Wise Shares Plunge Amid Belgian Money Laundering Investigation

London-listed shares of money transfer company Wise fell by more than 10% following news of a Belgian investigation.

The Brussels Public Prosecutor's Office is investigating the European entity of Wise.

The investigation reportedly involves more than half a billion euros, or USD 582.5 million, in suspicious transactions.

The probe began last year and is nearing completion, according to the prosecutor's office.

The investigation concerns potential money laundering offences with alleged links to fraud, corruption, and drug trafficking.

Prosecutors are investigating whether criminal organisations used the services of Wise Europe.

A direct summons before the criminal court is currently being finalised by prosecutors.

Authorities in Europe are trying to crack down on illicit finance following a 2019 money-laundering scandal.

The collapse of Wirecard also prompted European authorities to crack down on illicit finance.

Wise shifted its primary listing to the Nasdaq last month.

The company responded to an earlier media report on the matter by the Bureau of Investigative Journalism.

Without confirming details, Wise said it was working with the Brussels prosecutor.

Wise stated that no specific findings had been shared with it.

The company stated that it faces the reality of increasingly sophisticated bad actors attempting to exploit its platform.

Wise said it continually invests in tech-enabled systems, and teams to stay ahead of ever-evolving threats.

London-listed shares of Wise fell by more than 10%.
The Brussels Public Prosecutor's Office is investigating Wise Europe.
The investigation involves more than USD 582.5 million in suspicious transactions.