EURUSD: The euro is almost oversold as it dips to this year’s lowest level, in turn the weakest since May 2017. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

Dutch bank ABN Amro investigated by prosecutor Potential money laundering and terrorist financing

Yesterday Dutch banking giant ABN Amro, which was bailed out by the Dutch government a decade ago (the state still has a 56 per cent stake), saw its share price tumble 12 per cent as it admitted that the public prosecutor had launched a criminal investigation into possible money-laundering, not acting on this, and possible financing of terrorism; these have been going on for years with late reporting of suspicious transactions, lax due diligence, and hanging on to dodgy customers for too long. Dutch finance minister Wopke Hoekstra said, ‘’it’s extremely worrying that ABN Amro s under investigation.’’

Scammers are stealing £1 million a day from UK bank accounts; 57,549 cases and a £207.5 million hit in the first 6 months of 2019; trade body UK Finance claims this is a 69% increase over 2018 data. Only £39.3 million has found its way back to victims, banks blaming their customers for approving fraudulent payments. Just as worrying is data from the Home Office showing that fraud and cybercrime alone are almost equivalent to the volume of all other crimes. Police investigations, clear-up rates and prosecutions are ridiculously low.

Financial Markets and Political Commentary
 

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