The Belgian court of Antwerp has recently sentenced three suspects in the so-called fipronil egg contamination case to prison sentences ranging from one year effective to 18 months suspended for endangering public health. The court awarded millions of EUR in of damages to the civil parties as well. In April this year, two Dutch suspects were sentenced to one year in prison for the illegal sale of the potentially harmful insecticide fipronil to poultry farms. Eurojust assisted with investigations into the case in 2017 and provided assistance in setting up and operating a joint investigation team (JIT) between Belgium and the Netherlands, to support judicial action against the suspects. Continue reading…

With 252 registered in September 2020 and 322 registered in May 2019, the Institut du Risk & Compliance is pleased to announce the 3rd edition of their Compliance and Technology Conference. The event will take place on July 6 and 7, 2021 at the stunning 5-star Hotel Marriott Champs Elysées in Paris, France. This conference will center on themes that surround  “Compliance & Technology”,  which will also be complemented by conferences, round tables and workshops to discuss best practices. The Risk & Compliance Platform is also a major sponsor and will take part in this conference.  Continue reading…

Research published by the FCA estimates that 2.3 million adults now hold cryptoassets (up from 1.9 million last year). 78% of adults have now heard of cryptoassets, up from 73% in a year. The consumer research shows that as holding cryptoassets has become more common attitudes to them have changed. 38% of crypto users regard them as a gamble (down from 47% last year), while increasing numbers see them as either a complement or alternative to mainstream investments. By contrast, the level of overall understanding of cryptocurrencies is declining, suggesting that some people who have heard of crypto may not fully understand, with only 71% correctly identified the definition of cryptocurrency from a list of statements. Continue reading…

The Commission is today laying out a vision to build a new Joint Cyber Unit to tackle the rising number of serious cyber incidents impacting public services, as well as the life of businesses and citizens across the European Union. Advanced and coordinated responses in the field of cybersecurity have become increasingly necessary, as cyberattacks grow in number, scale and consequences, impacting heavily our security. All relevant actors in the EU need to be prepared to respond collectively and exchange relevant information on a ‘need to share’, rather than only ‘need to know’, basis. First announced by President Ursula von der Leyen in her political guidelines, the Joint Cyber Unit proposed today aims at bringing together resources and expertise available to the EU and its Member States to effectively prevent, deter and respond to mass cyber incidents and crises. Cybersecurity communities, including civilian, law enforcement, diplomatic and cyber defence communities, as well as private sector partners, too often operate separately. With the Joint Cyber Unit, they will have a virtual and physical platform of cooperation: relevant EU institutions, bodies and agencies together with the Member States will build progressively a European platform for solidarity and assistance to counter large-scale cyberattacks.
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The Financial Stability Board (FSB) recently published a public consultation on global targets for addressing the four challenges of cross-border payments. The quantitative targets proposed are a foundational step in the G20 Roadmap for Enhancing Cross-border Payments, which was endorsed by G20 Leaders in November 2020. The proposed targets set goals for improving cost, speed, transparency and access for cross-border payments in the coming years through the actions taken under the Roadmap. They will play an important role in defining the ambition of the work and creating accountability. They are intended to provide a common vision for the improvements that are being sought in cross-border payments services through the collaborative work of the private and public sectors. These targets are being set in an inclusive manner, including through this public consultation. Continue reading…

Margarita Delgado, Deputy Governor of the Bank of Spain, recently gave a speech at the Banking Law Conference, organised by the Malaga Lawyers’ Association on 4 June 2021. The subject chosen for this conference is highly topical and relevant. Transparency is certainly needed for there to be effective competition between banks, and it is a central feature of the framework of conduct that should govern the relationship between banks and their customers. Clearly, too, banks’ massive dealings and business formalised through standard form contracts call for legal certainty to be ensured. Further, the necessary standardisation and speed of dealings must always be compatible with maintaining a high degree of protection for the end-customer, especially where individuals are concerned. Continue reading…

Between 1990 and 2016, cross-border cartels affected sales of over $51 trillion worldwide. Indicatively, more than 100,000 companies were found liable for international price-fixing, with estimated gross overcharges exceeding $1.5 trillion. In light of the data provided, it becomes apparent that international cartels have a great impact, not only on consumer welfare, but also on economies as they deprive the latter of the benefits from international trade. On Thursday, May 20th 2021, the Economic Crime Series: International Cartels – Recommendations for an overall proportional punishment and a realignment of competition law event was held online, organised by Dr. Branislav Hock and chaired by Penelope Giosa who are both lecturers at the University of Portsmouth. Given the context of the seminar, speakers Dr. Marek Martyniszyn and Dr. Pieter Huizing presented their research work to shed light on the ways that existing regulatory gaps could be narrowed and an overall proportional punishment could be achieved in the area of international cartels. The Risk & Compliance Platform Europe has also covered this seminar via its website. This is part two, which will focus on Dr. Huizing’s presentation. Continue reading…

The Governing Council of the European Central Bank (ECB) has decided that it concurs with ECB Banking Supervision in that there continue to be “exceptional circumstances” allowing for the extension of the temporary exclusion of certain central bank exposures from the leverage ratio in order to support the transmission of the ECB’s monetary policy. The Governing Council is of the view that the condition of exceptional circumstances warranting this temporary exclusion from the calculation of banks’ total exposure measure continues to be met for the euro area as a whole. Continue reading…

On June 2, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three Bulgarian nationals due to their extensive roles in corruption in Bulgaria, as well as their network of 64 entities. The administration believes that corruption will lead to a break down in the rule of law, weaken the economy and economic growth, undermine democracy, perpetuate conflicts, and deprive innocent civilians of their basic human rights. The recent action is the largest anti-corruption action to date, indicating that the Ministry of Finance is working tirelessly to hold those involved in corruption accountable. The US government will continue to impose tangible and significant consequences on those involved in corruption and commit to protecting the global financial system from abuse. Continue reading…

Now perhaps more than ever, governance and legal teams are being asked to do more with less. By automating recurring and routine tasks, you empower your team to focus on more strategic initiatives, and in doing so, you also create a competitive edge. In a 30-minute speed learning webinar held on Tuesday, 8 June 2021, moderator Matthieu Chollet, Regional Sales Director for France from Diligent was joined by speaker Luc van Daele, Owner at Legadex to discuss the ways that companies can boost operational efficiency and collaboration among dispersed teams; ways legal teams can become more strategic and claim the business advisor role; and how to use Alternative Legal Service Providers (ALSPs) and legal-tech to help achieve your company’s goals in a post-Covid economy. Continue reading…