News about the shadow economy and economic crime

UK: Report warns of Covid-19 financial fraud

7/11/2020
A report from the Policy Exchange think tank warns that billions of pounds could be stolen by fraudsters by targeting Covid-19 financial rescue schemes put in place by the government. The report...

UK: Heightened fraud risk due to coronavirus fallout

7/10/2020
The risk of insurance fraud has increased due to the economic fallout from the coronavirus crisis, according to Ahmed East, head of investigations at Davies Group, an insurance services provider....

UK: SFO fines G4S over tagging fraud

7/10/2020
The Serious Fraud Office (SFO) has fined G4S a total of GBP 44mn (EUR 50mn USD 60mn) for defrauding the Ministry of Justice. G4S overcharged on a contract to provide the electronic tagging of...

EU: Parliament calls for more to be done against cross-border money laundering

7/10/2020
The European Parliament has adopted a resolution calling for more to be done against money laundering across international borders. The resolution was critical towards how the Danish Financial...

Russia: 64 criminal cases opened against developers in Krasnodar region

7/10/2020
In the first half of 2020, law enforcement authorities in the Krasnodar region (South) initiated 64 criminal investigations against unscrupulous real estate developers for violation of rights of...

Russia: Crime rate with IT use ups over 20-fold since 2013

7/10/2020
According to Alexander Bastrykin, the Chairman of the Investigative Committee of Russia, in 2019 and January-May 2020, the Committee conducted an investigation of 13,312 crimes committed with the use...

Russia: State Duma advocates digital marking of toys

7/10/2020
The State Duma advocates introduction of digital marking of children's toys. It submitted the relevant proposal to the Ministry of Industry and Trade and the Ministry of Healthcare. Experts say trade...

Germany: Health insurance company may not advertise with remote diagnosis

7/10/2020
A health insurance company advertised with the slogan "Just stay in bed when you go to the doctor". The Munich Higher Regional Court ruled that this was unlawful. The central office for combating...

Latvia: Tax fraud scheme discovered at Dzintari concert hall

7/9/2020
Latvia's State Revenue Service (VID) has discovered a tax fraud scheme at the Dzintari concert hall, LETA reported. Investigations conducted by Latvia's Tax and Customs Police Office (NMPP) revealed...

Germany: Public prosecutor investigating Wirecard for money laundering

7/9/2020
The public prosecutor's office in Munich, Germany, is now also investigating those responsible for German payment service provider Wirecard and unknown persons for suspected money laundering....

Denmark: 40% of Danes have experience with online banking fraud

7/9/2020
A survey by Epion on behalf of the banking sector organisation Finance Denmark found that 40% of Danes have been victim to- or know someone who has been victim to online banking fraud. This includes...

Romania: NAMR checks lead to discovery of halted investments worth EUR 100mn

7/9/2020
Following a series of checks carried out at the headquarters of the National Agency of Mineral Resources (NAMR) in Romania, a number of inconsistencies have been discovered regarding the non-payment...

Finland: Customs seized nearly 300 shipments of nicotine products in spring 2020

7/9/2020
Including passenger imports, Finnish Customs officials seized almost 300 shipments of snus-like nicotine products in spring 2020, compared to less than 10 shipments in the corresponding period in...

Russia: 226 cases of bribery revealed in Krasnodar region

7/9/2020
According to the Prosecutor's office of the Krasnodar region (South), 226 cases of bribery were detected in the region in the first half of 2020. The average amount of bribes received by officials...

Denmark: Danske Bank to provide banking services to Bornholm Municipality

7/9/2020
Danske Bank secured a four-year deal to provide banking services for Bornholm Municipality with an option to extend the contract an additional two years. The deal includes among other things...

Denmark: Mediacenter Danmark fined DKK 2.2mn for cartel formation

7/9/2020
The Danish Competition and Consumer Authority announced that it is fining the Danish media bureau Mediacenter Danmark for agreeing to divide the market together with MPE Distribution. The Authority...

Ukraine: Ukrtyutyun against seizing tobacco companies' accounts & property

7/9/2020
The Ukrainian Association of Tobacco Producers (Ukrtyutyun) has spoken against seizing accounts and assets of the four largest tobacco companies. On 30 June 2020, the Antimonopoly Committee of...

Brazil/EU: General Court rejects BRF's appeal to resume chicken exports

7/9/2020
The General Court of the European Union has rejected the appeal from Brazilian meat processing firm BRF against the decision to prohibit the company from exporting chicken meat to countries in the...

Denmark: Influencer reported to police for undisclosed advertising

7/9/2020
The Danish Consumer Ombudsman has reported an unnamed influencer with a large following to the police for not properly disclosing social media posts as advertisements. The Ombudsman found 21 stories...

Netherlands: Banks work together on money laundering

7/8/2020
Dutch banks Rabobank, ING, Triodos, ABN Amro and Volksbank have opened a joint company called Transactiemonitoring Nederland (TMNL) to combat money laundering. The company will look for unusual...

Denmark: Procuritas fails to pay compensation to FSN Capital

7/8/2020
A Danish court ordered the Swedish private equity firm Procuritas to pay EUR 87mn (USD 100.35mn) in compensation to the Norwegian private equity firm FSN Capital due to manipulated accounting during...

Netherlands: Hamers to be questioned about money laundering

7/8/2020
The court in The Hague is to question former ING CEO Ralph Hamers about money laundering at the bank. ING paid a fine of EUR 775mn (USD 893.91mn) in the matter in 2018 and agreed to a programme to...

Sweden: SEB reportedly considering to appeal FI fine

7/8/2020
Swedish bank SEB is reportedly considering to appeal the recent fine imposed by the Swedish Financial Supervisory Authority (Finansinspektionen, FI) for money laundering in the Baltic states. SEB is...

Ukraine: Court hearing on fines for tobacco companies postponed to 17 July

7/8/2020
The session of the Economic Court of Kyiv on penalties for tobacco companies for abuse of monopoly position has been postponed to 17 July 2020. The amount of fines for companies that sold products...

Ukraine: Imperial Tobacco challenges AMCU fine in court

7/8/2020
The Imperial Tobacco Production Ukraine company and the Imperial Tobacco Ukraine company, part of the Imperial Tobacco corporation, are challenging the fine of the Antimonopoly Committee of Ukraine...

UK: ASA bans misleading O2 adverts

7/8/2020
Two O2 UK press adverts have been banned by the Advertising Standards Authority (ASA) following a complaint by BT. The promotions were seen in February 2020 and promoted a bundle with the Microsoft...

Sweden: Oatly pokes fun at Arla's climate compensation campaign

7/8/2020
Swedish oat drinks manufacturer Oatly has launched an advertisement which pokes fun at Swedish dairy cooperative Arla's campaign Netto noll klimatavtryck. In the campaign, Arla claims to climate...

Hungary: CIB Bank and Raiffeisen Bank get fine from central bank

7/7/2020
CIB Bank and Raiffeisen Bank have received a HUF 9.60mn (EUR 29,545 USD 34,078) and a HUF 20mn fine from the Hungarian central bank MNB respectively due to shortcomings detected considering...

Slovenia: Police unravels tax fraud of EUR 38mn after long investigation

7/7/2020
On 7 July 2020, Ljubljana Police in Slovenia revealed that its long term investigations on tax fraud have been concluded and resulted in discovering fraud of around EUR 38mn (USD 43.83mn). Police...

Russia: Violations in sphere of turnover of drinking and mineral water revealed

7/7/2020
The Prosecutor General's office of the Russian Federation has revealed violations in the sphere of turnover of drinking and mineral water throughout the country. The facts of illegal use of names of...