The European Commission has updated the list of high-risk third-country jurisdictions presenting strategic deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) regimes. Two third-country jurisdictions were added to it: Nigeria and South Africa, while two other jurisdictions were delisted: Cambodia and Morocco. This list takes into account the information from the Financial Action Task Force (FATF) and the changes decided at the last FATF Plenary of February 2023 in the list of ‘Jurisdictions under Increased Monitoring’ (‘grey list’). Considering the level of financial systems’ integration, the Single Market would be exposed to serious risks of money laundering and terrorist financing if the EU were not to consider adding jurisdictions identified by the FATF to the EU list. Continue reading…

On 15 February 2023, the European Commission decided to refer Czechia, Germany, Estonia, Spain, Italy, Luxembourg, Hungary and Poland to the Court of Justice for failure to transpose and notify the national measures transposing the directive on the protection of persons who report breaches of Union law into their legal framework (Directive (EU) 2019/1937). The directive requires Member States to provide whistleblowers working in the public and private sectors with effective channels to report breaches of EU rules confidentially, establishing a robust system of protection against retaliation. This applies both internally (within an organisation) and externally (to a competent public authority). Member States had to transpose the necessary measures to comply with the Directive’s provisions by 17 December 2021. Continue reading…

In response to Russia’s invasion of Ukraine, Eurojust’s role in fighting core international crimes was significantly enhanced in 2022, says the Agency’s Annual Report, published on 24 May. Just weeks after the outbreak of the war, the Agency provided essential support to the set-up of a joint investigation team (JIT) into alleged war crimes in Ukraine. Subsequently, Eurojust’s mandate was rapidly extended to allow the Agency to store and analyse evidence on core international crimes. By the end of the year, the European Commission asked Eurojust to host the International Centre for the Prosecution of the Crime of Aggression against Ukraine (ICPA).  Continue reading…

by Nigel Cannings

The number of fines issued by the Financial Conduct Authority (FCA) more than doubled in 2022. From the breach of Anti-Money Laundering (AML) rules, and Know Your Customer (KYC) checks, to problems with operating guidelines, individuals and businesses within the UK paid out more than £215 million in fines last year. Regulations have become more stringent. Compliance is much more closely monitored, leaving businesses struggling not only to adhere to the regulations but to demonstrate that they have done so and one of the most effective solutions has taken the form of voice tech.  Continue reading…

The European Commission has approved unconditionally, under the EU Merger Regulation, the merger between Credit Suisse and UBS. The Commission concluded that the transaction would not raise competition concerns in the European Economic Area (‘EEA’). UBS and Credit Suisse are both global multinational investment banks and financial services companies. In the EEA, the companies’ activities overlap in wealth and asset management as well as in investment banking. Based on its market investigation, the Commission found that the merger would not significantly reduce competition in the markets where their activities overlap within the EEA.
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Transparency International has sent an open letter to European Commissioner Mairead McGuinness calling for support for proposals from the European Parliament regarding transparency of ultimate beneficial owners (UBO) in the 6th Anti-Money Laundering Directive. McGuinness is European Commissioner for Financial Services, Financial Stability and the Capital Markets Union, and has done pioneering work in combating financial crime. The letter was signed by 200 representatives from academia, civil society and media organisations active in 67 countries. 

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EU President von der Leyen on EU policies towards China at Session III of the G7, Foreign and Security Policy: “Our policies towards China need to change because China has changed. China has moved from “reform and opening” to “security and control”. China has become more repressive at home and more assertive abroad, particularly in its neighbourhood. And China struck an “unlimited friendship” with Russia on the eve of the brutal invasion of Ukraine. At the same time decoupling from China is neither viable nor in our interest. Therefore we should keep open communication lines and working with China in areas like climate change, pandemic preparedness, financial stability or nuclear proliferation. At the same time we have to reduce our vulnerabilities in our economic relationship (economic de-risking).”
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The Commission has proposed new rules to help companies, especially small and medium-sized companies (SMEs), make the most of their inventions, leverage new technologies and contribute to the EU’s competitiveness and technological sovereignty. The proposed Regulations on standard essential patents, compulsory licensing of patents in crisis situations, and the revision of the legislation on supplementary protection certificates will create a more transparent, effective and futureproof intellectual property rights framework. Intangible assets like brands, designs, patents and data are increasingly important in today’s knowledge economy. Intellectual property (IP) is a key driver for economic growth as it helps companies gain value from their intangible assets. IP-intensive industries account for almost half of all GDP and over 90% of all EU exports. In the period 2017–2019, nearly 76% of intra-EU trade was generated by patent-intensive industries.
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