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| December 13, 2018

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EU Doctors Quit U.K. as Brexit Looms

December 3, 2018 |

The U.K.’s planned exit from the EU in March is fueling an exodus of European workers from the U.K., creating a particular squeeze for Britain’s already strained National Health Service.
WSJ.com: What’s News Europe

Companies Start to Sweat Prospect of No-Deal Brexit as Deadline Looms

November 22, 2018 |

With Prime Minister Theresa May’s government in turmoil over the terms of a Brexit pact, the prospect of “no deal” is getting real—spooking firms big and small, including some far from Britain’s shores.
WSJ.com: What’s News Europe

CNN

Iran is still exporting oil as sanctions deadline looms

November 2, 2018 |

US sanctions have failed so far to shut down Iranian oil exports, and some countries are reportedly close to being granted exemptions to allow them to continue buying from Tehran without fear of punishment.
CNN.com – RSS Channel – World

As Drawing Looms, 2nd-Largest Jackpot Swells

October 19, 2018 |

The Mega Millions jackpot has climbed to $ 970 million, inching ever-closer to the $ 1 billion mark. Officials raised the estimated jackpot Thursday for the second time due to strong sales ahead of Friday night’s drawing. Reuters reports the numbers will be pulled at 11pm EDT. The prize is the second-largest…
Newser

Amazon Revisits Some Cities as HQ2 Decision Looms

October 19, 2018 |

Amazon executives have made a fresh round of visits to several of the 20 finalists for its $ 5 billion second-headquarters project, fueling added anticipation as it nears a decision in a process that has stretched over more than a year.
WSJ.com: US Business

Court Refuses to Drop Money Laundering Charge Against UBS, $5.8 Billion Fine Looms

October 13, 2018 |

Court Refuses to Drop Money Laundering Charge Against UBS, $  5.8 Billion Fine Looms

A French court has reportedly rejected a request by the largest Swiss bank to drop money laundering charge against it. UBS Group and a number of its executives are accused of tax fraud and money laundering. If found guilty, the bank could be fined up to 5 billion euros or $ 5.8 billion. Its executives could also face jail time.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

UBS Wants Money Laundering Charge Dropped

Court Refuses to Drop Money Laundering Charge Against UBS, $  5.8 Billion Fine LoomsThe tax fraud and money laundering trial in France of UBS Group AG and its executives began last week after seven years of investigation.

The largest bank in Switzerland with offices in over 50 countries has asked for the French constitutional court to “drop money laundering charges and limit proceedings to complicity in tax fraud, which carries lighter penalties,” Reuters reported Thursday. However, the court rejected this request, noting that the bank’s arguments were “devoid of seriousness,” the news outlet detailed, elaborating:

UBS Group AG, its French unit and six executives and former executives face charges of aggravated tax fraud and money laundering in an investigation into allegations they helped wealthy clients avoid taxes in France.

Up to 5 Billion Euros Fine Plus Damages

Court Refuses to Drop Money Laundering Charge Against UBS, $  5.8 Billion Fine LoomsDuring the investigation, UBS Group turned down the authorities’ settlement offer of 1.1 billion euros, the publication conveyed. “The amount corresponded to what the Swiss bank had already paid as a court bond, according to judicial sources.” The news outlet further described:

If found guilty of money laundering, UBS could be fined up to 5 billion euros ($ 5.8 billion). French criminal law lets judges enforce fines as high as half the amount laundered and in this case prosecutors estimate that up to 10.6 billion euros was denied to the French tax authorities.

According to Reuters, the bank could also face damages awarded to the French tax authorities for the missing revenue and the executives risk jail time.

Court Refuses to Drop Money Laundering Charge Against UBS, $  5.8 Billion Fine LoomsThe whistleblower told the publication that he hoped for a stiff penalty for Switzerland’s largest bank, stating that “If they set an example with UBS, most other banks will be scared.”

In 2009, UBS went through a similar trial in the U.S. and paid $ 780 million in settlement. In 2014, the bank was on trial in Germany and paid 300 million euros in fines.

Recently, a number of other megabanks have been under fire for alleged money laundering activities. Denmark’s largest bank, Danske Bank, allegedly engaged in money laundering through its Estonian branch that could total 200 billion euros. The probe into Danske Bank has also implicated Citigroup and Deutsche Bank. Last month, Netherland’s largest retail bank, ING Group, was fined $ 900 million for money laundering. News.Bitcoin.com also recently reported that Nordic region’s largest bank, Nordea, was suspected of money laundering.

What do you think of the French court refusing to drop money laundering charge against UBS and its executives? Let us know in the comments section below.


Images courtesy of Shutterstock and UBS.


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The post Court Refuses to Drop Money Laundering Charge Against UBS, $ 5.8 Billion Fine Looms appeared first on Bitcoin News.

Bitcoin News

As Kavanaugh vote looms, GOP Sen. Daines says he’s going to daughter’s wedding

October 5, 2018 |

Sen. Steve Daines, R-Mont., will be attending his daughter’s wedding on Saturday – and not participating in the vote on Supreme Court nominee Brett Kavanaugh.
FOX News

Media batter Trump with storm criticism as Hurricane Florence looms

September 13, 2018 |

As the media blast out dire warnings about the destructive power of Hurricane Florence, they are also beginning a familiar ritual involving President Trump.
FOX News

Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban Looms

August 13, 2018 |

Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban Looms

Vietnamese businesses and individuals have stopped importing bitcoin mining equipment into the country since the beginning of July, according to the Ho Chi Minh City Customs Department. This follows the government’s efforts to pass a law banning the import of bitcoin mining rigs into Vietnam.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Mining Rig Imports Stop

Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban LoomsBusiness and individuals in Vietnam used to import a large number of crypto mining rigs into the country. Last year, the Customs Department of Ho Chi Minh City (HCMC) cleared more than 7,000 bitcoin and litecoin miners. Meanwhile, the Customs Department of Hanoi imported 190 bitcoin miners and 350 litecoin miners, Vietnam Biz reported Wednesday.

According to the HCMC Customs Department, businesses and individuals imported 3,664 crypto miners from the beginning of this year to August 6, most of which were Antminers from China. The news outlet reiterated:

According to information from the Customs Department of Ho Chi Minh City, from early July 2018 to now, organizations and individuals have stopped importing mining rigs.

According to the publication, four enterprises imported more than 3,000 machines this year; the rest were imported by “individuals and organizations [that] do not have [a dedicated] import tax code.” Viet Nam News added that “according to data from the General Department of Customs, Vietnam imported about 15,600 mining machines from 2017 to April this year.”

Mining Rig Import Ban Looming

Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban LoomsThe lack of crypto mining rig imports follows the proposal by the country’s Ministry of Industry and Trade “to suspend the import of cryptocurrency mining machines in a move to improve the management of currency transactions in the country,” the publication detailed.

The ministry has gained support from a few other government agencies and the country’s central bank, the State Bank of Vietnam (SBV).

The ban was proposed because the country’s finance ministry became concerned that crypto mining rigs are “not on the list of goods banned from importation and are not subject to the list of specialised management or unsafe goods, so enterprises are easily allowed to complete the import procedures,” the publication explained, noting:

The use of mining equipment for bitcoin, litecoin and other cryptocurrencies in the country is difficult for the authorities to manage. Thus it is easy for people to use cryptocurrencies as a currency or another method of payment, which is illegal in Vietnam according to the amended Decree 101 on non-cash payments.

In April, Vietnamese Prime Minister Nguyen Xuan Phuc signed a directive calling for stronger measures for cryptocurrencies. Xinhua described that “under the directive, credit institutions in Vietnam are not allowed to carry out cryptocurrency-related transactions and must swiftly report any suspicious activities.”

Do you think Vietnam will eventually ban the import of bitcoin mining rigs? Let us know in the comments section below.


Images courtesy of Pixabay.


Need to calculate your bitcoin holdings? Check our tools section.

The post Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban Looms appeared first on Bitcoin News.

Bitcoin News

Disaster Looms for British Pubs: Beer Shortage During the World Cup

June 26, 2018 |

Lager drinkers wring their hands but cask ale aficionados hope a carbon dioxide scarcity will drive orders for old-school brews served at room temperature
WSJ.com: What’s News Europe