In a further setback for efforts to combat money laundering and financial crime, Jürgen Mossack and Ramón Fonseca Mora, the beneficial owners and directors of the infamous Mossack Fonseca, were acquitted of all charges by a Panama court (Baloísa Marquínez) on 29 June 2024. The defendants were accused of money
The payments landscape has undergone significant changes over the past decade. Fast-paced technological advancements have mainly driven the changes. Electronic payments in the EU have steadily increased, reaching a value of €240 trillion in 2021 (compared to €184.2 trillion in 2017). The COVID-19 pandemic has accelerated this trend. This shift
On 4 December 2020, Directive (EU) 2020/1828 on representative actions for the protection of the collective interests of consumers was published in the Official Journal of the European Union. The Aim of the new Redress Directive! This Directive gives powers to organisations or public bodies designated by European Union (EU)
As previously discussed, United Kingdom is undeniably the frontrunner in financial crime in Europe. Being one of the global headquarters for financial services comes with a high price for the British people. In 2023, according to the UK Finance Fraud Report 2024, Britons lost approximately £459.7 million to Authorised Push
On April 5, 2024, the Dutch Prosecutor announced that the criminal charges against Payvision’s board members had been settled out of court. Booker and his colleague Cheng Liem Li were found to have (2016 – April 2020) structurally and for many years violated the European Know Your Customer rules and
The damage currently caused to small European investors by fraud on online trading websites (from now on, also referred to as #BrokerScams or #InvestmentScams) promising high returns for investments (right now mainly cryptos) in Europe is estimated at (at least) 1 billion euros per month (!). This is only a
Over the past few years, we have learned that cybercriminals are not deterred by the combined capabilities of all of Europe’s law enforcement agencies. Cross-border criminal investigations, in the rare case when they are opened, often take years without any action. So, cybercriminals can lead an excellent life for themselves
On 22 February 2024, the EU Council and the EU Parliament voted 28 to 26 to establish the new Anti-Money Laundering Authority in Frankfurt, Germany. This authority, anticipated in the highly regarded EU Anti-Money Laundering (AML) Package, is expected to play a crucial role in combating money laundering within the
Approval of the new EU Instant Payments Regulation! On 7th February 2024, the European Parliament formally approved the new Instant Payments Regulation. Under the new regulations for instant payments (also known as real-time payments), all European payment providers are required to give their customers the option to conduct Euro-denominated credit
For over four years, we have meticulously examined criminal files to decipher the operations of Barak and Lenhoff´s criminal organisation and the involvement of Payment Service Providers (PSPs) in these schemes. In recent months, as we collected information for the ongoing civil proceedings against Payvision and Deutsche Bank, we have
