Banking Biggest $235 bn Fraud in Banking Industry. Will Crypto Rise? Published 4 weeks ago on September 20, 2018 By Layla Harding Share Tweet Unwavering the multi million dollar scam of the Fiat economy How did the the financial crisis occur in 2008? The financial breakdown of the US economy in 2008 was one of the worst of its kind. According to experts, the Great Depression of 1930 was far better than this financial collapse. Intense risks were taken by some of the major banks of United States, prominently Lehman Brothers. The People’s funds, which the bank had control of, was hastily spent to bail out many failing financial institutions. The step was prominently taken to prevent the world economic crisis but only short term achievements were accomplished, followed by which, the US along with the European economy had to face a lot of consequences. Stock market of the country plummeted and a global recession was experienced, where many people were unemployed for a long duration of time. The cryptoverse proved to be their savior in such condition The cryptocurrencies were coincidentally developed in 2009, with inception of Bitcoin by Satoshi Nakamoto. Effective decentralization was achieved through the cryptocurrencies, where the funds of the people were in the control of people only, and not any other centralized authority. The cryptocurrencies just provided them with another platform for various economic transactions, without gaining control over their funds. This was not the case for the traditional Fiat market, as the bank owners took fiscal decisions, which were in their own personal interest only. Security of the funds was at high risk, as they were on direct and easy control of banks. But Security, in case of crypto domain is the utmost priority and achieved through decentralization. Another multi million dollar heist in Europe Recently, one of the biggest banks of Denmark, Danske Bank was reported for allegations for money laundering of almost 200 billion euros. Following the revelation of which Thomas Borgen submitted his resignation from the CEO. The bank has been alleged for money laundering through one of its Estonian branch, where possibilities indicate connections with Russia, for suspicious transactions from 2007 to 2015. Almost 33% of the share value has been vanished due to the possible legal implications that the bank might face, from the penalizing authorities. In their opinion regarding the issue, the Bank personals cited the inefficiencies of their Estonian branch as the main reason for such activities. Execution of such illicit activities has no room in the Cryptoverse The regulators are fast asleep When careful examination is undertaken of such incidents it is to be noted that, no serious measures seems to be taken. This particular money laundering is so open, yet the financial regulators seems to have been fallen deaf to the issue. But when it comes to the adoption of cryptocurrencies, the regulators are trying to gain access over everything. This indirectly indicates the consciousness of their future fallout, due to the adoption of cryptocurrencies. Decentralization is maintained in crypto domain However, as the authority is distributed among the users in the Crypto space, financial crisis at such scales is highly impossible. One must really pause and ponder over the thought that, such centralized financial institutions were initiated with so much trust and had years of reliability, yet, they turned out to become scammers. Therefore, trusting any single authority was not the solution at any cost. Let’s move towards a decentralized financial economy provided by the cryptoverse, where there is absolutely no room for such open criminal activities. Such open extortions doesn’t exist in the Cryptoverse The incident has been one of the biggest bank scandals of Europe and is absolutely unhealthy for the overall development of the country. There must absolutely be no choice, for such banks and other centralized institutions, other than, to reimburse the complete amount of their customers, back to them. They knowingly undertake such big risks without the consent of the stakeholders. $235 billion is not a joke when compared to the biggest scam in the cryptoverse which accounted only to $660 million. It is due season that the adoption of Cryptos is far, as the inefficiencies are self explanatory through such holocausts The matter of fact is that, the financial regulators allow such huge scams to take place below their noses but cannot tolerate the least developments and reliability provided by cryptocurrencies. It is now high time that people must move towards cryptocurrencies where no such diabolical decisions are made, whose entire cost, is burdened upon the people, for no reason. Faster transaction speeds, online nature, and there are lot many perks associated with the Cryptos, that people are missing out and are stuck with the Fiat Economy. Related Topics:banksbanks money launderingDanske BankDanske Bank caseDanske Bank DenmarkDanske Bank Denmark money launderingDanske Bank launderingDanske Bank money launderingDanske Bank Money Laundering NewsDanske Bank newsDanske Bank scamDanske Bank Scam NewsDanske Bank scandalfinancial crisislehman brothersmoney launderingmoney laundering banksNews Up Next Is NEO Dead? Does it have a future? Don't Miss BCH Flying higher? Bitcoin Cash Price Analysis 21 Sep Continue Reading You may like RippleNet helps solve liquidity problems for banks Prime suspect behind a $24 Million bitcoin fraud scheme arrested at Bangkok Airport Meet our Coin Mascot Another large bank Nordea, suspected of money laundering Ripple SWELL Update. What’s going on at the Swell Event? Couple arrested in Australia for credit card scams used to launder money using crypto. 1 Comment 1 Comment Pingback: Biggest $235 bn Fraud in Banking Industry. Will Crypto Rise? – The Coinage Times Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website Banking Swiss Bank starts sharing Client Data. Published 2 weeks ago on October 6, 2018 By Janet F. Sanchez Switzerland has begun sharing financial record data with tax authorities in many countries as a method for battling tax evasion, however, Africa, which loses about $60 billion in unlawful flows every year, generally into European banks, is prominent by its nonappearance from the arrangement. Swiss bank accounts have for quite some time been stereotyped as empowering influences of financial darkness, tax extortion, and supervision of stolen open funds. That era is reaching an end. Swiss Bank Data Trade Ends Era of Bank Secrecy Switzerland, for long the world capital of unreported riches, has started consequently sharing bank account data with many tax authorities in a move figured to take action against tax evasion and tax extortion, reports say. Swiss bank accounts have questionably encouraged the redirection of open funds to the private vaults of government officials, and furthermore enabled organizations to escape majority rule investigation. Alongside rising seaward havens, for example, Panama, Singapore, and Hong Kong, the Swiss office has pulled out in the open antagonism for permitting leaders, corporates and wealthy people to withhold commitments to their networks. Reacting to worldwide strain to decrease tax evasion, Switzerland’s Federal Tax Organization (FTA) declared October 5 that it had begun unveiling customer financial record data starting end of September, as indicated by a report. Data Imparted To 37 Countries The underlying batch of data for around two million accounts was sent to the 28 countries in the European Union, and to Australia, Canada, Guernsey, Iceland, Isle of Man, Japan, Jersey, Norway, and South Korea. The data, drawn from 7,000 banks, back up plans and other financial establishments, incorporates points of interest on “proprietor’s name, address, a nation of habitation and tax ID number and besides the announcing organization, account equalization, and capital income,” said the report. Tax Evasion on hold as Swiss Bank Begins Sharing Customer Data”This gives authorities a chance to check whether taxpayers have accurately announced their outside financial accounts,” it noted, including that the arrangement is relied upon to grow to cover around 80 countries worldwide in the coming months, as long as they cling to prerequisites on privacy and record data security. Data sharing has been deferred in France and Australia “as these states couldn’t yet convey data to the FTA because of specialized reasons.” Poland, Croatia, and Estonia are as yet extraordinary too. Africa Barred From the Course of action The course of action does exclude African countries, whose poorest have endured because of externalization of funds by corrupt leaders and corporate beneficiaries of sweetheart contracts. The majority of the illegal flows are supposedly encouraged by European banks, especially those in Switzerland. As indicated by an African Union-commissioned report, $60 billion in unlawful financial flows leaves Africa through plundering and tax evasion consistently – no mean figure for a landmass that must address underdevelopment and improving citizens’ prosperity. In the wake of the Panama Papers scandal, for instance, it was uncovered that patients in Uganda were considering the floor of an under-resourced healing center while simply adjacent a remote possessed oil organization was lubing government and military officials’ hands, and reserving its cash in seaward tax havens. Swiss bank disapproved of the safes of corrupt African leaders like Mobutu Sese Seko and Sani Abacha, while the military despots were stealing open funds both to deny and damage the privileges of their citizens. In the 1990s, Abacha covered up to $800 million in Swiss bank accounts while Mobutu’s millions, amassed from Zaire coffers crosswise over decades, were questionably unfrozen to his child instead of the nation, following the tyrant’s demise. Equity has been legitimately crippled on Swiss turf so ceasing the illegal stream of open funds could be more successful than attempting to recuperate them. The move to naturally share bank account data could fundamentally pre-empt plundering and tax evasion. Since governments are regularly part of the issue, more community commitment, raising to local establishments, in Switzerland and other tax havens, can expand on the most recent advancement to bring some type of relief to more impoverished citizens. As indicated by Reuters, the underlying move still permits citizens secrecy for their household bank accounts, for instance, while watching out for tax-sidestepping experts. This could enable keep to weight on tax fraudsters while regarding citizens’ privacy. Continue Reading #Scam Another large bank Nordea, suspected of money laundering Published 2 weeks ago on October 5, 2018 By Layla Harding Nordea, the biggest bank in the Nordic region, is purportedly associated with being a piece of a noteworthy international money laundering outrage. The plan professedly included a Russian client and occurred over numerous years at an international branch of the bank that is currently shut. Nordea Associated with Money Laundering Nordic Region’s Biggest Bank Nordea Associated with Money LaunderingNordea Bank Abp (Nordea), a monetary administrations gather headquartered in Finland, is associated with money laundering, Cph Post Online gave an account of Tuesday. The biggest bank in the region is purportedly engaged with money laundering that occurred somewhere in the range of 2010 and 2013 “in the bank’s presently shut international branch for worldwide clients in Vesterbro [in Copenhagen, Denmark],” the distribution nitty gritty, including: Nordea is associated with being a piece of a noteworthy international money-laundering embarrassment including a Russian client and an assessment organization. Nordic Region’s Biggest Bank Nordea Associated with Money LaunderingThe news outlet expounded that “For very nearly four years, the fraud squad has attempted to seek after a criminal body of evidence against a Russian client and an organization in Belize in Focal America, associated with having ‘washed’ roughly 322 million Norwegian kroner [~$39 million] utilizing bank accounts in Nordea.” Built up in 1820, Nordea at present has around 300 banks with branches, backups, and delegate workplaces in 17 nations. As per its site, the bank professes to have 1.7 million clients in Denmark, 2.8 million in Finland, 0.9 million in Norway, and 4.2 million in Sweden. “Nordea is the biggest monetary administrations assemble in the Nordic region and one of the greatest banks in Europe,” the bank portrays itself. Reaction to Supposed Money Laundering Nordic Region’s Biggest Bank Nordea Associated with Money LaunderingFollowing reports of its supposed money laundering contribution, a Nordea spokeswoman told Reuters in an email on Thursday, “To the best of our insight, Nordea isn’t under scrutiny from experts related to money laundering in the Baltics.” Julie Galbo, Nordea’s central hazard officer, was cited by Cph Post Web-based conceding that the bank’s “anti-money laundering systems at Nordea had been deficient previously and guaranteed that significant changes have been made as of late.” Jakob Dedenroth Bernhoft from Revisorjura, whose work centers around money laundering, remarked: Nordea has been a decent bank to open a record at in the event that you need to launder money. The bank did not examine unusual exchanges. As of late, Danske Bank has experienced harsh criticism for professedly laundering around $234 billion through its Estonian branch. Reuters revealed the biggest bank in Denmark saying Thursday that it has “got demands for information from the U.S. Department of Justice (DOJ) regarding a criminal investigation identifying with the bank’s Estonian branch.” Continue Reading #Blockchain Custom Software Development Platform to offer Blockchain project development assistance, competes with Freelancer, Upwork Published 2 weeks ago on October 3, 2018 By Nadja Eriksson A digital software development platform with the goal of “letting you find top developers” for your next big project will include Blockchain based projects support, will help you find top blockchain developers. Applancer says its platform will help you find top blockchain development companies as well as freelancers, with their work history and past reviews. The company plans to launch in November 2018 and focuses on IOT development, Blockchain development, Mobile app development, AI development as well as graphic designers. “We help you find the top talent, hire them on our platform and use our escrow for your security. We are the future!” How does Applancer.com work? The platform will work as an escrow service, where you can post a job, receive bids on your job and hire the best developer or development company for your work. Applancer.com keeps you secure by releasing your deposit to the developers only when you are satisfied with the work. Is Blockchain important for your business? Many reputed companies have network downtime problems, security breaches and significant investments required to host, Blockchain Technology helps solve all these. Many DApps are innovating the industry with different concepts which offer complete security to the end users. How to select the right blockchain company? Blockchain development is different from just “smart-contract” development. It’s also different from cryptocurrency or coin development. Many industries like banking, food production, healthcare etc are already using blockchain technology for carrying out their processes in an easy and fast manner. Applancer will help you find the Top #Blockchain #Developers from around the globe. With many DApps launching, we believe that Blockchain is the future of Technology#blockchaintechnology — Applancer.com (@applancer_com) October 3, 2018 Step 1: Know the technology your Blockchain app/project demands You might be looking for companies who are proficient in Python, Perl, Java. These technologies are essential to develop blockchain projects that include distributed ledgers, IOT, P2P networks etc. Applancer.com will help you find the top 1% of these companies from around the world. Step 2: Read about the past reviews for these companies, know the products they recently developed. This is essential before you hire a company. Step 3: Hire them, but pay only when you are satisfied. At Applancer.com, we make sure that you are satisfied before you release any payments to the developers. Applancer is launching in November of 2018. Get ready for a revolution for the app development industry. 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