Tag Archives: regulations

Brazilian Health Authorities Doubt the Efficacy of Russia’s Sputnik V Covid-19 Vaccine | Instant News

SÃO PAULO – Brazil’s health authority, Anvisa, said it seriously doubted the safety and efficacy of Sputnik V, blaming Russia’s inexperience and defensiveness for making it difficult to approve the Covid-19 vaccine for use in Latin America’s largest country.

Anvisa blocks Russian fire approval for emergency use last week, even as hard-hit Brazil faced a severe shortage of the Covid-19 vaccine, caused concern around the world, with more than 60 countries having approved the use of Sputnik.

Anvisa’s medicine and biological products manager, Gustavo Mendes, said in an interview on Monday that Brazil feared the vaccine could contain particles of the active adenovirus, which causes the common cold, which could make recipients sick.

Mr Mendes said Brazil also had doubts about the methodology used in the Sputnik clinical trial and whether the batch of doses Brazil would receive would be identical to the injections tested in the trial.

“It’s a question of safety and efficacy,” said Mendes, saying that Anvisa had faced intense pressure from the public to approve the injections, with more than 2,000 people dying each day from the disease in Brazil.

“They told us ‘People are dying, this vaccine can save lives,’ but with the many questions and doubts we have, it’s not clear if this vaccine will really provide any protection,” said Mendes.

Both Chile and Colombia have sought further information from Brazil about the possible Sputnik problem following last week’s Anvisa decision, he said.

Anvisa could still approve the injection if its maker, Russia’s state-owned Gamaleya Research Institute, provided more information to prove the vaccine’s safety and efficacy, or adjust the manufacturing process, Mendes said.

The Russian Direct Investment Fund, which manages gunfire sales abroad, did not immediately respond to a request for comment. Russia has previously dismissed Brazil’s concerns, accusing Anvisa of acting politically on Washington’s orders to discredit the vaccine.

Write to Luciana Magalhaes and [email protected] and Samantha Pearson at [email protected]

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German Regulators Order Deutsche Bank to Improve Controls on Money Laundering | Instant News

BaFin, Germany’s financial regulator, has placed an order

German Bank AG

DB -1.41%

to take it a step further protection against money laundering, showing still finding shortages in the bank was repeatedly reprimanded for a lack of proper controls.

In a brief statement on its website late Friday, BaFin said banks should “further adopt appropriate internal safeguards and comply with due diligence obligations, particularly with regard to regular customer reviews,” adding the same applies to correspondent relations and monitoring of transactions.

It said it was expanding the role of the monitor it appointed in 2018 to see implementation. That year, BaFin appointed KPMG for the job.

In a statement, Deutsche Bank said it had significantly increased its control, adding that it had spent about $ 2.4 billion and raised its anti-money laundering team to more than 1,600 over the past two years.

“But we are also aware that there is still work to be done,” the bank said.

Deutsche Bank has run into a series of problems with regulators in the past. It has paid fines in the US for failing to monitor it properly dealt with late financier and convicted sex offender Jeffrey Epstein and for its role as a correspondent bank for Danske Bank Estonia branch A / S, through which an estimated $ 230 billion has flowed from Russia and other former Soviet countries over the years with minimal oversight.

It also has US monitors as part of a 2017 settlement with authorities related to “mirror trading,” where the bank moved $ 10 billion in Russian client money abroad.

Under the leadership of the Chief Executive Officer of Christian Sewing, the bank is eager to demonstrate that this problem is behind it. Earlier this week, it reported its strongest quarter in seven years, and revealed that unlike many other rivals, it was escaped the explosion of Archegos Capital Management thanks to rigorous risk assessment.

Mr. Sewing has revamped the bank which includes sharp cost cutting and a refocus on client service, particularly in its home country, Germany. However, that doesn’t mean banks aren’t willing to take risks.

In November, The Wall Street Journal reported that there had been tensions between US monitors and banks over possible expansion plans in Russia. Thought the US watchdog the risks of doing business with Russian clients too big, and the bank should close the business instead.

Write to Patricia Kowsmann at [email protected]

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New Zealand Scores Well in Anti-Money Laundering, but Gaps Remain, Watchers said | Instant News

New Zealand has put in place some effective measures to combat money laundering and terrorist financing, but there are still gaps to be overcome, according to a report from the international standards body.

The Financial Action Task Force, a Paris-based organization that also monitors legislation aimed at fighting money laundering and terror financing, said New Zealand’s measures were “yielding good results,” but the country needed to increase transparency of beneficial ownership information. , strengthen sector-specific surveillance reporting suspicious activity and better monitor compliance with financial sanctions to prevent terrorist financing, according to an evaluation published on Thursday. The country was last evaluated by the FATF in 2009, with a follow-up in 2013.

A representative from the New Zealand Department of Home Affairs, which is the body responsible for overseeing compliance with anti-money laundering and terrorism financing regulations, was not immediately available for comment.

“The report recommends increasing the scope and depth of the Reserve Bank [Anti-Money Laundering/Combating the Financing of Terrorism] banking sector oversight, ”a spokesman for the Reserve Bank of New Zealand, another watchdog, said in a statement. “To the extent possible, the Bank is addressing this within the scope of the five-year funding agreement approved last year.”

The FATF lauds many aspects of New Zealand’s anti-money laundering and anti-terrorist financing system. The country’s law enforcement agencies regularly use financial intelligence to detect potential criminal activity and investigate and prosecute offenses, particularly in recovering the proceeds of crime, according to the report.

The group said New Zealand also needs to strengthen oversight of certain sectors, including lawyers, accountants and real estate agents, which have been included in the scope of the country’s anti-money laundering measures in recent years and must now put in place processes and systems. to deal with money laundering and terrorism financing.

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The FATF recommends that New Zealand increase the transparency and availability of accurate and up-to-date beneficial ownership information, such as limited liability companies and partnerships, which can be used to launder illicit funds, after implementing measures to reduce risks associated with companies and limited liability companies. partnerships in recent years.

New Zealand law enforcement also remains wary of funds being used for domestic terrorist attacks in the aftermath mass shootings at two mosques in Christchurch in 2019, said the FATF. Terrorist financing investigations have also been thorough and well-coordinated, the group said in the report.

New Zealand has a strong legislative framework for implementing financial sanctions to combat terrorist financing, such as asset freezes, said the FATF. But the report notes that there are no assets frozen in New Zealand under its financial sanctions regime, which may be consistent with the country’s risk profile.

The FATF also found that some New Zealand entities have different understandings of sanction compliance obligations, due to limited guidance from the authorities and a lack of a mandate for regulators to enforce these requirements.

Write to Mengqi Sun at [email protected]

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Germany, France and Italy Begin EU Recovery Plan. Three Questions about the Long-Awaited € 750 Billion Program. | Instant News

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France and Germany are friendly on spending plans – POLITICO | Instant News

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France and Germany jointly presented their national plans under the EU pandemic recovery package, as evidence of the unity of Europe’s strongest bilateral ties.

“It is important for us to make this presentation together, because Germany and France have been working together since the beginning of the crisis,” French Economy Minister Bruno Le Maire said at a press conference Tuesday with his German counterpart Olaf Scholz.

The two countries’ joint efforts to get debt-fueled money to save Europe’s economy were ravaged by the pandemic caused EU leaders agreed to issue a collective debt of more than € 800 billion for the first time. The fund, whose center the Recovery and Resilience Facility will disburse up to € 338 billion in grants and € 386 billion in low-cost loans to EU countries, is expected to start paying off this summer, with the approval of a national plan by the Commission and Council.

“When France and Germany want it, Europe can,” joked Le Maire.

France, Germany, Italy and Spain will submit their plans to the Commission together on Wednesday, said Le Maire, urging EU executives to release them “as soon as possible so that they can be approved by the Council by the end of July,” and to the first payment tranche that flows “before the end of summer”.

The Commission has two months to assess the plan and draft a funding proposal to the Council, which must sign it by a qualified majority within one month. Countries are then entitled to receive 13 percent of allocated resources, with the remainder unlocked for years until 2026 depending on the achievement of planned investments and reforms.

Neither France nor Germany requested access to the loan portion of the fund, as expected, because their high credit rating allows them to borrow capital on terms equal to or better than the Commission. That French recovery plan amounting to a total of € 100 billion, with € 39.4 billion financed by EU grants and the remainder by national loans. But France has asked for € 41 billion in grants, more than that shared allocation under regulation, a spokesman for the finance ministry confirmed without stating the reason.

The German plan amounts to a total expenditure of € 28 billion, with the government adding another € 25.6 billion to EU grants with its own funds.

France expects its plan to increase economic growth by 4 percentage points over the 2020-2025 period and create about 240,000 jobs by 2022. Germany expects GDP growth to be 2 percentage points higher in the long run compared to the base scenario, and for jobs to increase by half a point percentage.

France and Germany plan to spend 50 percent and 40 percent, respectively, of funds on climate-related investments – “ far beyond ambitious targets [37 percent] set by the European Union, “as Germany’s Scholz puts it.

In France, most of the green investment will go towards infrastructure and mobility, around € 7 billion. The aviation sector will receive around € 1.5 billion, while support for the rail sector amounts to € 4 billion.

In Germany, investment in the decarbonization of transport and electric mobility will be up to € 5.5 billion, with another € 3.3 billion going to developing hydrogen technology.

The two countries also invested heavily in digital, spending more than 50 percent (Germany) and 25 percent (France) on projects including the new European Important Common Interest Project on microelectronics, financed by Berlin of € 1.5 billion, and focus on “technology sovereignty” by France, costing € 3.2 billion. The Commission’s requirement is to spend at least 20 percent on digital investment.

Other major spending items include € 7.7 billion for research, health and territorial cohesion in France, and € 3 billion for hospitals in Germany.

Overcoming structural problems through substantial reforms other built-in conditions of the Recovery and Resilience Facility, intended to make large-scale transfers under the fund more politically suitable for countries, including the Netherlands, Austria, Finland and Sweden, which are skeptical of collective debt obligations. All countries are required to address “all or most” of the issues contained in the so-called Country Specific Recommendations, or the annual duty roster that Brussels compiles for EU governments each year.

France plans to include three main reforms: reforms to the unemployment insurance system, climate laws and changes to the country’s public spending rules.

“We are not introducing reforms in the interest of the European Commission – we are introducing reforms in the interests of French citizens,” said Le Maire.

The French plan provides no timeline for forthcoming but controversial pension reforms presented in December 2019 by the Macron administration, another major request from Brussels. Reforms are described as “essential” but discussion of them will only restart “as soon as improvements to the health and economic situation allow,” according to the plan.

Pension reform “is not a prerequisite for the EU. “But I kept thinking it was really necessary when the time came,” explained Le Maire.

Germany’s plan includes reforms to remove barriers to investment and modernize public administration. However, reforms of the tax system to take the fiscal burden away from the workforce, as well as the state pension system – both requested by Brussels – were not included in the plan.

Reiterating criticism that the German plan lacks ambitious reforms, Scholz of Germany said: “We carried out very ambitious reforms in Semester Europe, as others would … so you see we are on the right track.”

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