Money laundering
Luxembourg watchdog fines nine firms after Panama Papers review
Banks and investment firms had medium or severe breaches of anti-money laundering rules resulting in €2 million total fine
Luxembourg's financial watchdog has fined nine banks and investment firms a total of €2.012 million for breaching anti-money laundering rules in the wake of last year's publication of the Panama Papers.
A leaked trove of documents from Panamanian law firm Mossack Fonseca revealed the extensive use of opaque offshore companies by the world's rich and famous, which enabled tax avoidance, tax evasion, fraud and money laundering.
To keep reading
please sign up for free!
Already have an account? Sign in here.
Editor's Picks
Euro reform
—
22.06.2018
Eurozone finance ministers back new powers for ESM
Benefits
—
20.06.2018
Luxembourg refutes cross-border unemployment plan
Tax
—
20.06.2018
UK companies to face pre-Brexit tax bombshell from EU
