Prevention statistics from 2018 have been published

The overall picture of combating the shadow economy is encouraging. The authorities have managed to allocate their resources effectively and the results have been good.

Finnish sharing economy companies are small and perform their public obligations well

Close to thirty domestic sharing economy companies operate in Finland at the moment. Their economic significance is relatively small so far. A poor economic situation poses a risk to sharing economy companies.

Refund fraud causes only a small percentage of the VAT gap

The Grey Economy Information Unit used special profiling to investigate those applying for VAT refunds under false pretences. Examination of the identified risk group could be used to estimate the shadow economy VAT gap caused by refund fraud in Finland.

The big picture of the grey economy and economic crime

The new website on the grey economy and economic crime www.grey-economy-crime.fi provides summarised information on the grey economy and economic crime in Finland. The website is maintained through the cooperation of the authorities engaged in combating the grey economy. Further information on the authorities is available under the section About this website.

The website will support the decision-making of authorities and political decision-makers. The information it provides will enhance society’s capabilities to react rapidly to the phenomena and harm associated with the grey economy and economic crime. In addition, the website will provide companies and citizens with information on how to act or protect themselves against such harm.

The big picture is a combination of various aspects

The website provides an overview of the topical phenomena of the grey economy and economic crime comprising the observations of a number of different authorities. In addition, the website offers both domestic and international estimates on the scope and amount of the grey economy and economic crime. The website also provides information on the impact of action taken to prevent the grey economy and economic crime based on the statistics of authorities, including company audits and their results. The website also follows the progress of various projects included in the operational programme concerning the grey economy and economic crime.

In addition, the website contains a selection of recent domestic and international news flows on the grey economy and economic crime.

News about the shadow economy and economic crimes

France: 70% of companies were victims of at least one attempted fraud in 2018

4/18/2019
The 2019 Fraud and cyber-criminality report, conducted by the DFCG association and Euler Hermes, reveals over 70% of the 336 companies considered were victims of at least one attempted fraud in 2018....

Germany: N26 defends own video identification process

4/18/2019
The German digital bank N26 pointed out that the video identification process for opening an account at the company is strictly regulated by the German financial supervisory authority BaFin. This is...

UK: FCA says Brexit is a near-term priority

4/17/2019
The UK Financial Conduct Authority (FCA) says its immediate focus is on ensuring an orderly transition after Brexit. The other areas of focus for the financial regulator are monitoring corporate...