News about the shadow economy and economic crime

Denmark: KLP among companies suing Danske Bank

1/22/2020
Norwegian pension company KLP is one of the 63 companies that have sued Danske Bank for money laundering. Jeanett Bergman, Head of Sustainable Investments at KLP, says the value of the company's...

Denmark: Crime prevention increasingly important for banks

1/21/2020
The number of full-time employees who were involved in anti-money laundering and compliance work at Danish banks and mortgage credit companies increased increased by 1,149 to 4,268 from 2018 to 2019,...

UK: Decline in fraud reports from trust and company service providers

1/21/2020
Figures show a 56.6% decline in the number of suspicious activity reports (SARs) to the National Crime Agency from trust and company service providers to only 23 in the year to March 2019. Reports to...

Sweden: Consumer Agency critical of Resurs Bank marketing

1/21/2020
The Swedish Consumer Agency (Konsumentverket) has issued an injunction against Swedish niche bank Resurs Bank, held by listed company Resurs Holdings, and against the marketing schemes conducted by...

Lithuania: Panevezys mayor detained on suspicion of influence peddling

1/20/2020
Lithuania's Special Investigation Service (STT) detained Rytis Mykolas Rackauskas, mayor of Panevezys, on suspicion of influence peddling, BNS reported. STT suspected Mr Rackauskas of accepting a...

Switzerland: Lithuanian bank liquidator claims EUR 335mn from Julius Baer

1/20/2020
The liquidator of Lithuania's bankrupt Snoras bank is claiming EUR 335.2mn from Swiss private bank Julius Baer. Bankruptcy liquidator Gintaras Adomonis said the former owners of Snoras, Vladimir...

Denmark: FSA introduces new anti-money laundering system

1/20/2020
The Danish Financial Supervisory Authority (FSA) has announced that it has developed a new system for data-based risk assessment of the 1,800 companies that are under FSA's anti-money laundering...

Spain: Travel agencies prepare legal action against Correos

1/20/2020
Several travel agency associations in Spain are preparing a legal battle against the public postal company Correos, which they accuse of "intrusion" and "skipping the requirements to offer combined...

Latvia: Prosecutor General demands return of fine for dress leasing

1/20/2020
The Latvian Prosecutor General has demanded that the Vidzeme District Court rescind a previous verdict, according to which a woman was fined EUR 300 for engaging in second-hand leasing of dresses of...

Sweden: Frauds against businesses on the increase

1/19/2020
Frauds against businesses have increased remarkably in Sweden; blackmailing alone has increased by as much as 400%. So says Linus Fugl, fraud analyst at Danske Bank. He says the bank is restrictive...

Austria: Tojner denies involvement in fraud

1/18/2020
Austrian entrepreneur Michael Tojner has denied fraud in relation to the building cooperatives Pannonia, Gesfoe and Riedenhof. The state of Burgenland claimed that the properties were wrongly valued...

Lithuania: President to veto new law on property confiscation

1/18/2020
Lithuania's President, Gitanas Nauseda, will veto a new law on the civil confiscation of property and propose amendments to the law, BNS reports. Ramunas Karbauskis, chairman of the ruling Lithuanian...

Slovenia/Romania: Krka under corruption investigation

1/17/2020
Croatian newspaper Jutarnji List has reported that the Slovenian pharmaceuticals company Krka is under investigation for its alleged corruption and bribing activities in Romania. Romanian daily...

UK: Company director sentenced for Aviva insurance fraud

1/17/2020
Company director Edward Camborne De Lucy has been sentenced to 18 months in prison, suspended for 18 months, for trying to doctor papers in a GBP 405,000 (EUR 460,192.91 USD 530,801.53) claim...

Estonia: Crime investigation of Danske Bank to be expanded

1/17/2020
The Estonian Prosecutor's Office has announced that it will expand its crime investigation of the Estonian branch of Danske Bank. The investigation initially focused on two specific cases featuring...

Denmark: FSA improves anti-money laundering efforts

1/17/2020
The Danish Financial Supervisory Authority (FSA) still lags behind the best FSAs in Europe when it comes the fight against money laundering. Jesper Berg, head of FSA, says the authority is working on...

Belgium: Customs seizes 126mn cigarettes

1/17/2020
Since the beginning of 2020, customs have intercepted 126mn counterfeit cigarettes amounting to EUR 65mn (USD 74.97mn) in evaded taxes. On 9 January 2020, customs seized some 10mn cigarettes from a...

Finland: Number of means of payment frauds up nearly 2% in 2019

1/17/2020
According to Statistics Finland's preliminary data, a total of 447,400 offences against the Criminal Code were recorded by the police, customs and border guard in Finland in 2019, up 1%...

Belgium: Congolese customers' BNP Paribas Fortis accounts cancelled

1/17/2020
A number of Belgians of Congolese origin and Congolese living in Belgium have had their accounts with Belgian bank BNP Paribas Fortis cancelled without any explanation. In response to a question by...

Germany: Lufthansa-Ufo arbitration attempt fails again

1/17/2020
The third attempt to begin an arbitration process in the ongoing collective conflict between German airline Lufthansa and the cabin crew union Ufo has failed. Lufthansa said that it was disappointed...

Serbia: Central Bank discovers higher number of falsified banknotes in 2019

1/16/2020
Serbian Central Bank (NBS) has reported that in 2019, it discovered a higher number of falsified banknotes. Number of discovered notes reached 3,890, an increase of 36 in comparison with 2018. Number...

Russia: 270 series of medications withdrawn from circulation

1/16/2020
According to Russia's healthcare watchdog called Rosdravnadzor, 270 series of pharmaceutical drugs under 178 trademarks were withdrawn from circulation in Russia in 2019. Law enforcement authorities...

Luxembourg: CSSF imposes fines on two investment fund managers

1/16/2020
The Luxembourg Financial Sector Supervisory Commission CSSF has imposed penalties on two investment fund management firms who did not fulfil compliance obligations. The first resulted in a fine of...

Spain: Liberbank faces class action lawsuit over wage cuts

1/16/2020
The union sections of Liberbank have fulfilled their threat and have filed a class action lawsuit against the bank in response to measures to reduce wages and social benefits applied unilaterally by...

Czech Republic: Posta warns about fake competition messages online

1/15/2020
Czech state mail company Ceska Posta (CP) has warned its customers that a number of fake messages under the Ceska Posta logo have appeared on mobile communications apps and on Facebook. CP advises...

UK: ASA upholds complaint against Friction Free Shaving

1/15/2020
The Advertising Standards Authority (ASA) has banned the use of the phrase 'friction free' on Friction Free Shaving's website. The shaving subscription brand has changed its name to FFS Shaving...

Slovakia: PS/Spolu files action against Penta regarding Dovera health insurer

1/14/2020
Slovakia's coalition PS/Spolu has filed two complaints to the General Prosecutor's Office of Slovakia and to the financial bureau against Slovak financial group Penta regarding its activities in the...

Slovakia: Three construction firms get fine from PMU for cartel

1/14/2020
Three construction firms, Record, MPL Staving and TK M.Cup received a EUR 117,690 (USD 135,748) fine from the Slovak Antimonopoly Office (PMU) for a cartel agreement closed in 2014 during seven...

Portugal: GNR seizes illegal clams

1/13/2020
The Portuguese police forces GNR have seized a consignment of 11 tonnes of Japanese clams, with a market value of EUR 110,000 (USD 126,877.59). The products were stored in non licensed warehouses,...

Estonia: Elektrilevi board member arrested on bribery suspicions

1/16/2019
On 15 January 2020, the Estonian Internal Security Service detained Taavo Randna, management board member of the Estonian electricity distribution network operator, Elektrilevi, on suspicion of...