Eurojust has supported the Slovak, Czech and Dutch authorities in halting a criminal network, which traded in illegally converted firearms. During several actions last month, six suspects were arrested in the three countries concerned and approximately 350 arms were seized. Eurojust assisted the authorities in setting up a joint investigation team (JIT) between Slovakia and the Netherlands and provided judicial support during the operations. Europol supported the actions with an Operational Task Force. Continue reading…

François Villeroy de Galhau, Governor of the Bank of France and Chairman of the Autorité de contrôle prudentiel et de resolution (ACPR), delivered a speech at the ACPR-AMF Forum FinTech, Paris on 11 October 2021. Note: the following is a written version of the official speech. I am very pleased to welcome you to the Banque de France this morning for this annual ACPR-AMF FinTech Forum – and I would also like to welcome Robert Ophèle, Chairman of the AMF. Mr. Minister, dear Cédric, you have once again given us the pleasure of being present for this second forum. The strong attendance of public officials testifies to our collective commitment to FinTechs, which I am convinced are indispensable to the financial sector, as a driver of creativity, vitality and efficiency. Continue reading…

The Financial Stability Board (FSB) recently published a report describing the progress over the past year and planned work to enhance the resilience of non-bank financial intermediation (NBFI). The report was delivered to G20 Leaders ahead of their Summit last weekend. NBFI has grown considerably over the past decade – to almost half of global financial assets – and become more diverse. However, the March 2020 market turmoil underscored the need to strengthen resilience in this sector, to ensure a more stable provision of financing to the economy and reduce the need for extraordinary central bank interventions. The FSB’s NBFI work programme includes analytical and policy work that builds on the lessons from the turmoil. Continue reading…

The Basel Committee on Banking Supervision (BCBS), the Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) (the standard setters) recently invited comments on their joint consultative report Review of margining practices. The report – which is part of the Financial Stability Board’s work programme to enhance the resilience of the non-bank financial intermediation sector – looks at margin calls in March and April 2020, margin practice transparency, predictability and volatility across various jurisdictions and markets, as well as market participants’ liquidity management preparedness. Continue reading…

The United Nations Office on Drugs and Crime estimates that US$800 billion to $2 trillion is laundered through worldwide financial systems each year. That’s an astonishing 2-5% of global GDP. The European Banking Federation (EBF) – uniting 32 national banking associations in Europe, representing 5,981 banks with roughly 2.6 million employees – has partnered with SAS to help financial firms worldwide curb the deluge. “Rapidly evolving business and technology render conventional methods for anti-money laundering (AML) inefficient and call for a more innovative approach for fighting financial crime,” said EBF CEO Wim Mijs. “The future of AML is rooted in the use of innovative technologies and shared solutions that, in practice, enhance experts’ judgment and reveal the full picture when dealing with complex criminal networks. We are confident that this collaboration with SAS will help us prepare our members, and the broader banking community, for this new reality.” Continue reading…

The Financial Conduct Authority has fined Credit Suisse over £147 million for serious financial crime due diligence failings related to loans worth over US$1.3 billion, which the bank arranged for the Republic of Mozambique. These loans and a bond exchange were tainted by corruption. Credit Suisse has also agreed with the FCA to forgive US$200 million of debt owed by the Republic of Mozambique as a result of these tainted loans. Continue reading…

Two of the three foundations that have filed for damages against TikTok may have invalid claims. TikTok’s lawyers indicate that the foundations have not adhered to statutory deadlines. There is a risk that the two foundations may not be able to continue their case, which would mean that only the SOMI Foundation’s lawsuit will remain active. After the SOMI Foundation sued TikTok in June for an amount of €1.4 billion for large-scale violations of children’s privacy by the social video service, the Take Back Your Privacy Foundation (supported by the Consumentenbond) and the Massaschade & Consument Foundation also filed claims for damages. The two cases are largely similar to the case that SOMI initiated. The three cases are now being heard simultaneously by the court.
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