‘Businesses not meeting basic requirements’ – NZ regulator says gaps still remain in compliance while vowing to get tougher

Regulatory Watch News

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  Investigation cluster Midas: Additional conviction for VAT fraud in Germany

  European Public Prosecutor's Office

  May 28, 2025

  (Luxembourg, 28 May 2025) – The European Public Prosecutor’s Office (EPPO) in Munich (Germany) has secured another conviction in the EPPO investigation cluster Midas, a large-scale VAT fraud case spanning 17 countries and involving an estimated damage of €195 million. Last week (20 May), the Landshut Regional Court (Landgericht Landshut) sentenced one individual for VAT fraud. The convicted was involved in fraudulent trading of protective face masks, exploiting VAT rules to evade tax payments. His action resulted in an estimated VAT loss of around €600 000. The court sentenced him to one year and 10 months of imprisonment on probation, ordering the confiscation of € 600 000.

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  7 entries amended under the Russia Sanctions Regime

  UK Government

  May 28, 2025

  Today, Wednesday 28 May, the UK Government made 7 administrative amendments to the following individual and entities under the Russia Sanctions Regime. Individual:

  Name	Unique ID	OFSI Group ID
  Igor Borisovich BYSTROV	RUS2626	16878

  Entities:

  Name	Unique ID	OFSI Group ID
  SHANGHAI NEW CHESS INT'L LOGISTICS CO., LTD.	RUS2617	16869
  SHANGHAI NEW CHESS CO., LTD.	RUS2618	16870
  MT-SYSTEMS LLC	RUS2620	16872
  ATOMA LLC	RUS2622	16874
  PIONEER TRADE LLC	RUS2640	16886
  Limited Liability Company responsibility "Market Special Depository"	RUS2686	16932

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  GRECO recommends Anti-Corruption Reforms for Liechtenstein’s Government, Police, and Head of State

  GRECO

  May 28, 2025

  The Council of Europe’s Group of States against Corruption (GRECO), in a report published today, calls on Liechtenstein to take further steps to prevent corruption among persons with top executive functions (PTEFs), including members of government, the Government Secretary, Secretaries General and Senior Political Advisors, as well as members of the National Police. The report also covers the Reigning Prince, who contributes to executive decision-making under the Constitution.