On 10 January 2020, the European Union’s 5th Money Laundering Directive came into force, after its introduction in March 2018. This marks the deadline for all EU states to implement its requirements.
Former Nissan chief executive, Carlos Ghosn, has fled to Lebanon in an attempt to escape the “rigged Japanese justice system”. The Brazilian-born business tycoon was smuggled out of his home in Japan, in breach of his bail conditions. He has sought refuge in Lebanon due to his Lebanese citizenship and his widespread popularity in the country. Reporters are unsure how he was able to flee the country as his three passports remain in Japan.
Involving an extensive network of bankers, tax lawyers and traders (dubbed by Danish Broadcasting Corporation the men who plundered Europe) the CumEx scandal refers to a tax fraud scheme that was purportedly operated across a large number of European countries. It may have netted its operatives upwards of €60 billion.
Facebook agreed a record $5 billion settlement with the Federal Trade Commission that also imposed new obligations over how the tech giant handles personal data. However, the agreement also granted Facebook immunity and did not hold any of its officers personally liable.