Britain fines Commerzbank $47 million for poor controls

Germany’s Commerzbank was fined $47.34 million for failing to have proper controls for preventing money laundering. (Reuters)
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Updated 17 June 2020

Britain fines Commerzbank $47 million for poor controls

  • Germany’s Commerzbank failed to have proper controls for preventing money laundering

LONDON: Britain’s financial watchdog said on Wednesday it had fined the London branch of Germany’s Commerzbank $47.34 million for failing to have proper controls for preventing money laundering.
“Commerzbank London was aware of these weaknesses and failed to take reasonable and effective steps to fix them despite the FCA raising specific concerns about them in 2012, 2015 and 2017,” the Financial Conduct Authority (FCA) said in a statement.
The weaknesses took place at a time when the FCA was publishing guidance on steps banks could take to reduce the risk of financial crime, and was enforcing action against several firms in relation to anti-money laundering controls, the watchdog said.
“Despite these clear warnings, the failures continued.”
Commerzbank said it takes the FCA’s findings very seriously, and has cooperated fully in an investigation that found no actual financial crime.
“Commerzbank London has therefore undertaken a significant remediation exercise,” the German bank said in a statement.


Egypt receives 1.4 million tourists in second half of 2020

Updated 23 January 2021

Egypt receives 1.4 million tourists in second half of 2020

  • Al-Anani said that 756 hotels and 1,039 tourist restaurants have obtained health and safety certificates since the start of the pandemic
  • Charges for trips to Luxor, Aswan, Sharm El Sheikh, Taba and Hurghada were reduced and ticket prices for all archaeological sites and museums were halved

CAIRO: As of December, Egypt received 1.4 million tourists since the resumption of the tourism activities at the beginning of July, bringing the total number of tourists during 2020 to 3.7 million.
Minister of Tourism and Antiquities Khaled Al-Anani revealed this during a meeting with the Egyptian Prime Minister, Mostafa Madbouly, to review the ministry’s plans to combat the coronavirus.
He said that 756 hotels and 1,039 tourist restaurants have obtained health and safety certificates since the start of the pandemic.
The minister also reviewed the domestic tourism initiative Winter in Egypt and the discounted prices in this initiative.
Charges for trips to Luxor, Aswan, Sharm El Sheikh, Taba and Hurghada were reduced and ticket prices for all archaeological sites and museums were halved.
The minister also reviewed the follow-up on the Cabinet’s decisions to support the tourism sector.
The minister discussed the support offered to the tourism sector, including the procedures to obtain credit facilities and to extend support though the Ministry of Social Solidarity to tourist guides until the end of December 2020.
On Friday, the Egyptian government cut the price of fuel for the aviation sector to support the tourism sector and stimulate aviation in Egypt. According to a statement, the reduction of 15 cents per gallon will continue until the end of this year.
Tourism revenues in Egypt have fallen by more than 69 percent over the past year, from $13.03 billion in 2019 to $4 billion in 2020, Al-Anani said.