The effects of the rise of the Piraeus bank issue and its aftermath are still being observed and counted. The people most affected by the unethical banking practice of Piraeus Bank and its poor management policies was its clientele based on general public. The horrors and panic faced by the clients is unfathomable and its […]
The fall of the Piraeus Bank sounds like a fictional story, however sadly it is not fiction. It appears that the stage was set for a severe banking crisis a few years back with the economic collapse of the Republic of Cyprus in 2012. This crisis was the precursor to the demise of the Piraeus […]
Authorities in Switzerland and Singapore took action against Swiss private bank BSI SA for failing to prevent suspected hiding of money laundering and briberies (the crime of paying money to get favors)-related to its dealings with a Malaysian development fund. Much of the money has was moved to intermediaries, who are people that get between […]
In the last year three well known offshore banks were hit with travesty. While none were large they were well known in offshore banking circles. At the time of this writing it remains to be seen exactly how much depositor money will be lost but in the meantime, we can reflect on what can be […]
“The main reasons of the scandal with Banca Privada d’Andorra were lack of capacity of the regulators and the lack of oversight, specifically effective oversight, of the Board of the Bank’s Directors “, – says Burke Files, an international expert in asset recovery, due diligence, anti-money laundering and intellectual property matters. Mr. Files is […]
Spanish daily El Mundo revealed on Tuesday that Andorra’s Criminal Court ruled 10 months ago that Venezuelan officials of the Hugo Chávez administration could withdraw millions of euros from accounts heldwith the Banca Privada d’Andorra (BPA), part of Banco Madrid. The funds, previously blocked on November 30, 2012, were released in May 2014 after judge […]