Recently, the European Commission launched the New Consumer Agenda to empower European consumers to play an active role in the green and digital transitions. The Agenda also addresses how to increase consumer protection and resilience during and after the COVID-19 pandemic, which brought significant challenges affecting the daily lives of consumers. More concretely, the Agenda puts forward priorities and key action points to be taken in the next 5 years together with Member States at European and national levels. This will, among other things, include a new legal proposal aiming to provide better information on sustainability to consumers, adapting existing legislation to the digital transformation as well as an action plan on product safety with China. Continue reading…

Execution algorithms (EA), intended to purchase or an amount defined in advance of foreign trade as laid out in user instructions, have been experiencing an increase in use in the midst of a rising decentralized and divided trading scheme as indicated by a report distributed today by the Bank for International Settlements (BIS) Markets Committee. This has subsequently aided in upholding pricing and market functioning. However, this also has the possibility of forming new risks, as stated in the report. Furthermore, the report also looks to analyze the drivers and ramifications of the rise in execution algorithm usage in the foreign exchange markets. It draws on a unique survey of 70 refined market partakers from around the world with a large industry wide effort, and providers a particular perspective focused on the use of EAs, also by central banks. Continue reading…

The European Commission recently launched a new complaints system for reporting market access barriers and breaches of Trade and Sustainable Development commitments in the EU’s trade agreements and under the Generalised Scheme of Preferences. The new complaints system reflects the Commission’s increased efforts to strengthen the enforcement and implementation of trade agreements. It follows the Commission’s appointment in July of its first Chief Trade Enforcement Officer (CTEO) to oversee its tougher action on enforcing trade policy, as well as the Commission’s 15-point Trade and Sustainable Development (TSD) Action Plan of 2018. This Plan reflects the consensus of promoting close long-term TSD engagement, on the one hand, and of stepping up monitoring efforts – and more assertive enforcement – on the other hand. Complaints will be channelled through a new centralised Single Entry Point system in DG Trade to allow for a responsive, focussed and structured process. Continue reading…

To help meet the EU’s goal of climate neutrality by 2050, the European Commission recently presented the EU Strategy on Offshore Renewable Energy. The Strategy proposes to increase Europe’s offshore wind capacity from its current level of 12 GW to at least 60 GW by 2030 and to 300 GW by 2050. The Commission aims to complement this with 40 GW of ocean energy and other emerging technologies such as floating wind and solar by 2050. This ambitious growth will be based on the vast potential across all of Europe’s sea basins and on the global leadership position of EU companies in the sector. It will create new opportunities for industry, generate green jobs across the continent, and strengthen the EU’s global leadership in offshore energy technologies. It will also ensure the protection of our environment, biodiversity and fisheries. Continue reading…

Ms. Anita Angelovska Bezhoska, Governor of the National Bank of the Republic of North Macedonia, recently gave a speech on the occasion of the World Savings Day, Skopje on the October 30, 2020. Ladies and gentlemen, it is my pleasure to address you at today’s event on the occasion of the World Savings Day. This year’s marking happens at a time when the world faces the worst crises since the big depression. It is a synchronised global crisis that does not spare a single economy, and small positive economic growth rates are expected in only 26 countries in the world. Unfortunately, the Western Balkan countries are not in this small group of countries, i.e. according to the IMF negative growth rates are expected in the region ranging from 2.5% in Serbia to 12% in Montenegro. Continue reading…

by Michel Klompmaker & Dina-Perla Portnaar

We are all familiar with the supermarket chains Ahold and Delhaize, which a few years ago merged into one multinational company with roots in the Netherlands and Belgium. This multinational company has major interests on the other side of the Atlantic and in many European countries with its supermarkets. To get an idea of ​​the size: In the third quarter of 2020, worldwide sales amounted to 17.8 billion euros, which is 10 percent more compared to the third quarter of 2019. That things are not going too badly for this multinational is evident from the report beginning of November. A new large-scale share buyback program for an amount of EUR 1 billion has been announced at the headquarters in Zaandam, the Netherlands. This purchasing program will start in early 2021. What is wrong with that? Nothing at all in itself, but much further from the Zaandam headquarters, in Indonesia, something is wrong. There, Ahold Delhaize is accused of serious animal cruelty. How has that come about exactly? We recently spoke about it exclusively with Erwin Vermeulen of Animal Rights. Continue reading…

A broad common approach, involving administrations such as civil registries and consulates, is instrumental to tackling the fraud and abuse perpetrated by Organised Criminal Groups (OCGs) via sham marriages. In addition, further enhancement of judicial cooperation and the coordination of investigations at EU level will give extra impetus to the fight to thwart those arranging marriages of this kind. These are the main recommendations made by Eurojust, the European Agency for Criminal Justice Cooperation, in a report which was adopted recently.  Continue reading…

by Alex Movchan

We recently conducted an interview together with Magali Logossou who is a Global Audit Manager Forensics by the Heineken company. We focused on the topic of conducting fraud investigations within organisations during the Covid-19 pandemic, which Magali Logossou gave her insights on given her expert opinion in the fields of internal auditing and forensic practices. Hello Magali, you have an impressive international career in France, UK, Switzerland and the Netherlands with in depth knowledge of internal audit and forensic practices. Based on your experience, on which 2-3 main points would you advise organisations to focus on to prevent or significantly minimise the probability of fraud occurring within an organisation? Continue reading…

The European Commission recently launched a new Customs Union Action Plan setting out a series of measures to make EU customs smarter, more innovative and more efficient over the next four years. The announced measures will strengthen the Customs Union as a cornerstone of the Single Market. They also confirm its major role in protecting EU revenues and the security, health and prosperity of EU citizens and businesses. In her political guidelines, President von der Leyen announced that the Customs Union needed to be taken to the next level, in particular, by ensuring an integrated European approach to customs risk management, which supports effective controls by EU Member States. The Action Plan does just that. Continue reading…