The Grand Duchy of Luxembourg and the EIB have committed to working ever more closely together on two of their joint priorities: the development of the microfinance sector in ACP countries and the fight against climate change. At the EIB’s annual Donors Conference, taking place in Luxembourg today, they launched a Financial Inclusion Fund, dedicating EUR 3.6m to support for micro and small businesses in Africa, the Caribbean and the Pacific. They also agreed to extend the Luxembourg-EIB Climate Finance Platform, which was originally established in 2017 for three years.
Albanian businesses will benefit from better access to finance as a result of a €30 million unfunded Risk Participation Agreement that was signed in Tirana by the EBRD’s Managing Director for Central and South-Eastern Europe, Charlotte Ruhe, and Union Bank, a longstanding client.
A summary of the joint debate is now available.
Colloqium BFF-SUERF with keynote speakers Robert KOOPMAN, Director WTO and John BERRIGAN, Deputy DG EC.
These activities count for 7 training points or hours within the scope of the retraining scheme for bank and insurance intermediaries, accountants, tax consultants, audit and tax specialists.
The European Banking Authority (EBA) published today a report identifying potential impediments to the cross-border provision of banking and payment services in the EU. Developed under the EBA’s FinTech Roadmap, this Report calls on the European Commission to facilitate cross-border access, including the update of interpretative communications on the cross-border provision of services and further harmonisation of consumer protection, conduct of business and AML/CFT requirements, in order to facilitate the scaling up of activity cross-border.
The European Investment Bank (EIB) and the Palestinian Company for Credit and Development (FATEN) have signed a USD 10 million-loan agreement to finance self-employed individuals, sole proprietors and micro entrepreneurs in Palestine. The EIB financing will support several thousands of beneficiaries.
Authorities in Hungary, Slovakia, Poland, the United Kingdom and the United States of America, with the active assistance of Eurojust and Europol, have taken action against an elaborate tax fraud scam by a Hungarian-led, international organised criminal group (OCG). During two action days, seven people were arrested, including the leader of the criminal group, who was apprehended in the United States of America in a speedy procedure. Overall, 193 premises were searched and 37 people were brought in for hearings regarding their alleged participation in the setting up of shell companies, which provided false invoices to avoid VAT payments to the Hungarian fiscal authorities. The scam, which also involved money laundering, led to a loss of approximately EUR 3 million to Hungary. In addition, approximately EUR 2.3 million in cash and goods have been seized, including real estate, two luxury cars and bitcoin.
The European Securities and Markets Authority (ESMA) and the Australian Securities and Investments Commission (ASIC) are pleased to announce that they have signed a Memorandum of Understanding (MoU) setting out cooperation arrangements in respect of Australian benchmarks.
Croatian companies listed on the Zagreb Stock Exchange will further improve their corporate governance to meet the best European standards thanks to the introduction of a new code of corporate governance developed with support of the EBRD, led by the Bank’s Legal Transition Team.
The inaugural meeting of the Joint EU-Japan financial regulatory forum was held in Tokyo on 11th October. (The earlier Japan-EU High Level Meeting on financial Issues was transformed into this Forum in line with the Annex for Regulatory Cooperation on Financial Regulation contained in the Japan-EU economic partnership agreement (EPA)). This year’s meeting provided an important opportunity for Senior Officials from both sides to exchange views on the recent regulatory and supervisory developments in the financial sector at international level and in their respective jurisdictions.