News about the shadow economy and economic crime

Denmark: Electricity companies suspected of cheating with grants

10/17/2019
According to a report by two consultancy companies for the Danish Energy Agency (Energistyrelsen), several electricity grid companies in Denmark have distributed grants to highly questionable energy...

UK: Betfred subsidiary fined over anti-money laundering failures

10/17/2019
The Gambling Commission has fined a subsidiary of Betfred over anti-money laundering failures. The watchdog fined Petfre (Gibraltar) a total of GBP 337,000 (EUR 400,000 USD 450,000) after a convicted...

Sweden: Falcon Funds case to court

10/16/2019
The Swedish Economic Crime Authority (Ekobrottsmyndigheten) has decided to take the so-called Falcon Funds case to court. The three leading suspects have been in custody for a long time already. The...

Sweden: Acando stock market buyout investigated by Economic Crime Authority

10/16/2019
The Swedish Economic Crime Authority (Ekobrottsmyndigheten) has confirmed that it has opened a preliminary investigation related to the stock market buyout of Swedish digital consultant Acando in...

Latvia: State Security Service announces strategy to prevent terrorism funding

10/16/2019
The Latvian State Security Service (VDD) has announced that it has finished preparations of its Strategy for the Prevention of Terrorism Financing for the period 2019-2021. The strategy is intended...

Germany: BKA investigates suspicious Danske Bank transactions

10/16/2019
In February 2019, German bank Deutsche Bank reported 1.1 million suspicious transactions with ties to the Estonian branch of Danske Bank. Noah Krüger, spokesperson of the Serious and Organised Crime...

Estonia: Money laundering fines should reach state budget: finance minister

10/16/2019
In a comment in social media, Martin Helme, Estonian Minister of Finance, said that any fines imposed on Estonian banks resulting from money laundering should be paid to the Estonian state budget. He...

Slovakia: Recording of Gorilla file conversation leaked to press

10/16/2019
A recording of a conversation that is the basis of the Gorilla file has been leaked to the press in Slovakia. The recording is almost 39 hours in length and was supplied by anonymous sources. The...

Slovakia: Police break up largest illegal cigarette operation in region

10/16/2019
Police in Slovakia have broken up the largest illegal cigarette operation in the region, detaining 45 people and seizing around 13mn cigarettes and 22 tons of tobacco. Three illegal factories were...

UK: FCA warns public that Broker Insurance Services has been cloned

10/16/2019
The Financial Conduct Authority (FCA), the UK financial regulator, warned that Broker Insurance Services has been cloned. Fraudsters have set up a physical address, email address, website and phone...

Denmark: Nets cuts payment card fraud by 25%

10/16/2019
An AI payment fraud prevention solution developed by payment solutions provider Nets in partnership with consultancy company KPMG has reduced payment card fraud by 25% in a pilot project extending...

Malta: Deutsche Bank cuts ties with correspondence banks

10/16/2019
Germany's Deutsche Bank is cutting its ties to banks in European countries that have a high number of incidents of money laundering. At the end of 2019, it will be ending its correspondent bank...

Germany: Cyber attack on Pilz

10/16/2019
German automation technology company Pilz has been the victim of a large cyber attack. All servers and PC workstations including the company's internal network have been affected by the problem,...

Russia: Murmansk-based RKF may lose quotas for fishing

10/16/2019
RKF company, which is based in Murmansk (North-West), may lose quotas for fishing due to its agency agreement with Pesquera Vaqueiro (Spain). The ninth commercial court of appeal found that RKF is...

France: Conflict with Nestlé Waters over water pumped from Vittel

10/16/2019
The amount of water pumped by Nestlé Waters from the water table in Vittel will be re-examined after a collective objected to a project to pump water for local residents from 10km away. Each year,...

Netherlands: Strikes at KLM Catering Services are limited to short-haul flights

10/16/2019
Trade unions will not be allowed to execute all of their planned strikes at the Dutch catering services provider KLM Catering Services because the negative effects of this on the Dutch airport...

UK: Maternity Action call for end to charges for pregnant migrants

10/16/2019
Maternity Action, a charity, has launched a legal challenge against NHS charges for pregnant migrant women. The charity said many migrant cannot afford to pay the charges for NHS maternity care. The...

UK: ASA bans Andrex ad over 'fushable' claim

10/16/2019
The UK's Advertising Standards Authority (ASA) has banned an advertisement for the Kimberly-Clark-owned toilet roll brand Andrex. The ad appeared on a website for Andrex Washlets wipes and featured a...

Sweden: Danske Bank invests in AI and fintech

10/15/2019
According to Johanna Norberg, CEO of Denmark-based bank Danske Bank in Sweden, AI and fintech are the necessary tools for a future bank. Norberg stated that fintech is a great complement to a bank to...

Western Balkans: Number of illegal workers estimated at 1.4mn

10/15/2019
At the regional workshop of the Council for Regional Cooperation (RCC), held in the Bosnian capital Sarajevo, it was said that there are around 1.4mn illegal workers in the Western Balkan countries,...

Estonia: Compliance with anti-money laundering laws controlled

10/15/2019
The Estonian Financial Intelligence Unit (Rahapesu andmebüroo, FIU) within the Estonian Police and Border Guard Board (Politsei- ja Piirivalveamet) has conducted controls at Estonian real estate...

Belgium: Allianz withdraws from Assubel case

10/15/2019
German insurer Allianz has withdrawn its appeal against a judgement made against Assubel, now a Belgian subsidiary of Allianz, the Court of Appeal of Brussels. Life insurance customers of Assubel...

Sweden: Stores need permit to sell tobacco from 1 November 2019

10/15/2019
From 1 November 2019, stores in Sweden must have a permit to sell tobacco. Stores have previously only been obliged to report tobacco sales to municipalities and the suitability of stores to sell...

UK: Enzo Homes fined over illegal tree felling

10/15/2019
The boss of a small building firm has been fined at total of GBP 300,000 (EUR 350,000 USD 400,000) for illegally felling a 176-year-old redwood tree. Fiorenzo Sauro, the boss of Enzo Homes, ordered...

Slovakia: Pellegrini asks Gorilla-linked individuals to resign

10/14/2019
Slovak PM Peter Pellegrini is calling on those connected to the Gorrilla case to resign from their respective roles, following the leaked recording of a discussion between former Prosecutor General...

Russia: KMZ illegally included in register of unfair suppliers

10/14/2019
Karacharovsky Mechanical Plant (KMZ) has been illegally included in the register of unfair suppliers under the decision of an appellate instance. The FAS of the Republic of Tatarstan, Volga, is...

Sweden: Carnegie thinks court decision has limited effect on Swedish Match

10/14/2019
The administrative court in the German state of Bavaria has decided that chewing tobacco products in bags from Sweden-based tobacco products company Swedish Match-owned V2 Tobacco are not chewing...

Serbia: CarGo Technologies starts criminal process against minister

10/10/2019
Director of the Serbian CarGo Technologies mobile applications company, Vuk Guberinic, has announced that he has submitted a criminal report against Zorana Mihajlovic, Minister of Construction,...

Bosnia: SIPA blocks banking accounts over potential fraud

10/10/2019
It has been reported that after an issued order from the Bosnian State Investigation and Protection Agency (SIPA), banking accounts with funds worth EUR 6mn (USD 6.92mn) have been blocked, while...

Bosnia: SIPA blocks banking accounts over potential fraud

10/10/2019
It has been reported that after an issued order from the Bosnian State Investigation and Protection Agency (SIPA), banking accounts with funds worth EUR 6mn (USD 6.92mn) have been blocked, while...