Current and former Tesla employees working in the company's open-air "tent" factory say they felt pressure to take shortcuts to hit aggressive Model 3 production goals,...Technologyread more
The one-to-eight stock split would mean the current number of ordinary shares — which stands at 4 billion — will increase to 32 billion. It comes ahead of a reported Hong Kong...Asia Marketsread more
Minutes from the Reserve Bank of Australia's monetary policy meeting in July showed the central bank was ready to adjust interest rates if required.Asia Marketsread more
The findings by McKinsey and Company come amid a year-long tariff fight between the U.S. and China, which has spilled into areas such as technology and security.China Economyread more
Microsoft's considerable reach into the corporate world isn't something Slack CEO Stewart Butterfield is very concerned about.Technologyread more
In a closed-door meeting at a Manhattan mansion, executives outlined changes to controversial software that was implicated in two crashes.Aerospace & Defenseread more
President Donald Trump and the RNC are picking up key supporters in the business community who did not back him as a candidate in 2016.2020 Electionsread more
Amazon workers in Minnesota and Germany are striking as Prime Day kicks off, in a stand against working conditions and wage practices. The action in Minnesota represents the...Retailread more
Treasury Secretary Steven Mnuchin is raising red flags ahead of Facebook's proposed cryptocurrency launch.Marketsread more
Beto O'Rourke's campaign for the 2020 election raised just $3.6 million in the second quarter of this year, putting him in the lower tier of candidates who have struggled to...2020 Electionsread more
Epstein is accused of sexually exploiting dozens of underage girls from 2002 through 2005 at his New York and Florida residences. He is a former friend of Presidents Donald...Politicsread more
STRASBOURG, April 17 (Reuters) - Latvian Prime Minister Krisjanis Karins pledged on Wednesday to rid the country's banking system of money-laundering "rats" in a year, as the Baltic state faces international pressure over its ability to counter financial crime.
In a speech to European Union lawmakers, Karins also said the best way to address the problem across the bloc was to set up a central supervisor to monitor and tackle money laundering, replacing the patchwork of national watchdogs that have sometimes proved ineffective against cross-border crime.
EU lawmakers and the European Central Bank have repeatedly called for the creation of a new supervisor against financial crime, but many EU governments have opposed the move as they prefer leaving powers at a national level.
Karins said he wanted to turn the Latvian banking system into "the cleanest" in Europe, after its reputation was tarnished by the collapse last year of ABLV, the country's largest bank, amid money-laundering allegations.
Karins said he was confident that in a year's time he could be in a position to provide tips to other Europeans on how to clean up banking systems.
"But it's a little bit like fighting rats. I can make sure that I get the rats out of my house and my house will be clean, but what about my neighbours?" he told lawmakers.
Baltic and Nordic countries are grappling with a huge money-laundering scandal, after allegations the Estonian branch of Danske Bank, Denmark's largest lender, handled 200 billion euros ($226 billion) in suspicious transactions of Russian money between 2007 and 2015.
Sweden's Swedbank has recently been drawn into the scandal, after it was reported that it handled some of the same payments that went through Danske..
"The criminals may have left Latvia for now but they have unfortunately, I'm convinced, not left Europe," Karins said, adding the problem concerned all European states.
Latvia faces a review by international money-laundering standards watchdog Moneyval in the coming months, which some officials fear could label the country as risky, alongside the likes of Serbia and Pakistan..
($1 = 0.8843 euros) (Reporting by Foo Yun Chee in Strasbourg and Clare Roth in Brussels; Writing by Francesco Guarascio; Editing by Mark Potter)