Public procurement is an attractive growth platform for the grey economy

Combined, the construction contracts commissioned by public bodies and the procurement of goods and services amount to more than EUR 35 million per annum in Finland. In this context, it is evident that public procurement is an attractive growth platform for the grey economy.

Transparency on companies’ public obligations curbs the shadow economy

Transparency of the fulfilment of obligations will steer companies towards fulfilling their obligations and effectively combat the grey economy. A proposal has been put forward to implement a new view in the Business Information System (BIS) user interface.

Companies managed by foreign nationals more commonly fail to pay their taxes

Foreign-owned companies registered in the Finnish Trade Register have tax-related reporting and payment irregularities far more frequently than those managed by Finnish persons. These are some of the facts that emerge from the reports conducted by the Grey Economy Information Unit.

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: UBS fined EUR 4.50bn in tax fraud case

2/21/2019
The Swiss bank UBS has been fined EUR 4.50bn (USD 5.19bn) in a French tax fraud case. The fine includes EUR 800mn in civil damages. UBS had consistently contested any criminal wrongdoing and...

UK: Delay to tax haven registers risking national security, says committee

2/21/2019
National security is being undermined after the government decided to delay the introduction of share ownership registers in its overseas territories such as the British Virgin Islands, according to...

Denmark: Danske Bank approached by US securities industry regulator

2/21/2019
Danske Bank has announced today that it has received an inquiry from the U.S. Securities and Exchange Commission (SEC) regarding the case of possible money laundering at the bank's branch in...