World fight against money laundering: planned upper limit for cash payments is causing criticism

20:20  14 may  2021
20:20  14 may  2021 Source:   tagesspiegel.de

Crown 'too focussed on wealth': inquiry

  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.

Nur Bares ist Wahres? Die EU möchte Barzahlungen begrenzen. © Photo: Imago Images / Noah Wedel Only BARES is true? The EU wants to limit cash payments.

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 in an interview with the Süddeutsche Zeitung : "We respect it That citizens like cash, and we do not want to abolish it. But we want clean euros, no dirty. "

Experts and collectors slam NBA Top Shot: 'You can't get your money!'

  Experts and collectors slam NBA Top Shot: 'You can't get your money!' NBA Top Shot, the league's platform for buying and selling non-fungible tokens, is being slammed by one expert and scores of collectors who can't get their money.'Purchases of NFTs are strictly for entertainment purposes,' reads the 37,000-word terms of service agreement from NBA-partner Dapper Labs, the platform's creator.

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 what cash payments must 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 easier for money laundering ." 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."

The Strange New Turn in the Case of 4-Year-Old Cash Gernon

  The Strange New Turn in the Case of 4-Year-Old Cash Gernon DALLAS—After the kidnapping and killing of 4-year-old Cash Gernon in Dallas last week, neighbor Jose Alvarado checked his security cameras for any footage that might help investigators. What he found sent a chill up his spine. The video is from 10 weeks before little Cash was left dead of stab wounds on the ground. But it shows the teenager charged with abducting him, Darriynn Brown, skulking down the street, opening Alvarado’s backyard gate and peering in before quickly walking away.“It’s really scary,” Alvarado told The Daily Beast. “I have two kids, one girl and one boy, and they play basketball in the backyard.

[If you want to have current news from Berlin, Germany and the world live on your phone, we recommend our app which you can download here for Apple and Android devices .]

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.

Perth Casino Royal Commission told police money-laundering unit disbanded more than two decades ago

  Perth Casino Royal Commission told police money-laundering unit disbanded more than two decades ago 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 money laundering : 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.

usr: 0
This is interesting!