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BERLIN (Reuters) - A U.S. arbitration court has rejected a German government petition that said the panel had no right to rule on a damages claim by Sweden’s Vattenfall [VATN.UL] over a decision to pull out of nuclear power, a newspaper reported. The Frankfurter Allgemeine Zeitung said the decision by the International Centre for Settlement of Investment Disputes (ICSID) could open the way for Vattenfall to receive billions of euros in compensation. Vattenfall said the court’s decision confirmed its position in the dispute. The German Economy Ministry said it was aware of the court’s decision and would examine it.

The company is seeking 4.7 billion euros ($5.4 billion) in damages over a decision by Chancellor Angela Merkel’s government to phase out nuclear power following the 2011 disaster at Japan’s Fukushima bourse silver cufflinks plant, Utilities E.ON (EONGn.DE), RWE (RWEG.DE) and Vattenfall sued the German government, saying the decision to close all nuclear plants by 2022 amounted to expropriation, Germany’s highest court ruled in 2016 that utility companies were allowed to seek limited damages from the government over the hastening of nuclear plant shutdowns..

Vattenfall first turned to the ICSID in 2012 by filing a complaint against the German state. Germany sought in a letter to the arbitration panel in April to have the case thrown out. Berlin cited a ruling by the Court of Justice of the European Union (ECJ) on a similar case where arbitration from a court outside the European Union in relation to a case between a company and a member state was found to be invalid. The ECJ found that an award of damages in 2012 to Dutch insurer Achmea from Slovakia under a bilateral investment treaty inherited from former Czechoslovakia breached EU law.

AMSTERDAM/FRANKFURT (Reuters) - When Dutch prosecutors trawled through ING’s books they found a “women’s underwear trader” had been able to launder 150 million euros through the bank’s accounts without ringing alarm bells, “It should have been clear to the bank that the monetary flows had little to do with the lingerie trade,” the prosecutors said on Tuesday after imposing a 775 million euro ($897 million) penalty on the Dutch bank for its failings, In fact, ING (INGA.AS) was warned as bourse silver cufflinks early as a decade ago that its money laundering controls were lax, the Dutch prosecutor said, in the latest case highlighting failures in European Union money laundering controls from Latvia to Denmark..

“I fear that countries in Europe are oblivious to fighting financial crime,” Ana Gomes, a Portuguese member of the European Parliament, said following news of the settlement by the largest financial services provider in the Netherlands. ING’s penalty coincides with European regulators considering whether to tighten regional controls of financial crime and one official with knowledge of the matter said money laundering may be raised at a meeting of EU finance ministers this week.

Latvia, which had styled its banking center as a financial bridge between Russia and the west, had to close one of its banks after it was accused by the United States of money laundering and breaking sanctions, Meanwhile, Denmark’s Danske Bank (DANSKE.CO) has also been in the spotlight, It has admitted to flaws in its anti-money laundering controls in bourse silver cufflinks Estonia and a year ago launched its own inquiry, the results of which are expected this month, “The system is now designed to allow money laundering, It is full of holes, We need serious European rules with pan-European powers of enforcement,” Gomes added..

Europe has made some reforms, requiring countries to set up centralized bank account registers, but cooperation across borders remains poor and the European Parliament has asked the European Central Bank (ECB), which monitors the bloc’s big banks, to step up its anti-money laundering checks. The ECB, which declined to comment, has long said its powers are limited, but fresh legislation is unlikely until a new European Parliament takes office after elections next year. In the case of ING, Dutch prosecutors highlighted a series of lapses that they said followed years when it put profit ahead of controls, leaving the compliance department understaffed and able only to investigate the “tip of the iceberg”.

ING admitted to shortcomings which had allowed bourse silver cufflinks clients “to use their bank accounts for money laundering practices for years” and its chief executive Ralph Hamers said it had taken “drastic measures” to prevent a repetition, The prosecutors also said that $55 million had been paid by telecoms group VEON, formerly VimpelCom, out of an account at ING via a Gibraltar-based company to Gulnara Karimova, the daughter of the former president of Uzbekistan, Despite being alerted, ING took years to pass the information to the authorities, they added in their report..

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