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.

E-commerce is widespread and transnational

The strong growth in e-commerce also means that the associated shadow economy is growing. More than 60% of counterfeit goods stopped by Finnish Customs are detected among postal deliveries sent from third countries to the EU.

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

UK: IFED to celebrate seventh birthday

1/14/2019
The City of London Police's Insurance Fraud Enforcement Department (IFED) has seen 433 insurance fraudsters convicted since it was established in 2012. IFED will celebrate its seventh birthday in...

UK: Hammond and Javid lead taskforce to combat economic crime

1/14/2019
The UK Chancellor, Philip Hammond, and Home Secretary, Sajid Javid, are going to chair a new taskforce that will aim to tackle economic crime. They will work with key figures across the financial...

UK: Investigation shows imported produce is being sold under British banner

1/14/2019
An investigation by the Sunday Mirror shows fruit and vegetables imported from other countries are being sold by retailers below banners that back British farming. Examples of imported items being...