The Account Register will improve electronic access to information for authorities

Customs will set up the Account Register which will store data on customers, customer accounts and safety deposit boxes provided by payment institutions, electronic money institutions and providers of virtual currency. The Account Register must up and running in autumn 2020.

On the trail of the tax-gap in e-commerce

E-commerce creates a tax gap in situations such as when a Finnish consumer does not submit a Customs declaration (the taxes remain entirely unpaid), or either undervalues the product or provides an incorrect description of the product in the Customs declaration. Finnish Customs estimates that more effective monitoring of e-commerce deliveries would enable the collection of as much as millions of euros in more taxes per year.

Tax evasion in investment activities is changing

International investment activities involve several tax evasion and income hiding phenomena. According to a recent report, more effective legislation is also needed in order to combat them. Concealment of income and assets from the tax authorities has become more difficult during the past few years. Consequently, individuals who were earlier utilising bank secrecy for tax evasion purposes have been trying to find new ways to evade taxes.

The big picture of the grey economy and economic crime

The website on the grey economy and economic crime 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

UK: Banks fail to agree compensation plan for transfer scam victims

The banking industry has failed to agree a plan to compensate bank transfer scam victims, which could leave consumers unprotected from January 2020. More than GBP 1mn (EUR 1.14mn USD 1.31mn) a day is...

France: EUR 192,000 fine for sending non-compliant waste to Malaysia

France imposed a EUR 192,000 (USD 221,459.07) administrative fine on a waste brokerage firm for sending 20 containers of non-compliant plastic waste to Malaysia over the Summer. The administrative...

Italy: Deutsche Bank is fined EUR 4mn by the Antitrust authority

German bank Deutsche Bank has been fined EUR 4mn (USD 4.61mn) by the Italian Antitrust authority. The sanction refers to the promotional campaign "Fai +1%" which promised a 1% prize to clients...