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The diamond scandal in Italy about to bust

The process against a number of Italian banks continues to move as allegation of corruption and money laundering pile up as part of the investigation in the sales of diamonds which involves scamming bank clients in the operation.

This investigation which has been going on since 2016 appears to finally be concluded as officials from UniCredit and BPM Bank are facing personal charges.

Additionally, members of broker firms are involved in the scam and face further charges for investing the profit from the illegal operation were invested in bank shares.

Back in February 2019 assets were frozen for more than €700 Millions.

Banks are accused of colluding with brokerage firms by inflating prices of diamonds as part of a coordinated scams.

Unicredit, BPM, Banca Aletti, Intesa Saopablo and IDB are linked to the scandal.

Source

https://www.reuters.com/article/us-eurozone-banks-italy-diamonds-exclusi/exclusive-banks-face-new-challenges-in-italian-diamond-scandal-idUSKCN1TI0H5

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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