by Alex Movchan

We recently had an opportunity to speak with a man named Edmund Saunders, CICA, CFE (President of Institute for Internal Controls Europe, ex-advisor from the UK government to Polish officials in the banking sector). He is also very experienced and dedicated in the following fields of internal control, fraud, internal auditing, risk management, international banking and anti-fraud and anti-corruption – identification, avoidance and combatting techniques. Dear Edmund, thank you for finding time for the interview. I know that you have a lot of experience in building internal control systems, mostly in financial institutions, all around the world (in UK, Switzerland, USA, Poland, etc.). In your opinion, what should be the core focus, the main 2-3 objectives to focus on, while building an effective control system within an organisation? Continue reading…

by Claudia Zimmermann

It may sound a bit strange at first glance. Censorship in Germany, that has definitely been over since World War II? That’s right. Fortunately, there is freedom of expression in Germany and there is freedom of the press. But still there is something strange going on. Not a single journalist is arrested and sentenced to death in Germany, unlike in some other countries such as China and Iran. This is fortunate, but some strange things do happen. And why then, you wonder? Well, the answer is simple. Very large companies like to sit on the heads of government and ministers and state secretaries of their interest to defend their own major financial interests. I will explain very specifically how this works in my case.  Continue reading…

The European Commission recently recommended that Member States do not grant financial support to companies with links to countries that are on the EU’s list of non-cooperative tax jurisdictions. Restrictions should also apply to companies that have been convicted of serious financial crimes, including, among others, financial fraud, corruption, non-payment of tax and social security obligations. The aim of today’s recommendation is to provide guidance to Member States on how to set conditions to financial support that prevent the misuse of public funds and to strengthen safeguards against tax abuse throughout the EU, in line with EU laws. By coordinating restrictions on financial support, Member States would also prevent mismatches and distortions within the Single Market.  Continue reading…

The Committee on Payments and Market Infrastructures’s (CPMI) report entitled ‘Enhancing cross-border payments: building blocks of a global roadmap’ comprehensively sets out the necessary elements to improve cross-border payments to make them faster, cheaper, more transparent and inclusive. The CPMI is committed to taking a leading role in developing and implementing a global roadmap as part of the G20’s mission to tackle this multidimensional task. It also aims at resolving the longstanding frictions and challenges in cross-border payments that would boost global trade, development and economic growth. Continue reading…

by Michel Klompmaker

The WHO has reported a record number of new infections worldwide in recent days. The health organisation reported last Saturday that 224,260 new infections worldwide were registered in one day. And then we are only talking about the cases known to WHO. It can be guessed that the situation is even more serious, because even in a civilised country like the Netherlands, many infections were simply not reported. But what does this mean for the global economy? Let’s take a closer look at two major players from across the ocean, then it will soon be clear that the worst is yet to come. Most reports from the past few days come from the United States and Brazil. Together these countries account for almost half of all new infections worldwide, but many people in India have also tested positive for the virus. A few figures: The number of new worldwide registered new infections in the week of June 29 – July 5 was 1,230,000. Last June, the WHO recorded a record number of new infections of 5,303,000 compared to more than 2,300,000 last April. Continue reading…

The Basel Committee on Banking Supervision has recently issued the updated version of its guidelines on Sound management of risks related to money laundering and financing of terrorism: revisions to supervisory cooperation, with guides on the interaction and cooperation between prudential and anti-money laundering and combatting the financing of terrorism (AML/CFT) supervisors for banks. These guidelines are intended to enhance the effectiveness of supervision of banks’ money laundering and financing of terrorism (FT) risk management, consistent with and complementary to the goals and objectives of the standards issued by the Financial Action Task Force (FATF) and principles and guidelines published by the Basel Committee. Continue reading…

by Michel Klompmaker

In many parts of the world, the coronavirus has been ruthless. This is also the case in the southern states of the USA. Viewed from a Western European perspective, the pandemic appears to be somewhat extinguished, but this is by no means the case from the perspective of the coronavirus itself. Very worrying is the recent increase in the worldwide number of registered infections from about 10 million on June 27 to more than 13 million on July 12. In part two of our series “Lockdown or Knockout?” we take a moment to reflect on what has recently happened in Texas and in passing we take the opinion of a German virologist from the University of Bonn. Continue reading…

Recent research conducted by the Financial Conduct Authority (FCA) has revealed that approximately 2.6 million consumers in the UK have purchased cryptoassets at some point in time. This essentially marks an increase of 1.1 million since the FCA carried out a survey face to face on the same topic in 2019. Among the 1.9 million UK consumers that still have cryptoassets in their possession, such as Ripple, Ether, or Bitcoins, about half of them hold more than £260. This research conducted by the FCA is a part of its work with the Government and Bank of England in attempting to comprehend market size, profiles of consumers and what their attitudes are towards cryptoassets. Continue reading…