Ingrid Gacci

What a journey! This is the impression after three days spent at Money20/20. Money20/20 is not only the largest global fintech event where payment and financial industries are connected to commerce, but a fascinating event that gave Risk & Compliance Platform Europe the opportunity to meet innovative top managers and professionals from all over the world. We recently had the pleasure of conducting one of our most insightful interviews together with the CEO of Trulioo, Steve Munford. Trulioo is a Canadian-based company that provides electronic identity and address verification of both individuals and businesses. Continue reading…

During the International Risk Congress in Brussels, presenter and moderator Dina-Perla Portnaar had the opportunity to talk with one of the speakers, the CFO of Icoinic Capital and former compliance manager at ING, Egbert Krop. The conversation centred on cryptocurrency and compliance.

Egbert Krop stated: “crypto is a community-driven industry. We are definitely in the bubble now, but remember that the cryptocurrency market is like the internet used to be in the beginning. There will be waves, but cryptocurrency is here to stay.”

Egbert Krop also talked about how transparent and self-regulating the world of cryptocurrency is, and about the fact that NFTs form an immature market. Yet, it is an interesting market indeed. Tip is to only invest in cryptocurrency with money that you can afford to lose.

Eurojust has supported the Italian and Bulgarian authorities to counter an elaborate tax scam of at least EUR 69 million. During an action day, 26 suspects were identified who had illegally changed or ‘cloned’ Italian into Bulgarian enterprises, to avoid paying tax. A hotel and other properties, as well as other assets with a total value of EUR 11 million, were seized. The operation was the result of a joint investigation team (JIT) between the two authorities concerned, which was set up with the assistance of Eurojust. Continue reading…

More than 500 corruption cases have been registered at Eurojust during the past six years. Compared with the 78 cases registered at the Agency in 2016, the number of cases rose to 112 in 2021, despite the COVID-19 pandemic. This increase reflects the EU’s priority to crack down on corruption and Eurojust’s growing importance in helping Member States tackle this specific type of cross-border crime. Eurojust Casework on Corruption: 2016–2021 Insights, presents key findings based on the Agency’s casework and offers expert advice to practitioners to assist them in similar cases in the future. The report, published on May 5th, is the Agency’s first dedicated publication in the field. It aims to support national authorities dealing with cross-border corruption cases by identifying possible problems and solutions. Continue reading…

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…

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…

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…

Authorities from France, Germany and Luxemburg carried out extensive measures to freeze EUR 120 million worth of assets linked to the investigation of a money laundering case in Lebanon, during an action day on 25 March. Five properties in Germany and France were seized as well as several bank accounts. Eurojust supported the judicial cooperation by setting up a joint investigation team (JIT) and organising three coordination meetings.

Continue reading…

Crypto-asset markets are fast evolving and could reach a point where they represent a threat to global financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system. This is the Financial Stability Board’s (FSB’s) updated assessment of risks to financial stability from crypto-assets, published on February 16th. The report examines developments and associated vulnerabilities relating to three segments of crypto-asset markets: unbacked crypto-assets (such as Bitcoin); stablecoins; and decentralised finance (DeFi) and crypto-asset trading platforms. It notes the close, complex and constantly evolving interrelationship between these three segments, which need to be considered holistically when assessing related financial stability risks. Continue reading…

The European Compliance Center together with media partner Risk & Compliance Platform Europe, is pleased to present the launch of a new initiative, the Compliance Cafe. The Compliance Cafe is a series of monthly webinars with outstanding compliance professionals. The aim of these online sessions is to encourage interaction between compliance professionals from different countries to discuss current risk and compliance topics, such as money laundering and de-risking. The first Compliance Cafe webinar was held on January 26, 2022, on the topic of the peculiarities of the transnational fight against illicit money flows – regulations, institutions, and effectiveness. Continue reading…