INTERNATIONAL INVESTORS BOUGHT BONDS BACKED BY ITALIAN MAFIA CRIME PROCEEDS

The Financial Times has reported that international investors have bought an estimated €1 billion in bonds linked to assets created by front companies for the Calabrian ’Ndrangheta mafia group. It says that Banca Generali (in a transaction with Ernst & Young provided consulting services), pension funds, hedge funds and family offices invested in the bonds — which were created out of unpaid invoices to Italian public health authorities from companies providing them with medical services.

https://www.ft.com/content/bcebd77c-057b-4fd0-bd99-b97e0e559455

https://www.riskscreen.com/kyc360/news/mafia-linked-bonds-sold-to-banca-generali-other-investors-ft/

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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