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 (NASDAQ: WSE), 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)

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