Europol’s EC3 signs Memorandum of Understanding (MOU) with global non-profit dedicated to reducing cyber-risk in the financial system through intelligence sharing.
A summary of the exchange of views is now available.
EU countries lost €137 billion in Value-Added Tax (VAT) revenues in 2017 according to a study released by the European Commission today. The so-called ‘VAT Gap’ – or the overall difference between the expected VAT revenue and the amount actually collected – has reduced somewhat compared to previous years but remains very high. This substantial VAT Gap again highlights the need for comprehensive reform of the EU VAT rules, as proposed in 2017 by the Commission, and increased cooperation between Member States to clamp down on VAT fraud and to make the rules work for legitimate businesses and traders. The VAT Gap measures the effectiveness of VAT enforcement and compliance measures in each Member State, as it provides an estimate of revenue loss due to fraud and evasion, tax avoidance, bankruptcies, financial insolvencies as well as miscalculations.
Prepared by Maria Teresa Chimienti, Urszula Kochanska and Andrea Pinna
Some 251,000 counterfeit euro banknotes were withdrawn from circulation in the first half of 2019, a decrease of 4.2% when compared with the second half of 2018 and 16.6% less than in the first half of 2018. The likelihood of receiving a counterfeit is very small indeed as the number of counterfeits remains very low compared with the number of genuine banknotes in circulation, which has risen steadily at rates in excess of GDP growth since they were first introduced. In 2018 the number and value of euro banknotes in circulation grew by around 5.6% and 5.2%, respectively. There are now over 22 billion euro banknotes in circulation, with a total value of around €1.2 trillion.
NBFI MonitorNo 4 / July 2019
Working Paper SeriesNo 97 / June 2019 by Manuel Muñoz
The UK and Dutch national authorities, in a joint operation with Eurojust and Europol, arrested 6 people as part of an ongoing investigation into a €24 million cryptocurrency theft. The suspects were arrested following simultaneous search warrants that were carried out in Charlcombe, Bath, Trowbridge, UK, as well as Amsterdam and Rotterdam, the Netherlands. The thieves are suspected of targetting users’ bitcoin tokens, affecting at least 4 000 victims in 12 countries; these numbers are expected to grow further. With the active support of Eurojust and Europol, the authorities seized a larger number of electronic devices, equipment and valuable assets.
The entry of large technology firms (“big techs”) such as Alibaba, Amazon, Facebook, Google and Tencent into financial services, including payments, savings and credit, could make the sector more efficient and increase access to these services, but also introduces new risks, the Bank for International Settlements (BIS) writes in its Annual Economic Report.
The ‘Normandy Index’ aims to measure the level of conflict in the world. It is to be presented for the first time on the occasion of the Normandy Global Peace Forum in June 2019, as a result of the partnership between the European Parliament and the region of Normandy. The Index has been designed and prepared by the European Parliamentary Research Service (EPRS) and developed by the Institute for Economics and Peace.
The aim of the workshop is to present, analyse and discuss two bidirectional interdependency scenarios with potentially adverse effects: (i) a scenario between the power sector and the telecommunications sector and (ii) a scenario between financial institutions and DSPs.