The Bank has on 12 January completed its sales of the £19.3bn portfolio of temporary holdings of UK government bonds purchased in Autumn 2022 on financial stability grounds. Between 28 September and 14 October, the Bank of England, in line with its financial stability objective, conducted temporary and targeted purchases of index-linked and long-dated conventional UK government bonds (gilts). In total, the Bank purchased £19.3bn of gilts, of which £12.1bn were long-dated conventional gilts and £7.2bn were index-linked gilts. The Bank has now fully sold its £19.3bn portfolio of temporary gilt holdings. This follows yesterday’s reverse enquiry window, and the subsequent bilateral sale of small remaining holdings.   Continue reading…

Economic crime raises serious moral and political concerns, undermines economic, physical, social and psychological well-being, and distorts the well-functioning of competitive markets. Covid-19, the war in Ukraine, the cost-of-living crisis, and other major disruptions have impacted the operation of both traditional forms of economic crime, such as public procurement fraud, and its new forms, such as romance fraud. Understanding this broader socio-economic context alongside the complexity of economic crime requires combining different disciplinary perspectives, being it criminology, law, economics, accountancy, security, business management, computer science, and psychology. Continue reading…

Europol, Eurojust and the European Judicial Network has on 22 December published the 2022 edition of the SIRIUS European Union (EU) Digital Evidence Situation Report. This report includes the results of SIRIUS’ research on experiences of EU Member States’ competent authorities, as well as Online Service Providers (OSPs), with cross-border access to digital evidence in criminal investigations. The report confirms that the need for cross-border digital evidence is on the rise.  Continue reading…

The Financial Stability Board (FSB) has published a progress report on the transition from LIBOR and other benchmarks. The end of 2021 marked a major milestone in the transition away from LIBOR and we are reaching the finishing line of LIBOR transition at end-June 2023. The transition from LIBOR to overnight risk-free rates (RFRs) and efforts made to improve the robustness of interest rate benchmarks have increased market stability and integrity. Most LIBOR settings have now ceased and while certain panel-based US dollar (USD) settings are continuing until end-June 2023, to support the transition of legacy contracts, the market has already shifted new activity away from LIBOR and toward RFRs. Continue reading…

The Commission decided to identify Cameroon as a non-cooperating country in the fight against Illegal, Unreported and Unregulated (IUU) fishing, giving it a so-called ‘red card’. From now onwards EU Member States shall refuse the importation of fishery products from Cameroon even when accompanied by catch certificates validated by the national authorities. The decision is based on the EU’s ‘IUU Regulation’, which ensures that only legally caught fisheries products can access the EU market. The listing of Cameroon is based on the persistence of serious shortcomings that were outlined in a notification adopted in February 2021 which already warned of the possibility to identify Cameroon as a non-cooperating country. In particular, it is based on the failure of Cameroonian authorities to ensure adequate control over the national fishing fleet and to take necessary corrective measures for the cessation and prevention of IUU fishing activities. Cameroon has continued registering fishing vessels that operate outside its waters, including an IUU fishing vessel, while there is a lack of monitoring of their activities.

Continue reading…

This year, the EU celebrates the 30th anniversary of its Single Market – one of the major achievements of European integration, and one of its key drivers. Established on 1 January 1993, the European Single Market allows goods, services, people and capital to move around the EU freely, making life easier for people and opening up new opportunities for businesses. Over 30 years, the Single Market has led to an unprecedented market integration between Member States’ economies, serving as a driver for growth and competitiveness and supporting Europe’s economic and political power at a global level. It also played a key role in accelerating the economic development of new Member States that joined the EU, removing barriers to entry and boosting growth. Continue reading…

With the support of Eurojust, authorities in Italy and Albania have dismantled an online investment fraud involving the use of cryptocurrencies. During an action, EUR 3 million worth of assets were seized. Eurojust supported the judicial cooperation and assisted the authorities in setting up and funding a joint investigation team (JIT). According to the investigation, the investment fraud was carried out by an organised crime group (OCG) that operated from a call centre in Tirana, Albania. The suspects allegedly contacted victims by telephone using unidentifiable virtual numbers and delocalised virtual private networks (VPNs). They asked the victims to create an account on a portal and, once the transfer had been made, reset the newly created account, embezzled the sum received and made themselves untraceable. Continue reading…

At the UN Biodiversity conference COP15 in Montréal, Canada, the EU joined 195 countries in the historic Kunming-Montreal Global Biodiversity Framework. This framework contains global goals and targets aiming to protect and restore nature for current and future generations, ensure its sustainable use as well as spur investments for a green global economy. Together with the Paris Agreement on climate, it paves the way towards a climate-neutral, nature-positive and resilient world by 2050. The agreement is a solid framework with clear, measurable goals and targets, with complete monitoring, reporting, and review arrangements to track progress complemented by a robust resource mobilisation package. Continue reading…

The euro entered into circulation in Croatia on 1 January 2023, bringing the number of European Union (EU) Member States using the single European currency to 20. “I welcome Croatia to the euro family and to the ECB Governing Council table in Frankfurt” said Christine Lagarde, President of the European Central Bank. “Croatia worked hard to become the twentieth member of the euro area, and it succeeded. I congratulate the Croatian people. It shows the euro is an attractive currency which brings stability to its members.” With Croatia joining the euro area, Hrvatska narodna banka, the country’s national central bank, becomes a member of the Eurosystem. The euro area’s central banking system comprises the ECB and the national central banks of those countries whose currency is the euro. Continue reading…