Law enforcement and judicial authorities worldwide have recently disrupted one of the most significant botnets of the past decade: EMOTET. Investigators have now taken control of its infrastructure in an international coordinated action. This operation is the result of a collaborative effort between authorities in the Netherlands, Germany, the United States, the United Kingdom, France, Lithuania, Canada and Ukraine, with international activity coordinated by Europol and Eurojust. This operation was carried out in the framework of the European Multidisciplinary Platform Against Criminal Threats (EMPACT). Continue reading…

The Financial Stability Board (FSB) recently published a report that examines the potential implications of climate change for financial stability. The report analyses how climate-related risks might be transmitted across, and might be amplified by, the financial system, including across borders. It also sets out next steps for the FSB’s work in this area. Current central estimates of the impact of physical risks on asset prices appear relatively contained but may be subject to considerable tail risk. The manifestation of physical risks could lead to a sharp fall in asset prices and increase in uncertainty. A disorderly transition to a low carbon economy could also have a destabilising effect on the financial system. Continue reading…

The Commission recently proposed an update to the Council Recommendation of last October coordinating measures affecting free movement in the European Union. This is part of the Commission’s ongoing efforts to ensure better coordination and communication of travel-related measures at EU level. In light of new coronavirus variants and high numbers of new infections across many Member States, it is necessary to strongly discourage non-essential travel, while avoiding border closures or blanket travel bans and ensuring that the functioning of the Single Market and supply chains remain uninterrupted. Therefore, further targeted action to ensure a coordinated approach on measures restricting free movement within the EU is necessary. Continue reading…

The European Commission has fined Valve, owner of the online PC gaming platform “Steam”, and the five publishers Bandai Namco, Capcom, Focus Home, Koch Media and ZeniMax € 7.8 million for breaching EU antitrust rules. Valve and the publishers restricted cross-border sales of certain PC video games on the basis of the geographical location of users within the European Economic Area (‘EEA’), entering into, the so called “geo-blocking” practices. The fines for the publishers, totalling over €6 million, were reduced due to the companies’ cooperation with the Commission. Valve chose not to cooperate with the Commission and was fined over €1.6 million.
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by Dina-Perla Portnaar

Risk, governance and compliance in the financial sector remain our flagship. Banking and finance has been part of our DNA for many years. The publisher of the Risk & Compliance Platform Europe, Michel Klompmaker, used to be the publisher of a title – literally – called Banking & Finance. On top of that, the Risk & Compliance Platform Europe has a community of excellent relations with many leaders, top decision makers, professionals and regulators in the financial world. Also, in the past sixteen years, the domains in which I worked the most have been IT/tech and finance. With that said, some of our readers aren’t aware of the fact that the Risk & Compliance Platform Europe has a global community in all sorts of verticals. It focuses on risk and integrity in a broader sense – healthcare, export, logistics, customs, property and housing associations, entrepreneurship, government, managing consulting, social, society and so on and so forth. The field of risk and integrity opens up discussions on behaviour within a variety of private and public institutions and on an individual and collective level. The Risk & Compliance Platform Europe is not just about the business world. Continue reading…

We will now report on the outcome of the recent meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr. Dombrovskis. The start of vaccination campaigns across the euro area is an important milestone in the resolution of the ongoing health crisis. Nonetheless, the pandemic continues to pose serious risks to public health and to the euro area and global economies. The renewed surge in coronavirus (COVID-19) infections and the restrictive and prolonged containment measures imposed in many euro area countries are disrupting economic activity. Continue reading…

by Dina-Perla Portnaar

The Ashton Whiteley Scam illustrates how financial crime really works. Not a lot of personal cases were shared with the public before in order to make financial crime tangible. Here is an outline of the events given by one of the many victims of the Ashton Whiteley Scam that took place a couple of years ago. The man shared his story with me, which we will share in a couple of articles. Here is part one. Continue reading…

The European Banking Authority (EBA) recently published its annual report on Asset Encumbrance. As COVID-19 spread across Europe and activity in primary markets froze, banks made extensive use of central bank liquidity facilities to build precautionary liquidity buffers. In this context, after decreasing by 80bp in 2019 to 25%, in the first half of 2020, the asset encumbrance ratio went up to 27.5%. In the first half of 2020, the volume of total assets and collateral received rose by almost 10% while encumbered assets and collateral increased by more than 20%. Continue reading…

A major tax swindle involving sales of fuels has been brought to an end by the German authorities, with international judicial support in 11 European countries coordinated by Eurojust. During an action day, two suspects were arrested in Austria and Poland, allegedly the leaders of a criminal network that defrauded the German tax authorities of an amount of close to EUR 8 million. A total of 40 places have been searched in 11 countries, including 10 in Germany, in cities such as Hamburg, Bremen, Duisburg and Freiburg. Continue reading…

The European Commission has approved, under the EU Merger Regulation, the acquisition of Refinitiv by the London Stock Exchange Group (‘LSEG’). The approval is conditional on full compliance with a commitments package offered by LSEG. Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “Infrastructure competition in trading services and access to financial data products on fair and equal terms is essential for the European economy and in particular for consumers and businesses. The Commission can approve the proposed acquisition of Refinitiv by LSEG because LSEG offered commitments that will ensure that the markets will remain open and competitive and the acquisition will not lead to higher prices or less choice and innovation for these products.” The decision follows an in-depth investigation of the proposed transaction, which combines the activities of LSEG and Refinitiv. LSEG is a global financial markets infrastructure business. It also offers financial data products. Refinitiv is a provider of financial data products. It also controls Tradeweb, which operates trading venues. Continue reading…