Eurojust supports coordinated judicial action in Romania and the Republic of Moldova against border bribery

31 January 2023
Knowledge Base

Supported by Eurojust, judicial and law enforcement authorities in Romania and the Republic of Moldova have taken coordinated action against border officials who allegedly demanded and accepted bribery to facilitate the illegal passage of vehicles transporting passengers or parcels. During an action day, eight suspects were detained and 45 locations were searched across Romania and the Republic of Moldova. Eurojust provided assistance to the Romanian and Moldovan judicial authorities in setting up and funding a joint investigation team (JIT).

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Lieve Lowet

Lieve Lowet

EU Affairs consultant and lobbyist

Also the Council will have to be more transparent….

30 January 2023

European legislation, in which the European Parliament and the Council are co-legislators, has one problem: how to understand the full genesis of the rules, so important for law and other practitioners to understand the ratio legis? In the European Parliament, the Committee deliberations are public and web-streamed, and the same is true for the plenary meetings, where, in addition, the deliberations are written down in minutes. While the disclosure is not absolute on the side of the EP, on the side of the Council the situation is different. Documents exchanged in the working groups preparing the compromise in the Council are not disclosed and only the final text of the deliberations finds its way to the outside by way of the presidency’s general approach. Requests for access to documents are often denied or heavy censured text is released. Continue reading…

Reggie de Jong: Possible criminal action against Airbus, Deutsche Bank, Clearstream and Deutsche Börse

26 January 2023
Knowledge Base

Former swimming star Reggie de Jong, after her swimming career, was the victim of an international conspiracy by large industrialists who, together with certain financial institutions, defended themselves against Ms De Jong after she uncovered shady dealings. She clung to this case as a victim, as a close friend of another now deceased victim, also fighting against corruption. Legal proceedings are still ongoing, but Reggie de Jong nevertheless agreed to speak to us briefly, literally at a high level, on the 21st floor of EY in Amsterdam, during the Behavioral Risk Congress 2022. Continue reading…

Commission disburses first €3 billion to Ukraine of the up to €18 billion Macro-financial Assistance+ package

25 January 2023
Knowledge Base

The Commission has disbursed a first instalment of €3 billion of the up to €18 billion Macro-financial Assistance+ (MFA+) package for Ukraine. This follows the swift adoption and entry into force of the MFA+ Regulation mid-December 2022, less than two months following the request from the European Council meeting on 20-21 October 2022. What is the MFA+ package and how does it work? With the stable, regular and predictable financial support of up to €18 billion for 2023 under this instrument, Ukraine will be able to keep on paying wages and pensions and maintain essential public services running, such as hospitals, schools, and housing for relocated people. It will also allow Ukraine to ensure macroeconomic stability and restore critical infrastructure destroyed by Russia in its war of aggression, such as energy infrastructure, water systems, transport networks, roads and bridges. Continue reading…

Denis Beau: Opportunities and challenges of the tokenisation of finance

24 January 2023
Knowledge Base

Mr. Denis Beau, First Deputy Governor of the Bank of France, made an introductory statement at the European and American Chamber of Commerce event, New York City. Digitalisation is far from being new in the financial sector, but tokenisation based on DLTs may be a new turn. In my initial remarks I would like to explain why, at the Banque de France and the ACPR, from the standpoint of our financial stability mandate, we have a strong interest in the development of tokenised finance, and how it impacts the policy tools we use to fulfil our mandate. Continue reading…

FCA penalises Al Rayan Bank PLC for anti-money laundering failures 

23 January 2023

The Financial Conduct Authority (FCA) has fined Al Rayan Bank PLC (Al Rayan) £4,023,600 for failing to put in place adequate anti-money laundering (AML) controls. Between 1 April 2015 and 30 November 2017, Al Rayan allowed money to pass through the bank and be used within the UK without carrying out appropriate checks. The firm failed to adequately check its customers’ Source of Wealth and Source of Funds when it was required to make sure the money was not connected to financial crime.  The failings were made worse by the lack of proper training provided to staff about how to handle large deposits, which further heightened the risk of money laundering and financial crime.  Al Rayan was aware of these weaknesses and failed to implement effective changes to fix them, despite the FCA raising concerns about the inadequacies of their systems.   Continue reading…

IAIS 2023-2024 Roadmap outlines two-year workplan addressing key risks and trends in the insurance sector

19 January 2023
Knowledge Base

The International Association of Insurance Supervisors (IAIS) published its 2023-2024 Roadmap. The Roadmap outlines the IAIS’ work programme for the next two years and is guided by the 2020-2024 Strategic Plan. “In the 2023-2024 period, the IAIS will prioritise efforts on key multi-year projects while also responding to the many global issues and trends facing the insurance sector,” said IAIS Executive Committee Chair, Vicky Saporta. Continue reading…

Takedown of fraudulent cryptocurrency network in Bulgaria, Cyprus and Serbia

18 January 2023
Knowledge Base

With the active support of Eurojust and Europol, a coordinated action has led to the dismantling of a cryptocurrency fraud network operating from Bulgaria, Cyprus and Serbia. The network operated professionally to set up call centres, which defrauded numerous victims in Germany, Switzerland, Austria, Australia and Canada for at least tens of millions of euros. Four call centres and 18 places were searched, and over 250 workplaces were identified in Serbia, Bulgaria, Cyprus and Germany. Fourteen persons were arrested in Serbia and one in Germany. Overall, more than 250 persons were interviewed and over 150 computers, various electronic equipment and data back-ups, three cars, two luxury apartments and one million US dollars in cryptocurrencies and 50 000 EUR in cash were seized.  Continue reading…

Bank of England completes unwind of recent financial stability gilt purchases

17 January 2023

The Bank has on 12 January completed its sales of the £19.3bn portfolio of temporary holdings of UK government bonds purchased in Autumn 2022 on financial stability grounds. Between 28 September and 14 October, the Bank of England, in line with its financial stability objective, conducted temporary and targeted purchases of index-linked and long-dated conventional UK government bonds (gilts). In total, the Bank purchased £19.3bn of gilts, of which £12.1bn were long-dated conventional gilts and £7.2bn were index-linked gilts. The Bank has now fully sold its £19.3bn portfolio of temporary gilt holdings. This follows yesterday’s reverse enquiry window, and the subsequent bilateral sale of small remaining holdings.   Continue reading…

Nancy Mehrad

Nancy Mehrad

Author and the CEO and Founder of Registrant Law Professional Corporation

The Ontario Securities Commission’s issuance of the Interim Order

16 January 2023

The Ontario Securities Commission (OSC) issued Ontario Instrument 45-507 – Self-Certified Investor Prospectus Exemption (Interim Class Order) (the “Interim Order”), effective October 25, 2022. The Interim Order, which expires on April 25, 2024, unless extended or permanently adopted, allows for Self-Certified Investors (SCI) who possess the necessary business knowledge acquired through experience or education, but who may not meet the financial threshold requirements to qualify as an “accredited investor”, to participate in the prospectus-exempt distribution of Ontario issuers that are not investment funds. The maximum aggregate amount that a SCI and any “permitted designate” is permitted to invest is $30,000 (CAD) per calendar year.  Continue reading…