The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have on 12 September issued their Autumn 2022 joint risk report. The report highlights that the deteriorating economic outlook, high inflation and rising energy prices have increased vulnerabilities across the financial sectors. The ESAs advise national supervisors, financial institutions and market participants to prepare for challenges ahead. Continue reading…

With the support of Eurojust, authorities in Finland, Germany, Belgium and Latvia have succeeded in striking a blow against the operators of various fraudulent online investment platforms that have defrauded victims from 11 different countries out of several million euros. During an action day, two suspects were arrested and 12 locations were searched. According to the investigation, victims were directed to seemingly reputable online trading platforms in search of offers for lucrative investments. Through these platforms, they were promised enormous profits in a short time by trading in cryptocurrency, foreign exchange or shares. Continue reading…

by Michal Pleticha

The Czech Republic is at a crossroad in deciding how to regulate disinformation. In order to adopt the Strategy to Combat Disinformation (see Part I.), it’s necessary for the Government to draft and push a large number of amendments through both chambers of the Czech Parliament and the Presidential Office. Since disinformation is a sensitive political subject, capable of deepening the current split in politics and society, it could be the beginning of fierce political battle. Continue reading…

by Daniel Vaknine

Although whistleblowing is often represented as huge scandals in the media or on TV, it is often not quite as dramatic in reality. The majority of whistleblower cases are handled internally and concern the incorrect treatment of employees or negative working conditions. However, there have been huge scandals that have occurred at very large corporate companies. Scandals that could have been prevented with the help of whistleblowing. In this post, we therefore take a closer look at 3 occasions that whistleblowing could have made a difference. Continue reading…

Authorities in Hungary, Austria, the Czech Republic and Poland have dismantled a criminal network involved in a large-scale VAT fraud concerning tobacco smuggling. The estimated damage caused by the tax evasion to the European Union budget amounts to over EUR 8 750 000. In an action supported by Eurojust and Europol, one suspect was arrested. Over EUR 750 000, 7 high-value cars and 49 very high-value wristwatches were seized. Continue reading…

by Michal Pleticha

A threatening phenomenon appeared in Czech society: another desperate family discovers that one of its members became a different person. Someone who literally detached himself from reality and became an angry and hostile person with an aggressive attitude to common topics of conversation. It is likely that such a person succumbed to the phenomenon of “disinformation”, which changed his perception of reality and his personality. He is obsessed with the delusion of the “hidden truth” which comes up on the surface only thanks to the uncensored free media (meaning specialised websites, social media groups and citizen journalists. Well-established and quality public media are allegedly censored and spread only lies and manipulation. Continue reading…

During the last International Risk Congress in Brussels, with a theme on Combating Financial Economic Crime, moderator and presenter Dina-Perla Portnaar spoke with Valérie Urbain from Euroclear. Valérie has been working at Euroclear since July 2021. Within her role as Chief Business Director & Executive Director, she has the total overview of all activities, as well as the responsibilities that go with it. The interview took place at the Euroclear headquarters in Brussels and was conducted in English. How will we be able to combat Financial Economic Crime? Which types of crimes lie ahead of us? What strategies have already been deployed in the public and private sectors? What types of solutions are most desirable and necessary? Are we combating FEC in an effective and concerted manner? What does Euroclear do in terms of diversity and inclusivity?

Continue reading…

The Financial Conduct Authority (FCA) has fined Citigroup Global Markets Limited (Citigroup Global Markets) £12,553,800 for failing to properly implement the Market Abuse Regulation (MAR) trade surveillance requirements relating to the detection of market abuse. By failing to properly implement the MAR trade surveillance requirements, Citigroup Global Markets could not effectively monitor its trading activities for certain types of insider dealing and market manipulation. 

Continue reading…

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published the results of its fourth stress test exercise of Central Counterparties (CCPs). The results confirm the overall resilience of European Union (EU) CCPs, as well as third country Tier 2 CCPs, to credit, concentration and operational risks under the tested scenarios and implemented framework. However, the stress test also identified areas where some CCPs may need to strengthen their risk management frameworks, or where further supervisory work should be prioritised, including on concentration and operational risks. Continue reading…

On August 24, the Commission decided to register a European Citizens’ Initiative (ECI) entitled ‘Call to achieve a tobacco-free environment and the first European tobacco-free generation by 2030′. The organisers of the initiative call on the Commission to propose legislation to save new generations from falling into tobacco addiction, to act against related environmental dangers and against smoking. More specifically, they ask the Commission to propose legal acts to end the sale of tobacco and nicotine products to citizens born in 2010 onwards. The initiative also calls on specific measures to achieve tobacco-free and cigarette butt-free beaches and riverbanks, create a European network of tobacco and cigarette butt-free national parks, to extend outdoor vapour-free spaces, and to eliminate tobacco advertising and its presence in audiovisual productions and social media. Continue reading…