World fight against money laundering: planned upper limit for cash payments is causing criticism
Crown 'too focussed on wealth': inquiry
Crown's anti-money laundering chief aired concerns about the group's approach to his area after joining in December 2019, a royal commission has heard. © Michael Dodge/AAP PHOTOS Crown's anti-money laundering chief aired concerns about the company after joining in December 2019. The inquiry into whether Crown remains suitable to keep its licence for its Melbourne operations was told on Friday that the group's anti-money laundering head, Nick Stokes, was provided no handover after taking the reins in December 2019.
The EU would like to limit the payments with cash - even the German regulation would be exacerbated. Not all useful to find the proposal.
The Economic Expert of the Christian Democrats in the European Parliament, Markus Ferber (CSU), rejects the plan of the EU Commission to collect an upper limit of 10,000 euros in payments with cash. Ferber said, "The commission is on the wrong track when confused the fight against money laundering with the fight against cash."
The EU Financial Market Commissioner Mairead McGuinness had said: "We respect it That citizens like cash, and we do not want to abolish it. But we want clean euros, no dirty. "
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Therefore, the Commission wants to propose the Member States the 10,000 euro upper limit in cash payments with the amendment of the Money Linen Guideline in July. "Money laundering poisones the economic system. The money comes from criminal activities and flows into the legal economic cycle. "
should enforce the Commission with its proposal, the German rule would aggrimate whatmust be presented above 10,000 euros of the card. For real estate transactions from private to private can be paid in Germany with high purchase prices with cash. If the notary confirms the correctness, the high amounts can even be deposited with the bank.
Ferber clears: "Cash is a factor that makes." However, there is a difference whether someone's real estate is paying with cash or a small car. Ferber warns the Commission to set up low-threshold measures: "It is not relatively that the Commission always reaches the greatest possible caliber."
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Ferber also sees grievances in Germany: "The Federal Ministry of Finance has graped the fight against money laundering for years." The German anti-money laundry authority slide a mountain of indefinessed suspected cases in front of you.German Tax Unit Welcomes Stock
, on the other hand, welcomes the boss of the German Tax Union, Thomas Thermaler, the plans from Brussels. "High cash amounts as means of payment are often an indication that something is wrong. Either it is about the white washing of criminal funds in such cases. Or it's about black money, "said owners opposite our newspaper. He welcomes such measures: "They are a contribution to taxation and competition neutrality."
There is currently no uniform cash capture in the EU. 18 of 27 Member States already have upper limits for cash or plan. In Greece, for example, only up to amounts of 500 euros cash may be paid, in Croatia the limit is 15,000 euros.
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A police unit investigating junket operators and money laundering "should never have been scrapped", the Perth Casino Royal Commission is told.Former chief casino officer David Halge said the one-person unit was abolished about 1999, and it then became difficult for the Gaming and Wagering Commission (GWC) to investigate potential criminal activity.
Denmark and Italy want to lower the threshold to 2700 euros and 1000 euros. In France, Italy and Spain, higher thresholds for citizens who are reported in another country. There is no upper limit for cash payments in Austria, Cyprus, Germany, Finland, Luxembourg and four other EU member states.previous money laundering rule are hardly effective
from an internal EU paper that is present of our newspaper, the money laundering rules are little effective. The reason is that it is fundamentally difficult to detect cash transactions, and that Member States are a variety of actors supervised but hardly any suspected cases.
companies report sales losses when cash limits are collected in national solo. Belgian jewelers approximately appreciate that the industry is lost up to 30 percent sales, because in Belgium a ceiling applies, but not in Luxembourg and Germany.
In a report, Europol points out the Commission on a concrete case of: A criminal organization has collected money from drug dealers from the whole EU and sent by couriers in Member States without a cash top. With the cash then expensive used cars, heavy machines and materials for construction were purchased. The cars were exported to Iraq, where they were sold. The income was transferred to the EU on unregulated transfer services and went back to the drug dealers.
Crown Resorts manager threatened Victorian gaming regulator, royal commission told .
Managers at Crown Resorts are accused of misleading the state's gaming regulator when it tried to tighten money laundering protocols. At one point they threatened to call the Gaming Minister, the inquiry heard.The allegations were aired on the second day of the Victorian royal commission investigating the suitability of Crown Melbourne Limited to hold a casino licence.