News about the shadow economy and economic crime

Baltic: Swedbank scandal to hit whole Baltic banking system: experts

2/22/2019
Allegations that Sweden's Swedbank was involved in money laundering via the Estonian branch of Denmark's Danske Bank will have a negative impact on the whole Baltic banking market, experts say....

UK: SFO closes investigations into Rolls-Royce and GSK

2/22/2019
The UK's Serious Fraud Office (SFO) is closing its investigations into GlaxoSmithKline (GSK) and Rolls-Royce. The investigation into the car manufacturer centred around bribery and corruption to...

Sweden: Employees at Transport Administration convicted of bribery

2/22/2019
SVT Västerbotten reports that two employees at the Swedish Transport Administration have been convicted of bribery due to accepting mobile phones and tablets from a supplier in 2013 and 2014. Two...

Latvia: Implementing Moneyval recommendations possible on time: Control Service

2/22/2019
Latvia may be able to implement recommendations of the Council of Europe's Moneyval committee on measures to prevent money laundering on time after all, Ilze Znotina, head of the Office for...

Denmark: Declining customer satisfaction for Danske Bank and Nordea

2/22/2019
The latest Voxmeter bank analysis measuring customer satisfaction among Danish bank customers in 2018 shows that Danske Bank and Nordea lost 61,437 and 22,371 customers respectively in 2018. Danske...

Spain: BlaBlaCar receives favourable ruling from Madrid court

2/22/2019
A court in Madrid has ruled that BlaBlaCar does not pose unfair competition to buses. The court has rejected an appeal filed by the Confederation of Bus Transport (Confebus) against the sentence two...

UK: RSPB investigated over tree felling at golf course

2/22/2019
An investigation has been launched into the Royal Society for the Protection of Birds (RSPB) over its decision to fell 36 protected pine trees at Parkstone Golf Club in Poole, Dorset. People living...

Lithuania: Financial police asks for more information on Swedbank

2/21/2019
Lithuania's Financial Crime Investigation Service (FNTT) has asked the Swedish authorities for more information on the possible involvement of Sweden's Swedbank in money laundering via the Estonian...

Lithuania: Central bank to check Swedbank for suspect transactions

2/21/2019
Lithuania's central bank, the Bank of Lithuania, will help Swedish and Estonian financial supervisory authorities in checking reports about possible money laundering through Swedish banking group...

Lithuania: Finance Minister calls for EU-wide anti-money laundering system

2/21/2019
Lithuania's Finance Minister, Vilius Sapoka, called on the EU to establish a single anti-money laundering system. He noted that recent money laundering scandals in Estonia and Latvia were very...

Lithuania: Home of Druskininkai mayor searched in major corruption probe

2/21/2019
Lithuania's Special Investigation Service (STT) has conducted searches at the homes of Ricardas Malinauskas, mayor of Druskininkai, and his adviser, Aivaras Kadziauskas, as part of a large-scale...

France: The cost of fraud in TERs in Bourgogne Franche-Comté

2/21/2019
According to SNCF estimates, 10% of passengers on TERs in Bourgogne Franche-Comté do not buy tickets despite measures taken in 2017 by the SNCF with the region to fight fraud. Fraud in TERs...

Denmark: DFSA governing board will stay, says minister

2/21/2019
In an interview with Danish television news channel TV2 News, Rasmus Jarlov, Danish Minister for Industry, Business and Financial Affairs, stated that there exist no plans to replace the governing...

Italy: Syracuse court orders seizure of four plants owned by Versalis and Sasol

2/21/2019
Following an investigation by the Prosecutor's Office of Syracuse (Sicily), the local court has issued a provision for the seizure of four facilities owned by Versalis, the chemical company of...

Russia: VVSS sued for damage due to waste water discharge in St. Petersburg

2/21/2019
Northern Capital Gateway company (VVSS), an operator of Pulkovo Airport in Saint-Petersburg, was sued by the department of the Federal Service for Supervision of Natural Resources in Saint-Petersburg...

Netherlands: Picnic will negotiate with employees, FNV will take legal action

2/21/2019
Dutch online supermarket Picnic claims it is not a supermarket but an online store and thus claims it does not need to adhere to the collective labour agreement for the supermarket sector at its...

UK: BareMinerals' model advert complaint dismissed by ASA

2/21/2019
British advertising regulator Advertising Standards Authority (ASA) has dismissed a complaint lodged against Shiseido-owned beauty brand BareMinerals. The complaint was lodged against BareMinerals...

Sweden: KO lay SEK 3mn fine on Jollyroom

2/21/2019
Baby- and children's goods retailer Jollyroom has been fined SEK 3mn (EUR 286,983.32 USD 331,015.93) for deceptive advertising by the Consumer Ombudsman (KO) from the Swedish Consumer Agency. It...

Germany: Germania's manager accused of fraud

2/20/2019
Karsten Balke, the CEO of the German airline Germania has been accused of fraud and delay in filing for insolvency. The criminal charges have been issued to the public prosecutor's office in Berlin...

Sweden: Financial Supervisory Authority says it takes money laundering seriously

2/20/2019
In a press release, the Swedish Financial Supervisory Authority (FI) says that it takes all information about money laundering in Swedish banks seriously. Furthermore, it stated that regulatory...

Sweden: Swedbank falls 13.6% on the Stockholm Stock Exchange

2/20/2019
As of 20 February, Swedish bank Swedbank fell 13.6% on the stock exchange. Swedish banks SEB and Nordea also fell 4,2% and 1.9% respectively. Differently, Swedish bank Handelsbanken remained stable...

Poland: PKP Cargo's former management arrested on suspicion of mismanagement

2/20/2019
Former CEO and management members of Poland's largest rail freight operator PKP Cargo have been arrested on suspicion of overpaying for the acquisition of an 80% stake in the Czech carrier based in...

Sweden: Deputy chairman at Swedbank acquired 1,000 shares on the 20th

2/20/2019
On 20 February, Swedish bank Swedbank's deputy chairman Ulrika Francke acquired an additional 1,000 shares in the company for a value of SEK 183.17 (EUR 17.52 USD 20.21) per share. In total, Ulrika...

Belgium: Court rejects Vaditrans appeal against ban on long in-cabin rests

2/20/2019
On 7 February 2019 the supreme administrative court of Belgium rejected an appeal by Belgian transport firm Vaditrans and therefore bans the use of cabin rests for truck drivers for full weeks....

Netherlands: Transavia wins legal case against FNV

2/20/2019
Dutch airline Transavia has won the legal case started by the Dutch trade union FNV about shorter working days for older employees. The court in Amsterdam ruled all employees of Transavia whether...

Romania: ANRE hands out RON 19.72mn fines mostly to gas and electricity players

2/19/2019
The National Authority for Power Regulation (ANRE) in Romania handed out fines worth RON 19.72mn (EUR 4.21mn USD 4.86mn) in total in 2018, of which RON 11.96mn were imposed on both electricity and...

Slovakia: State sees new whistleblowing law and relevant body established

2/19/2019
Slovakia has a new law offering protection to whistleblowers. The Whistleblower Protection Act has also had the Office for the Protection of Whistleblowers established that will deal with corruption...

Belgium: Prosecutors plan to seize 300 to 400 Jost trucks

2/19/2019
Belgian prosecutors reportedly want to seize 300 to 400 trucks from Luxembourg logistics group Jost. The firm is suspected of employing a thousand drivers from eastern Europe and paying them under...

Latvia: Questions about ABLV Bank pose risk to financial system: Control Service

2/18/2019
Unanswered questions about Latvia's ABLV Bank could have a serious impact on the stability of the country's entire financial sector, Ilze Znotina, head of the Office for Prevention of Laundering of...

Russia: 70% of hackers attack financial institutions in 2018

2/18/2019
According to Group-IB providing information security services, in 2018 around 70% of cyberattacks, which were dealt with by the company's experts, were focused on financial sector organizations. At...