On December 4th, 2020 Directive (EU) 2020/1828 on representative actions for the protection of the collective interests of consumers was published in the Official Journal of the European Union. AIM of the new redress DIRECTIVE! This Directive gives powers to organisations or public bodies designated by European Union (EU)
As previously discussed, Great Britain is undeniably the frontrunner in financial crime in Europe. Being one of the global headquarters for financial services comes with a high price for the British people. In 2023, Britons lost about £459.7mn to Authorised Push payment fraud — which includes purchase scams, online investment
On April 5, 2024, the Dutch Prosecutor announced that the criminal charges against Payvision´s board members were settled out of court. Booker and his collegue Cheng Liem Li were found to have (2016 – April 2020) structurally and for many years violated the European Know your Customer rules and accepted
The damage currently caused to small European investors by fraud on online trading websites (from now on, also referred to as #BrokerScams or #InvestmentScams) promising high returns for investments (right now mainly cryptos) in Europe is estimated at (at least) 1 billion euros per month (!). This is only a
On 22 February 2024, the EU Council and the EU Parliament voted 28 to 26 to establish the new Anti-Money Laundering Authority in Frankfurt, Germany. This authority, anticipated in the highly regarded EU Anti-Money Laundering (AML) Package, is expected to play a crucial role in combating money laundering within the
Approvement of the new EU Instant Payments Regulation! On 7th February 2024, the European Parliament formally approved the new Instant Payments Regulation. Under the new regulations for Instant Payments (also known as Real-Time Payments), all European payment providers are required to give their customers the option to conduct Euro-denominated credit
For over four years, we have meticulously examined criminal files to decipher the operations of Barak and Lenhoff´s criminal organization and the involvement of Payment Service Providers (PSPs) in these schemes. In recent months, as we collected information for the ongoing civil proceedings against Payvision and Deutsche Bank, we have
Adverse decision of the Koblenz regional court for a Wirecard investor! On December 22, 2023, the regional court in Koblenz, Germany decided that Commerzbank AG – one of the biggest banks in Germany – is not liable for recommending investments in Wirecard although knowing about irregularities within the Wirecard group
With decision of January 10, 2024 III Zr 57/23 the German Federal Supreme Court finally rejected a claim brought by a Wirecard shareholder for damages against BaFin (BGB § 839 para. 1 sentence 1 Ca; WpHG § 106 ff (F: until December 31, 2021). The Federal Supreme Court found that
Crypto assets, hailed as a remarkable innovation, have become a perfect vehicle for fraud. Crypto assets opened the door to a shockingly high level of fraud. The lack of regulatory oversight about crypto assets contributes to the issue. Crypto assets have a different status in different jurisdictions. Even with recovery
EFRI is the abbreviation for European Funds Recovery Initiative. The legal entity behind this Initiative is a not-for-profit organisation (EFRI-Association) registered in Vienna, Austria. Here you can read the statutes of the not-for-profit organization. Read More
