Shadow economy in east-west trade takes many forms

The land border between Finland and Russia as an external border of the EU is an important commercial route that also attracts illegal transfers of money and goods. Unclear business transactions concern companies registered in different countries and the responsible persons in these Finnish companies are not usually Finnish citizens.

Incomes Register is a new tool for combatting the shadow economy

The Incomes Register allows for more efficient prevention of activities in the shadow economy because it makes the same income data available to many authorities at the same time. The data is more up to date and authorities can respond faster to misuse through supervision and surveillance.

EU countries engage in cooperation to combat food fraud

The EU member states and Norway have strengthened their cooperation to combat food fraud. Finland belongs to the Food Fraud Network, which is used to share information about suspected cross-border food fraud between the authorities of the member states. In 2018, the member states reported 234 suspicious cases through the network.

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

Lithuania: Financial police to take more aggressive action on money laundering

5/22/2019
Lithuania's Financial Crime Investigation Service (FNTT) will adopt more aggressive tactics against money laundering, BNS reports. Mindaugas Petrauskas, deputy director of FNTT, said the agency would...

Spain: Axa puts insurance fraud in Andalucia at EUR 11.6mn in 2018

5/22/2019
Insurance group Axa has estimated that in 2018 there was around EUR 11.60mn (USD 13.38mn) in pay outs that were not made because some sort of irregularity or scam was detected. While the number of...

Russia: Positive Technologies on costs of attacks on financial organizations

5/22/2019
Positive Technologies experts estimated the cost of a targeted hacker attack on financial institutions at USD 45,000 (EUR 39,013.98)-55,000. Cybercriminal's investments are paid back after the first...