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…

The FCA has appointed Ruairi O’Connell, OBE, as the new Director of International. Ruairi will join the FCA from the Home Office where he is Director, International. Ruairi has extensive experience in both the Home Office and the Foreign Office, including as British Ambassador to Kosovo. He will be responsible for helping to shape the FCA’s international strategy as well as, overseeing our international engagement including matters arising from the UK withdrawal from the EU. Ruairi’s appointment follows the appointment of six new Directors in July as the FCA expands its headcount to meet its growing remit and the ambitious three year-strategy launched in April. 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?

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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. 

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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…

The Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) has on August 4 published for public comment a discussion paper on central counterparty (CCP) practices to address non-default losses (NDL). CCPs have become increasingly important in the financial system for managing counterparty risk, especially since the introduction of the clearing obligation for standardised OTC derivatives following the 2007–09 Great Financial Crisis. Continue reading…

The Commission welcomes the decision by the International Civil Aviation Organisation (ICAO) to call on the Russian Federation to immediately cease its infractions of international aviation rules, in order to preserve the safety and security of civil aviation. The ICAO decision refers to the violation of Ukraine’s sovereign airspace in the context of Russia’s war of aggression, and to the deliberate and continued violation of several safety requirements in an attempt by the Russian government to circumvent EU sanctions. These actions include illegally double-registering in Russia aircraft stolen from leasing companies, and permitting Russian airlines to operate these aircraft on international routes without a valid Certificate of Airworthiness, which is the necessary safety certificate. Continue reading…