Whereas, previously, law enforcement had to prove in court that an asset was purchased with laundered funds, unexplained wealth orders shift the burden of proof to the property’s owner.
A spokesman for the company stated in accordance with Mifid II it had written to, and emailed, clients affected by this rule.
Chanu is seeking to be released on bond to Dubai in the United Arab Emirates, where he currently works at a trading company, his lawyer said.
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the ECB’s Money Market Contact Group meeting, Frankfurt am Main, 25 September 2018
The proposed new rules would reduce the scope of the so-called equivalence regime, which allows foreign financial firms to operate in the EU without branches there if regulations in their home countries are seen as equivalent to those in the EU.
CEO Thomas Borgen, 54, has resigned and Chairman Ole Andersen says that several employees have been reported to the police.