GERMANY: ‘ Deutsche Bank Exec’s Resign over Financial Mismanagement’

#AceBreakingNews – Featured Update:GERMANY:June.07: Deutsche Bank’s two co-chief executives resign in the wake of a series of missteps, the Wall Street Journal reported Sunday citing people familiar with the matter.

' Deutsche Bank Scandal '
‘ Deutsche Bank Scandal ‘

 Juergen Fitschen and Anshuman Jain’s resignations announced by France24 on Sunday, the outlet cites one person as saying. It adds Jain will stay with the banking giant as a consultant after June, while Fitschen will retain his post until next May.

The co-CEOs are thought to be quitting in the wake of a series of pratfalls, including a $2.5 billion fine for attempted interest rate manipulation, according to the publication.

The anticipated announcement also follows Friday’s launch of an investigation into money laundering of about $6 billion from 2011 to 2015 through Deutsche Bank’s Russian clients.

The bank was one of many financial institutions implicated in the 2008 real estate bubble that gave way to a global financial crisis. Deutsche Bank reached a settlement with shareholders early last year.

It is unclear yet who will succeed Fitschen and Anshuman as Deutsche Bank’s next chief executives.

@AceFinanceNews

#citigroup, #cocaine, #diosdado-cabello, #grupo-financiero-banamex, #illegal-drug-trade, #lawsuit, #money-laundering, #the-wall-street-journal, #united-states, #venezuela

` Pope Francis rules that the ` Vatican Bank ‘ will remain `Operational ‘ with Approved Recommendations ‘

#AceFinanceNews – ROME – APRIL 07 – Pope Francis has decided that the troubled Vatican Bank will remain operational and he has approved recommendations for its future, the Vatican said on Monday.

The bank “will continue to serve with prudence and provide specialized financial services to the Catholic Church worldwide,” Reuters reported, citing a Vatican statement.

Until now the Pope had not ruled out closing the bank.

Decades of Scandals:

Report by Aljazeera – October 02 2013 – The Vatican bank, dogged for decades by scandals and opaque dealings, has published the first annual report in its 125-year history.

The report covered 2012, a tumultuous year that saw the bank’s former president ousted in a boardroom battle and leaks of documents on internal disagreements on how it should be run.

Bank President Ernst Von Freyberg, who started his job this year, said the 100-page report released on Tuesday was an attempt to meet the commitment to transparency that Catholics around the world “rightfully expect”.

A five-member committee appointed by Pope Francis, who has promised to clean up the Vatican’s financial image, is also preparing a report on how to reform the bank, officially known as the Institute for Works of Religion (IOR).

The IOR said that in 2012 it had a net profit of $117m, more than four times greater than the $27m profit in 2011.

It when onto say the institution, however, has been enmeshed in scandals in the past three decades, most notably in 1982 when it was caught up in the fraudulent bankruptcy of Italy’s Banco Ambrosiano, whose president Roberto Calvi was found hanged under a bridge in London.

More recently, it has been caught up in an investigation by Italian magistrates into Money laundering, which the bank denies, and the arrest of a Vatican prelate who has been charged with money smuggling.

Pope Francis has not excluded the possibility of closing down the IOR but most likely it will soon see extensive reform.

#AFN2014

#catholic-church, #london, #money-laundering, #pope-francis, #rome, #vatican, #vatican-bank

” Teaching Students How to Properly Launder Money”

#acefinancenews, #anti-money-laundering-measures, #money-laundering, #students

Money Laundering and Terrorist Financing Changes

English: Logotype of Committee of Experts on t...

English: Logotype of Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) Русский: Логотип Комитета экспертов Совета Европы по оценке мер борьбы с отмыванием денег и финансированием терроризма (МАНИВЭЛ) (Photo credit: Wikipedia)

Advisory Notice on Money Laundering and Terrorist Financing controls in Overseas Jurisdictions on 18th October 2013 the Financial Action Task Force (FATF) published two statements (included as annex A and B ) identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter financing regimes.

Regulations:

The Money Laundering Regulations 2007 require regulated entities to put in place
policies and procedures in order to prevent activities related to money laundering and
terrorist financing. In response to the statements published by FATF on 18th October 2013, HM Treasury advises firms to:
Consider the following jurisdictions as high risk for the purposes of the Money
1. Laundering Regulations 2007, and so advises firms to apply enhanced due
diligence measures in accordance with the risks:
2. Algeria, DPRK*, Ecuador, Ethiopia, Indonesia, Iran*, Kenya, Myanmar, Pakistan, Syria*, Tanzania, Turkey and Yemen.
3. Take appropriate actions in relation to the following jurisdictions to minimise the associated risks, which may include enhanced due diligence measures in high risk.
Situations:
Afghanistan*, Albania, Angola, Antigua and Barbuda, Argentina, Bangladesh, Cambodia, Cuba, Iraq, Kuwait, Kyrgyzstan, Lao DPR, Mongolia, Namibia, Nepal, Nicaragua, Sudan, Tajikistan, Vietnam and Zimbabwe*.
*These jurisdictions are subject to sanctions measures at the time of publication of this
notice which require firms to take additional measures.

 

 

#acefinancenews, #18th-october-2013, #algeria, #antigua-and-barbuda, #ecuador, #fatf, #financial-action-task-force-on-money-laundering, #hm-treasury, #money-laundering, #north-korea, #tanzania, #terrorism-financing

Money Laundering Control Act Is it As Good As It Seems

English: Logo of Group of working out of finan...

English: Logo of Group of working out of financial measures of struggle against money-laundering (FATF) Русский: Логотип Группы разработки финансовых мер борьбы с отмыванием денег (ФАТФ) (Photo credit: Wikipedia)

In 1986 the ” Money Laundering Control Act ” came into being and was passed as a criminal act for individuals to ” profit from their actions!

This practice in all banks has been going on for many years! The fact that monies paid into bank accountshas just become a simple computerised

English: Members of the Financial Action Task ...

English: Members of the Financial Action Task Force on Money Laundering map. Français : Carte des membres du Groupe d’action financière sur le blanchiment de capitaux. (Photo credit: Wikipedia)

exercise, of transfers being received from places such as Mexico and the like! It has led us to this situation of ” money laundering” and the eventually penalties we now see being imposed on the banks.

It was not until 1986 that ” The Money Laundering Control Act ” was passed and became a criminal act, but only covered transactions that prohibited individuals engaging in acts that would were classed as unlawful. In such as to profit from their actions! 

This act left open a door that still needs closing,in that it went onto say – Moreover, a “financial transaction” has been broadly defined, and need not involve a financial institution, or even a business.By this simple few words it left open this door to the type of breaches in how money is transacted and how easily banks have been able to circumvent the system and the law!

 

#bank, #carte-des-membres, #crime, #hsbc, #mexico, #money-laundering, #money-laundering-control-act, #occupy-wall-street, #research, #united-states