News about the shadow economy and economic crime

France: 70% of companies were victims of at least one attempted fraud in 2018

4/18/2019
The 2019 Fraud and cyber-criminality report, conducted by the DFCG association and Euler Hermes, reveals over 70% of the 336 companies considered were victims of at least one attempted fraud in 2018....

Germany: N26 defends own video identification process

4/18/2019
The German digital bank N26 pointed out that the video identification process for opening an account at the company is strictly regulated by the German financial supervisory authority BaFin. This is...

UK: FCA says Brexit is a near-term priority

4/17/2019
The UK Financial Conduct Authority (FCA) says its immediate focus is on ensuring an orderly transition after Brexit. The other areas of focus for the financial regulator are monitoring corporate...

Denmark/Estonia: EBA clears financial supervisory authorities

4/17/2019
Both the Danish Financial Supervisory Authority (Finanstilsynet) and the Estonian Financial Supervision Authority (Finantsinspektsioon) have been cleared by the European Banking Authority (EBA) of...

France: FFA warning on life insurance scams

4/17/2019
The French Insurance Federation (FFA) has issued a warning on scams looking for beneficiaries in life insurance and has recommended those who think they might be beneficiaries of a life insurance to...

Russia: Management of Baryshsky meat-packing plant suspected of tax evasion

4/17/2019
The management of Baryshsky meat-packing plant based in the Ulyanovsk region (Volga) is suspected of non-payment of taxes totaling RUB 156mn (EUR 2.03mn USD 2.34mn). Now, the corresponding criminal...

Sweden: SVT reports of Biltema founder money laundering allegations

4/17/2019
According to the investigative journalism team Uppdrag Granskning at public broadcaster SVT, the founder of automotive supplies, products, and tools retail chain Biltema is suspected of money...

Germany: Report states M.M. Warburg chairman involved in cum-ex share deals

4/17/2019
An investigation report by Deloitte on behalf of the German financial supervision authority Bafin states that according to current findings and assessments Christian Olearius, co-owner and chairman...

Latvia: Hermitage Capital Management files criminal complaint against Swedbank

4/17/2019
The British investment firm, Hermitage Capital Management, has filed a criminal complaint against Latvia's Swedbank, alleging that the bank was involved in Russian money laundering. The complaint...

Sweden: Seko union sues public transport operator

4/17/2019
The Swedish Union for Service and Communications Employees (Seko) is suing public transport operator Transdev Öresundståg for SEK 6mn (EUR 573,966.63 USD 662,031.86) due to the result of a previous...

UK: Portman Group throws out complaint against Neck Oil beer

4/17/2019
A complaint against Beavertown's Neck Oil beer has been thrown out by the Portman Group. The complaint suggested that the bright colours used for the packaging were aimed at the younger market and...

UK: Portman upholds complaints against Unicorn Tears

4/17/2019
The Portman Group has upheld complaints about the packaging of Unicorn Tears gins. A number of complaints said the packaging would appeal to children. The brand is owned by online retailer Firebox....

UK: ASA upholds Virgin Media complaint over Vodafone broadband advert

4/17/2019
The Advertising Standards Authority (ASA) has upheld a Virgin Media complaint over an advertisement for Vodafone's home broadband service. Virgin Media complained that the advert promoting "Vodafone...

France: Spanghero procurement head to spend six months in prison

4/16/2019
Jacques Poujol, the head of procurement at French meat processing company Spanghero, has been handed a two-year prison sentence (including an 18-month suspended sentence) by the Paris Criminal Court...

Nordic/Baltic: Financial regulators plan data sharing agreement

4/16/2019
Financial regulators in Nordic and Baltic countries are discussing an in-depth data sharing agreement after a major money laundering scandal involving several banks in the region. Marius Jurgilas,...

Germany: Media research shows that hundreds of suspicious accounts opened at N26

4/16/2019
According to media research, hundreds of criminals opened accounts at the German digital bank N26 in order to launder money from fraudulent online shops. The criminals abused the accounts of...

Romania: State most impacted by new Scranos malware

4/16/2019
Scranos is a new malware detected by cybersecurity researchers at the Romanian company Bitdefender, which functions by stealing the payment methods and passwords of users stored on the browsers...

Romania: Fines imposed on economic agents over sales of textile items

4/16/2019
The National Authority for the Protection of Consumers (ANPC) in Romania carried out a series of inspections at 977 economic agents nationwide to check whether the commercialisation, pricing, and...

Finland: Authorities to step up efforts to combat money laundering

4/16/2019
The Financial Action Task Force (FATF) has published its Mutual Evaluation Report of Finland. In a four-tier rating, Finland received the highest rating for international cooperation in the fight...

Russia: Lawsuit worth RUB 6mn filed against Tambovsky Bekon

4/16/2019
The Prosecutor's office of Sampur District of the Tambov region (Central FD) has filed a lawsuit worth RUB 6mn (EUR 78,092.83 USD 90,074.82) against Tambovsky Bekon company, a part of Rusagro group,...

Germany: VW accused of causing damage up to EUR 78bn

4/16/2019
Prosecutors at the court in Braunschweig, Germany, have accused Volkswagen (VW) of causing damages of up to EUR 78bn (USD 89.97bn) by falsely claiming that its diesel cars were particularly...

Russia: Regions with biggest share of adulterated milk products

4/16/2019
According to Rosselkhoznadzor, Sakhalin region (Far East) has taken the first place by the share of adulterated milk products. Its share is estimated at 100%. Astrakhan region (South) has taken the...

Hungary: Cetelem receives fine from central bank

4/15/2019
In Hungary, Magyar Cetelem Bank has received a HUF 81.60mn (EUR 251,129 USD 289,660) fine from the local central bank MNB for issues detected in its operation. Shortcomings have been found regarding...

Germany: Prosecutors press charges against former VW executives

4/15/2019
The public prosecutor's office in Braunschweig, Germany, is pressing charges against Martin Winterkorn, former CEO of the German car manufacturer Volkswagen (VW), and four other managers of the firm...

Russia: Rosprirodnadzor suing Uchalinsky GOK

4/15/2019
Rosprirodnadzor requires Uchalinsky GOK, a part of UMMC, to pay RUB 8.90mn (EUR 115,837.69 USD 133,610.98) for damage to a water facility in the Chelyabinsk region (Urals). The trial is scheduled for...

UK: High Court dismisses Cityfibre complaint over 'fibre' adverts

4/15/2019
Cityfibre has lost its case over the advertising of 'fibre' broadband. The company had sought a judicial review of a decision by the Advertising Standards Authority to allow internet providers who...

Italy: Antitrust issues EUR 1mn fine to The JuicePlus+ companies

4/15/2019
The Italian Antitrust authority has issued a EUR 1mn (USD 1.15mn) fine for consumer code violation to the companies The Juice Plus+ Company Srl, The Juice Plus+ Company Ltd, The Juice Plus+ Company...

Russia: Prosecutor General's Office on violations at defence companies

4/10/2019
The Prosecutor General's Office of Russia has disclosed details of revealed violations in the military industrial sector. A separate audit has been carried out at the Stankoprom enterprise controlled...

Russia: Johnson & Johnson violates law on advertising

4/9/2019
The Federal Antimonopoly Service (FAS) has recognized Johnson & Johnson as a company that violated the law on advertising. According to the FAS, the company used in incorrect comparison in its TV...

France: Rip-offs on placements for virtual cattle

4/3/2019
The French stock market authority AMF registered 44 new instances in the first quarter of 2019 concerning placements in cattle herds for sums going from EUR 1,500 (USD 1,730.15) to EUR 5,000 per...