tax haven” for European tax dodgers. Proposed measures include blacklisting and a FATCA-type 30% withholding tax on EU-sourced payments. From the executive summary of the report commissioned by the group: Two global transparency initiatives are underway that could help tackle financial crimes including tax evasion, money laundering and...

In an earlier post (April 2015) I wrote: The Economist reports about Nevada shell companies. In its eternal struggle against the Republic of Argentina, Elliott Management is inquiring about several shell companies in the state. They are suspected to own funds that might have been stolen from the Republic. The hedge fund reasons that it is entitled to those funds because they belong to Argentina, and Argentina owes 2 billion dollars to Elliott according to earlier court rulings. Elliott sued...

Key figures from The Panama Papers.