Weekly roundup: Deutsche Bank investigating Russian clients, Romanian prime minister under money-laundering allegations, World Bank to publish UBOs of contract bidders and more
- Deutsche Bank is investigating its Russian clients over alleged money-laundering in $6bn of transactions in the last four years.
- Romanian prime minister Victor Ponta faced calls to step down after prosecutors launched an investigation into alleged money-laundering and tax evasion. The parliament voted to uphold the PM’s immunity while the country’s president asked Ponta to resign.
- The World Bank proposed to publicize the ultimate beneficial owners of all companies bidding for bank-funded contracts in a move to eradicate nepotism and procurement fraud. The reform will be discussed in front of the institution’s board next month.
- The US Department of State placed seven entities with links to Hezbollah on OFAC’s SDN list while a Bosnian private bank was delisted. The European Union removed the son of former Ukrainian president Yanukovych from its sanctions programme for misappropriation for public funds.
And finally, in an article for Huffington Post David Cameron, reiterated the UK’s commitment to “lead the world on open data and transparency” in order to fight corruption. The central register of ultimate beneficial owners will be established next year and the prime minister pledged to pressure British overseas tax havens to follow this step. Meanwhile, MPs criticised the loopholes in proposed transparency legislation while a London law firm told its wealthy clients not to worry about potential obligations to disclose ownership.
Arachnys weekly update
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