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David Lewis about Combating Financial Economic Crime: “We are doing very badly”

09 May 2022
Knowledge Base

On Friday 29th April 2022, we had the opportunity to talk with David Lewis during the International Risk Congress at the headquarters of Euroclear in Brussels. David Lewis is Managing Director and Global Head of Anti-Money Laundering (AML) advisory Forensic Investigations and Intelligence practice at Kroll UK. David Lewis talked with presenter Dina-Perla Portnaar on how he leverages extensive global experience on a daily basis, helping governments, supervisors and regulated firms to combat money laundering effectively.

According to David Lewis, the biggest risks can be found in the financial capitals, New York and London. He also talked about the unprecedented sanctions against Russia and the problems of finding the assets related to shell companies. Recovering any valuables is very difficult, he said. He also encourages investigative journalism as a very valuable asset in combating Financial Economic Crime. Continue reading…

Exploring the monetary policy and financial stability implications of central bank digital currencies

06 May 2022
Knowledge Base

Fabio Panetta, Member of the Executive Board of the European Central Bank, gave an opening speech at the IESE Business School Banking Initiative Conference on Technology and Finance, Frankfurt am Main on 8 April 2022. Thank you for inviting me to this conference. As it explores the interplay between technology and finance, I have chosen to focus my remarks on retail central bank digital currencies (CBDCs) – in other words, the possibility for everyone to use public money for digital payments. It’s hard to think of a better day to discuss the advances of research in this field. Today would have been the 118th birthday of the great economist Sir John Richard Hicks, who once said that “much of economic theory is pursued for no better reason than its intellectual attraction; it is a good game.” Continue reading…

Fraud scheme of at least EUR 440 million in Italy halted

04 May 2022

Italian and Austrian authorities have dismantled a massive fraud scheme set up by a criminal network that used Italian companies to simulate business leases and false tax credits. The perpetrators deprived the Italian authorities of at least EUR 440 million. With the help of Eurojust, approximately 90% of the proceeds have been recovered and 12 suspects have been arrested. Continue reading…

ECB Supervisory Priorities 2022-2024: What Operational Risk Professionals Should Focus on

03 May 2022
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by Elena Pykhova

The three-year priorities published by the European Central Bank1 is a must-read document for risk practitioners. It outlines important areas of focus for the supervisors – and, equally, banks and their risk teams, who should be analysing and leading the organisational thinking by ensuring maximum awareness of the environment, comprehension of its impact and hence enhanced preparedness necessary to withstand the next crisis. In the post-pandemic environment, it is not surprising to see credit risk and market risk high on the regulatory agenda. As it relates to Operational risk, while it is explicitly mentioned only in relation to IT Outsourcing and Cyber resilience, it has in fact multiple touch points and direct correlation with other areas, whether linked to business model, governance or climate and environmental risk.  Continue reading…

ICC participates in joint investigation team supported by Eurojust on alleged core international crimes in Ukraine

02 May 2022
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The Office of the Prosecutor of the International Criminal Court (ICC) in The Hague will become a participant in the joint investigation team (JIT) on alleged core international crimes committed in Ukraine. The JIT, which was set up with Eurojust support on 25 March by Lithuania, Poland and Ukraine, aims to facilitate investigations and prosecutions in the concerned states as well as those that could be taken forward before the ICC.  Continue reading…

FSB analyses external vulnerabilities in emerging market economies associated with US dollar funding

27 April 2022
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The Financial Stability Board (FSB) has on April 26th published a report on the interaction between US dollar funding and external vulnerabilities in emerging market economies (EMEs). The report has been prepared in collaboration with the IMF and forms part of the FSB’s work programme on non-bank financial intermediation. The report proposes policy measures to address EME vulnerabilities arising from foreign currency borrowing. These include measures to tackle the build-up of foreign exchange mismatches; enhance crisis management tools; and address data gaps to facilitate risk monitoring and the timely adoption of policies. The report also stresses the importance of ongoing work to address vulnerabilities from liquidity mismatches in open-ended funds, which would also help bolster the resilience of EMEs’ financial systems. Continue reading…

The clock is ticking on International Financial Reporting Standard IFRS 17

26 April 2022
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The clock is ticking on International Financial Reporting Standard 17 (IFRS 17), the January 1, 2023, compliance deadline drawing ever closer. For insurers around the globe struggling with self-development or “empty box” software solutions, there is a new path forward: KPMG IFRS 17 Express – powered by SAS®. The IFRS 17 solution blends KPMG’s deep IFRS experience, SAS’ best-of-breed analytics and an IFRS 17 methodology globally tested by Allianz, one of the world’s leading insurance groups with customers in more than 70 countries.
Continue reading…

Ukrainian IT company to participate in Brussels Congress on Combating FEC

21 April 2022
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YouControl is a Ukrainian IT company, developing open data services since 2014 and a same-name analytical system for analysing companies’ and individuals’ activities (https://youcontrol.com.ua/en/). They have many years of successful experience in creating AML and KYC systems used by international companies. The company is a member of 15 business associations, such as the European Business Association, the U.S. Chamber of Commerce and many others. Furthermore, YouControl is trusted by the National Bank of Ukraine, the State Financial Monitoring Service of Ukraine, National Agency on Corruption Prevention (NACP), and many other government regulators. Continue reading…

Eurojust supports joint investigation team into alleged core international crimes in Ukraine

20 April 2022
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Eurojust supported the setting up of a joint investigation team (JIT) into alleged core international crimes committed in Ukraine. The responsible national authorities of Lithuania, Poland and Ukraine signed a JIT agreement on 25 March to enable the exchange of information and facilitate investigations into war crimes, crimes against humanity and other core crimes. Participation in the JIT may be extended to other EU Member States, third countries or other third parties in due course. Continue reading…

Pandemic did not impair financial integration in the euro area, ECB report shows

14 April 2022

The financial fragmentation in the euro area that occurred at the start of the coronavirus (COVID-19) pandemic was reversed relatively quickly, the European Central Bank (ECB)’s latest report on Financial Integration and Structure in the Euro Area shows. Once pre-pandemic levels of integration were regained, financial integration increased further and remained resilient to pressure from further waves of infections. The most influential policy interventions that initially kept fragmentation contained, and then brought integration back to pre-pandemic levels, were the series of ECB monetary policy measures and the European Union (EU) agreement on a sizeable coronavirus recovery fund. Continue reading…