News about the shadow economy and economic crime

Spain: Airbnb has appeal crashed by Supreme Court

12/13/2019
Spain's Supreme Court has rejected the appeal put forward by Airbnb against a ruling by the Government the region of Valencia for not offering a record of the properties Airbnb had put on offer in...

Estonia: Police warns of fraudsters claiming to be able to return lost funds

12/12/2019
Estonian police authorities have issued a warning against fraudsters targeting Estonian investors and promising them assistance in returning previously lost funds. According to the Police North...

Sweden: Ericsson under investigation by National Anti-Corruption Unit

12/12/2019
The Swedish Prosecution Authority's (Åklagarmyndigheten) National Anti-Corruption Unit confirmed that there's an ongoing preliminary investigation into the telecom giant Ericsson in light of the...

UK: RBS to pay GBP 40mn compensation following forex rigging

12/12/2019
RBS plans to pay compensation to foreign exchange customers after the bank discovered rogue staff had been manipulating rates over a four-year period. RBS will pay GBP 40mn (EUR 50mn USD 50mn) to...

Germany: M.M. Warburg in talks with treasury to reimburse cum-ex profits

12/12/2019
The German private bank M.M. Warburg announced in the cum-ex criminal case before the district court of Bonn that it has been in talks with the German treasury for some time. The bank said that it is...

UK: Millions may have gone missing at failed care home firm

12/12/2019
Millions of pounds appear to have gone missing at a failed care home and hospitality company. The administrators of Carlauren Group have said they continue to investigate the apparent disappearance...

Denmark: Deficiencies in Danske Bank's market monitoring

12/12/2019
The Danish Financial Supervisory Authority (Finanstilsynet, FSA) has found extensive deficiencies in Danske Bank's market monitoring, which has triggered further investigations into the bank's market...

Ukraine: Searches carried out in Energoatom

12/12/2019
Security Service of Ukraine and General Prosecutor's Office have carried out searches in Energoatom (NPP operator of Ukraine). The agencies investigate equipment purchases and installation services...

Russia: Greenpeace on damage from logging in Dvinsko-Pinezhsky nature reserve

12/11/2019
The environmental organization Greenpeace has estimated the damage from illegal logging in Dvinsko-Pinezhsky nature reserve, recently created in Arkhangelsk region, North-West, at millions of rubles....

UK: LCF bosses received GBP 20mn prior to collapse

12/11/2019
Almost GBP 20mn (EUR 25mn USD 30mn) was paid to the four men behind London Capital & Finance in the period leading up to the collapse of the investment company. Details of the payments were...

UK: Regulator warns fraudsters are targeting the charity sector

12/11/2019
The UK's Charity Commission has warned charities to beware of fraudsters targeting the sector. Several charities have contacted the regulator to report cases of fraudsters impersonating members of...

Sweden: BRÅ sees increase in money laundering reports

12/11/2019
According to a report by the Swedish National Council for Crime Prevention (Brottsförebyggande rådet, BRÅ), the number of cases of suspected money laundering reported to Swedish authorities has grown...

Germany: Solarisbank to establish system for keeping of cryptocurrencies

12/11/2019
The German fintech Solarisbank wants to establish a system for the safekeeping of cryptocurrencies which corresponds with the new money laundering law. Solarisbank has founded the subsidiary Solaris...

EU: ESA takes Norway to court

12/11/2019
Norway requires that managers and at least 50% of board members of companies that are headquartered in Norway should be residents and citizens of an EEA country. The EFTA Surveillance Authority (ESA)...

Russia: 13mn people engaged in informal sector of economy

12/11/2019
According to a study by the NCR agency, the total number of people in the Russian shadow sector of the economy is 13mn people. In particular, 18% of the working population are informally employed....

Russia: UVZ and Anti-Counterfeit Association seal agreement

12/11/2019
Uralvagonzavod (UVZ) and the Anti-Counterfeit Association have signed an agreement. The parties plan to cooperate in countering illegal products of freight railway car building. The plan is also to...

Romania: CNAIR warns of fake website issuing road tax discs

12/11/2019
The National Company for the Administration of Road Infrastructure (CNAIR) in Romania has warned of the existence of a bogus website selling road tax discs to clients nationwide or to foreigners...

Slovakia: Marian Kocner sanctioned under Magnitsky Act by US

12/10/2019
Slovak businessman Marian Kocner is one of only two people in the EU sanctioned by the US under the Magnitsky Act for serious human rights abuses. The act blocks property and interests owned by or...

Romania: DIICOT prosecutors decide to lift insurance on Rompetrol assets

12/10/2019
Prosecutors at the Organised Crime and Terrorism Investigation Bureau in Romania (DIICOT) announced on 10 December 2019 that the insurance secured on the sum of RON 457,483 (EUR 97,782.77 USD...

Czech Republic: Home Credit accused of paying for pro-China propaganda

12/10/2019
Czech -wned non-banking lender Home Credit has been accused of hiring a PR agency in order to promote the image of the Chinese Communist Party in the country. C&B Reputation Management was...

UK: Lloyds told to reassess claims from HBOS scam

12/10/2019
An independent report has concluded that there were "serious shortcomings" in a scheme set up to compensate customers affected by a scam carried out at the Reading branch of HBOS. It highlights...

UK: Thames Water Utilities fined following sewer incident

12/10/2019
A GBP 300,000 (EUR 340,883.64 USD 393,186.32) fine has been imposed on Thames Water Utilities following the collapse of a sewer gate which resulted in three workers being swept away down a sewer. The...

Sweden: Hansons Hus project named the worst construction project of 2019

12/10/2019
Swedish trade union magazine Byggnadsarbetaren has named the Six one residential project in Barkarbystaden just outside of Stockholm as the worst construction project of 2019. The project, which is...

Russia: Fact of milk adulteration found at VIP dairy plant

12/10/2019
An inspection conducted by the Federal Service for Veterinary and Phytosanitary Surveillance of the Khabarovsk region (Far East) has revealed a discrepancy between the volumes of raw milk supplied to...

Romania/EU: Corruption still a problem for business development

12/9/2019
According to a latest EU poll, around 88% of businessmen in Romania believe corruption to be a hindrance to the proper development of their businesses. Some 63% of business owners across the EU...

UK: Tax disc removal causes high unpaid tax bill

12/6/2019
The tax disc removal in the UK has led to a GBP 94mn (EUR 106.81mn USD 123.20mn) unpaid tax bill as well as increasing number of unlicensed vehicles. This was based on the 2019 survey on Vehicle...

Czech Republic: Skoda instantly dismisses five employees for bullying

12/6/2019
Czech car giant Skoda Auto has fired five of its employees in the week commencing 2 December 2019 after its investigation uncovered a case of bullying their colleagues, agency workers from Manpower,...

Czech Republic: Dermacol's 2018 results, new security features for online sales

12/6/2019
Czech skin, body care, cosmetics and make up company Dermacol has developed new cyber security features for its products sold online for 2020. This is due to its high coverage make-up cover being...

Czech Republic: CITIC files criminal charges against Lobkowicz former CEO

12/5/2019
Majority owner of Czech brewery Pivovary Lobkowicz Group, Chinese state firm CITIC Europe, has filed criminal charges against the brewery's former CEO Zdenek Radil, according to Forbes.cz. CITIC says...

Hungary: Report on counterfeit banknotes in 2018

12/5/2019
According to data revealed by the Hungarian central bank MNB, the number of seized counterfeit banknotes reached 450 in 2018. This represents a 42% decline on a year-to-year basis.