With environmental crime expanding rapidly on a global scale, Eurojust has presented a new report on its casework in this field. The report summarises experiences encountered in the cross-border criminal cases referred to the Agency between 2014 and 2018 and provides a concise overview of legal and operational challenges. The Report on Eurojust’s Casework on Environmental Crime highlights best practice which should help national authorities overcome these challenges and recommends ways to develop effective cooperation within the European Union and with partner countries. According to an Interpol and United Nations Environment Programme, environmental crime is the fourth-largest criminal activity in the world, growing at a rate of between 5 % and 7 % per year. It endangers not only habitats and populations of wildlife but also entire ecosystems and living environments. Major environmental offences can generate very high profits and carry a relatively low risk of detection. Often, they’re committed by organised crime groups (OCGs) that operate across the EU’s internal and external borders. Continue reading…

The European Insurance and Occupational Pensions Authority (EIOPA) recently published its Risk Dashboard based on the third quarter of 2020 Solvency II data. The results show that insurers’ exposures to macro risks decreased from very high to high level, while all other risk categories remain at medium level. Going forward, European supervisors expect an increase in credit, market and underwriting risks over the next 12 months, reflecting concerns over second lockdowns due to new waves of the pandemic as well as potential cliff effects once fiscal support measures will be over. With regards to macro risk, Gross Domestic Product (GDP) growth forecasts, amid upward revisions, show the strongest expected decline in the last quarter of 2020 and the first recovery in the second quarter of 2021. However, potential cliff effects have to be considered in the future. The registered unemployment rate remained at the very high level in September. The 10 year swap rates decreased reaching new lows. Fiscal balance deteriorated as a consequence of the supporting fiscal packages by governments. Continue reading…

by Dina-Perla Portnaar

The Ashton Whiteley Scam illustrates how financial crime really works. Not a lot of personal cases were shared with the public before in order to make financial crime tangible. Here is an outline of the events given by one of the many victims of the Ashton Whiteley Scam that took place a couple of years ago. The man shared his story with me, which we have shared in a couple of articles. Here is part three, the last one.
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Mr. Tiff Macklem, Governor of the Bank of Canada recently gave a speech in Ottawa, Ontario on 20 January 2021. Thank you for joining me to discuss the recent policy announcement and the Bank’s Monetary Policy Report (MPR). Our message is threefold. First, the current surge of COVID-19 is a serious setback. With elevated infection rates and stricter containment measures in many parts of the country, households and businesses are facing renewed strains. The economy is slowing, and high contact activities are once again being hit hardest. Second, with effective vaccines now rolling out, the prospects for a strong, sustained recovery through the second half of this year have improved in Canada and across most advanced economies. And third, the Bank of Canada will continue to support Canadians and the Canadian economy through these difficult times. Continue reading…

The European Commission has recently begun launching its new Green Consumption Pledge, the first initiative delivered under the New Consumer Agenda. The Green Consumption Pledge is part of the European Climate Pact which is an EU-wide initiative inviting people, communities and organisations to participate in climate action and build a greener Europe. With their signatures, companies promise to accelerate their contribution to a green transition. The pledges have been developed in a joint effort between the Commission and companies. Their aim is to accelerate the contribution of businesses to a sustainable economic recovery and to build consumer trust in the environmental performance of companies and products. Colruyt Group, Decathlon, LEGO Group, L’Oréal and Renewd are the first pioneering enterprises that are participating in this pilot project. The functioning of the Green Consumption Pledges will be assessed in a year from now, before next steps are taken. Continue reading…

The FCA is issuing a warning to the public as reports of ‘clone firm’ investment scams increased by 29% in April 2020 compared to March, when the UK went into its first lockdown. Action Fraud data reveals consumers reported losses of more than £78 million between January-December 2020. Throughout 2020, consumers reported average losses of £45,242 each on average when investing with fraudsters imitating genuine investment firms. The data has been released as part of the FCA’s ScamSmart campaign, alongside advice to help investors avoid fake firms and protect their hard-earned cash. The ongoing financial impact of coronavirus (Covid-19) may also make people more susceptible to these types of clone scams. 42% of investors say they are currently worried about their finances because of the pandemic, and over three quarters (77%) have or plan to make an investment within the next 6 months to help improve their financial situation. However, the FCA highlights even the most experienced investor could be at risk. Three quarters (75%) of investors said they felt confident they could spot a scam. However, 77% admitted they did not know, or were unsure what a ‘clone investment firm’ was. Continue reading…

Dr. Jens Weidmann, President of the Deutsche Bundesbank and Chair of the Board of Directors of the Bank for International Settlements, recently gave a speech at the ILF Online-Conference on “Green Banking and Green Central Banking: What are the right concepts?” at the Goethe University Frankfurt on 25 January 2021. Ladies and gentlemen, I would have been only too happy to meet you all in person. Even more so, as from my office it would only have been a short walk to the campus of the Goethe University. And allow me the following side remark: There can hardly be a better person to name a university after than Johann Wolfgang von Goethe. Goethe combined many disciplines and subjects, and not just as a poet, dramatist, novelist and critic. He also conducted research in various natural sciences, studying minerals, plants, human anatomy and meteorology, to name a few. And let’s not forget that he reflected on the nature of money, even serving as finance minister in the Duchy of Saxe-Weimar-Eisenach, a small, former state in what is now Thuringia. Goethe seems to be a true all-rounder, able to turn his hand to any number of things. Continue reading…

by František Nonnemann

Twitter International Company (TIC), part of the Twitter Group, was fined 450.000 EUR by the Irish data protection authority for insufficient data breach management. The Irish Data Protection Commission found that TIC did not report significant data breach in the time limit of 72 hours as stated by the General Data Protection Regulation (GDPR). Furthermore, the company did not have the process for data breach management under full control and did not keep appropriate records of all data breaches that occurred. Continue reading…

The Monitoring Group is pleased to announce the appointment of Mr. Jean-Paul Servais as Co-Chair of the Monitoring Group for a two-year term. As the Vice-Chair of the Board of the International Organisation of Securities Commissions (IOSCO) and Chairman of Belgium’s Financial Services and Markets Authority (FSMA), Mr. Servais has vast experience in senior leadership positions in the field of financial markets regulation, corporate reporting and audit. Mr. Servais also chairs the Monitoring Board of the IFRS Foundation on behalf of IOSCO. Continue reading…

by Dina-Perla Portnaar

The Ashton Whiteley Scam illustrates how financial crime really works. Not a lot of personal cases were shared with the public before in order to make financial crime tangible. Here is an outline of the events given by one of the many victims of the Ashton Whiteley Scam that took place a couple of years ago. The man shared his story with me, which we will share in a couple of articles. Here is part two. Continue reading…