The big picture of the grey economy and economic crime

Undeclared work does not respect national borders #EU4FairWork

16.3.2020 

The #EU4FairWork campaign is raising awareness of the benefits of declared work among employers and employees as well as informing decision-makers about the importance of preventing undeclared work. 33% of Europeans know someone who has done undeclared work.

Labour exploitation and human trafficking

16.3.2020 HEUNI

According to HEUNI’s studies, labour exploitation is financially profitable, and the risk of being caught and punished is usually low. Unscrupulous companies and dishonest entrepreneurs take advantage of legal structures and means to maximise their profit and hide their exploitative activities from the authorities.   

Accuracy of earnings-related pension insurance has remained at a good level

By supervising pension insurance, the Finnish Centre for Pensions makes sure that employees and the self-employed get their statutory pensions. On average, the uninsured wages have amounted to about 110 million euros each year. See new statistics. 

The big picture of the grey economy and economic crime

The 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

Sweden: Swedbank's credit rating lowered

3/27/2020
S&P Global Rating's credit rating of Swedish bank Swedbank has been lowered to A+ from previous AA-. This is due to the bank's shortcomings in the work to combat money laundering, as revealed in...

France: AMF and ACPR warn against opportunistic fraud

3/26/2020
French stock market authority Autorité des marchés financiers (AMF) and the prudential authority Autorité de contrôle prudentiel et de résolution (ACPR) have warned the public against fraud in this...

UK: Post Office convictions sent to Court of Appeal

3/26/2020
A number of convictions for theft, fraud and false accounting against former sub-postmasters and postmistresses are to be sent to the Court of Appeal. The accusations were made following the...