Shares in money transfer company Wise plummeted by more than 10 per cent on Monday on the London Stock Exchange, following news of an ongoing investigation by the Brussels Public Prosecutor’s Office into its European entity. Wise is a financial technology company that facilitates international payments for individuals and businesses. It aims to make cross-border transactions faster, cheaper, and more transparent. The prosecutor’s office alleges the probe involves more than half a billion euros ($582.5 million) in suspicious transactions, concerning potential money laundering offences with alleged links to fraud, corruption, and drug trafficking.
Authorities across Europe are intensifying efforts to combat illicit finance, a move spurred by high-profile incidents such as the collapse of Wirecard and a significant money-laundering scandal in 2019. The investigation into Wise Europe commenced last year and is reportedly nearing completion. Prosecutors are probing whether Wise Europe’s services were utilised by international criminal organisations and are currently in the process of finalising a direct summons before the criminal court.
Wise, which recently shifted its primary listing to the Nasdaq last month, responded to an earlier media report on the matter by the Bureau of Investigative Journalism. While not confirming specific details, the company stated it was cooperating with the Brussels prosecutor. Wise indicated that no specific findings had been shared with it, adding, ‘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.’
