A fast and coordinated action by Italian and Slovenian authorities, supported by Eurojust, has led to the arrest of a dangerous criminal hiding in Koper, Slovenia. The leader of an Italian organised crime group (OCG) was on the run from a 21-year prison sentence. He had been convicted of several crimes including drug trafficking, extortion and kidnapping. Continue reading…

A new Eurobarometer survey published recently shows that Europeans identify respect for democracy, human rights, and the rule of law (38%) and economic, industrial, and trading power (34%) as the main strengths of the EU, followed by the good relationships and solidarity between the EU Member States (28%). As areas the EU should address as a priority, respondents most frequently mention the environment and climate change (33%) and irregular migration (also 33%), followed by security and defence (29%) and the war in Ukraine (25%). Continue reading…

The European Central Bank (ECB) has on 14 August published harmonised rules and arrangements for the mobilisation and management of collateral in Eurosystem credit operations marking a step towards further financial integration in the euro area and the capital markets union. The new rules and arrangements can be found in the guideline on the management of collateral in Eurosystem credit operations (ECB/2024/22). A document containing further information for Eurosystem counterparties on the harmonised processes, procedures and arrangements involved in the mobilisation and management of collateral in Eurosystem credit operations is also available on the ECB’s website. Continue reading…

Insurers and brokers have improved governance and oversight of how products are designed, managed, reviewed, and distributed, but many still cannot show how they are providing fair value to customers or that they were receiving good outcomes. In a report published recently, the FCA set out issues with information sharing between insurers and brokers, and in identifying target markets. Continue reading…

As Ukraine celebrated its Independence Day on 24 August, the EU is reconfirming its unwavering support to the country as it defends itself against Russia, for as long as it takes. “Europe will always be at Ukraine’s side, because Ukraine is Europe,” said European Commission President Ursula von der Leyen in her video message. Ukraine has now entered its third year of conflict with Russia, which illegally invaded Ukraine in February 2022.   Continue reading…

Romanian and Moldovan authorities worked together to uncover an organised crime group (OCG) that has subjected more than 150 victims to financial scams since 2022. By selling a non-existent investment scheme, the group was able to gain access to their victims’ bank accounts. The damages resulting from their scam are estimated at approximately EUR 3 million. Following a joint investigation, supported by Eurojust and Europol, Romanian and Moldovan authorities were able to detain 12 people on 7 August.

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An investigation lasting over two years has uncovered an intricate money laundering scheme run by a mafia family from Palermo. The total value of their profits is estimated at over EUR 500 million. They reinvested the profits of their crimes in multiple companies in Brazil. Cooperation between Italian, Brazilian and Swiss authorities led to the arrest of a member of the organised crime group (OCG) during an action day on 13 August, as well as the freezing of financial assets worth EUR 50 million during several searches in Italy, Brazil and Switzerland.

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Pensions savers stand to benefit from a new proposed framework designed to shift the focus from costs to long term value, and ultimately deliver better retirement savings. The Financial Conduct Authority (FCA), the Department for Work and Pensions (DWP) and the Pensions Regulator (TPR) aim to implement a joint framework for workplace defined contribution schemes. The joint framework would be used by pension providers and those making decisions on behalf of savers to provide greater transparency over how schemes are performing. Continue reading…

The FCA has fined PricewaterhouseCoopers LLP (PwC) for failing to report to the regulator their belief that London Capital & Finance plc (LCF) might be involved in fraudulent activity. This is the first time the FCA has fined an audit firm. PwC encountered significant issues throughout their 2016 audit of LCF. A senior individual at LCF acted aggressively towards auditors, and the firm provided PwC with inaccurate and misleading information.

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At the end of last week we received the sad news that Michel Klompmaker had passed away due to the debilitating disease ALS. Michel was the founder and driving force behind the Risk & Compliance Platform Europe. Over the past ten years, he developed the platform into a website where tens of thousands of professionals from home and abroad could find their professional information. Continue reading…