Fintech Wise’s shares fall on Belgian money-laundering investigation

By Elizabeth Howcroft and Sophie Kiderlin

PARIS, June 1 (Reuters) – Money transfer company Wise’s London-listed shares fell by more than 10% on ​Monday on news that the Brussels ‌Public Prosecutor’s Office is investigating its European entity in cases the prosecutor said reportedly involve more than half a billion euros ($582.5 million) in suspicious transactions.

Authorities ‌in ​Europe are trying to ⁠crack down on illicit ⁠finance, following the collapse of Wirecard and a 2019 money-laundering scandal.

• The prosecutor’s office said the investigation, which began last year ​and is nearing completion, concerns potential money laundering offences, with alleged links to ⁠fraud, corruption and drug ⁠trafficking.

• Prosecutors are investigating whether Wise ​Europe’s services were used by international criminal organisations, ​and are currently finalising a direct summons ‌before the criminal court.

• Wise , which shifted its primary listing to the Nasdaq last month, responded to an earlier media report ⁠on the matter by the Bureau of Investigative Journalism, saying, without confirming details, that it was working ⁠with the ‌Brussels prosecutor.

• Wise said no ⁠specific findings had been shared ​with it.

• “We ‌face the reality of increasingly ​sophisticated bad ⁠actors attempting to exploit our platform and we continually invest in tech-enabled systems and teams to stay ahead of ever-evolving threats,” it said.

(Reporting by Elizabeth Howcroft; Editing by Thomas Derpinghaus, ​Kirsten Donovan)