News about the shadow economy and economic crime

Russia: Environmental damage estimated at RUB 12bn in 2018

6/17/2019
As estimated by the General Prosecutor's Office, the damage to environment in 2018 totaled RUB 12bn (EUR 156.19mn USD 180.15mn). The forest industry was damaged mainly due to illegal exports of...

Denmark: Danske Bank tops Prospera's customer survey

6/17/2019
Despite the reputation problems caused by its money laundering operations, Danske Bank ranks first in consultancy company Prospera's 2019 survey among large institutional customers. Danske Bank has...

UK: Stolen drugs may have entered NHS supply chain

6/16/2019
Potentially unsafe medicines may have entered the NHS supply chain, according to Dispatches, the Channel 4 current affairs TV programme. A large number of drugs were stolen in Italy between 2011 and...

Belgium: Local laws apply to Ryanair staff based in country, says court

6/15/2019
Mons labour court in Belgium on 14 June 2019 ruled that the labour laws of Belgium can apply to staff of Irish airline Ryanair based in Belgium. Under the ruling, staff can decide if they wish to be...

UK: Pensions Regulator reprimands Universities Superannuation Scheme

6/15/2019
The Pensions Regulator has reprimanded the Universities Superannuation Scheme (USS) over the university pension scheme's use of incorrect wording to describe the regulator's position on discount...

Latvia: Parliament amends Credit Institution Law

6/14/2019
In Latvia, parliament (the Saeima) has adopted amendments to the Credit Institution Law, regulating the work of the Financial and Capital Market Commission (Finanšu un kapitala tirgus komisija, FKTK,...

Baltic: Europol warns of continued risk of Russian money laundering

6/14/2019
The risk of Russian money laundering was still present in the Baltic States, Pedro Felicio, head of the economic and property crime unit at the European police agency, Europol, warned. He said huge...

UK: Swansea University fails to submit accounts to HEFCW

6/14/2019
Swansea University has yet to submit its 2017-18 accounts to the Higher Education Financial Council for Wales (HEFCW). The deadline to submit the accounts was the end of November 2018. The university...

UK: Survey highlights scale of financial scams

6/14/2019
A survey by Lloyds Bank and YouGov suggests more than 5mn people in the UK have fallen victim to a financial scam. The survey found that 10% of adults had been scammed, while a quarter knew someone...

Netherlands: Delta Rijssen takes legal action over state aid

6/14/2019
Dutch telecoms grid operator Delta Rijssen claims that a local consumers' initiative in Hollands Kroon receives illegal state aid for the installation of a fibre optic network. A group of consumers...

UK: Firefighter who lost hand in training exercise receives compensation

6/14/2019
A firefighter who lost his hand during a training exercise back in March 2014 has been awarded GBP 1.50mn (EUR 1.70mn USD 1.97mn) in damages. Ian McDonald lost his hand after faulty cutting gear...

UK: University of Southampton to challenge tribunal award

6/14/2019
The University of Southampton has launched a legal challenge against an employment tribunal ruling awarding a former professor GBP 3.45mn (EUR 3.92mn USD 4.52mn) in compensation. The high figure was...

Russia: Danone Russia files lawsuit Savushkin Product

6/14/2019
Danone Russia, a Russian legal entity of France's Danone, has sent a lawsuit to the Moscow Commercial Court with a lawsuit against the Belarusian manufacturer Savushkin Product. The plaintiff accuses...

Czech Republic: Criminal charges proposed for dubious export bank loans

6/13/2019
The Czech National Centre for Combatting Organized Crime is proposing criminal charges against an ex-employee of the Czech Export Bank who was allegedly involved in two suspect loans made to...

Czech Republic: Commission set up to assess Babis audits

6/13/2019
The Czech senate has set up a commission that will assess the EC's audits over potential conflict of interest relating to the country's Prime Minister Andrej Babis, which mean that the country may...

Spain: Fund managers take legal action in corruption and falsification scandals

6/13/2019
Investors are revolting against corruption scandals and falsification of accounts. Several managers of Spanish funds have turned to the courts so that participants in their investment funds receive...

France: Prosecution asks for seven-year prison sentence for Patrick Balkany

6/13/2019
The public prosecutor has asked that Mayor of Paris suburb Levallois Patrick Balkany be sentenced to seven years in prison for tax fraud and that his wife Isabelle Balkany receive a four-year...

Sweden: Swedbank could be sued by US investors

6/13/2019
The Danish financial paper Finanswatch reports that at least three US law firms are looking at the possibilities of suing the Swedish bank Swedbank for violating US federal securities laws. The case...

UK: Eleven insurers now using counter fraud database

6/13/2019
Eleven insurers are now using a counter-fraud intelligence sharing platform. The online platform, the Insurance Fraud Intelligence Hub (IFiHUB), has been launched by the Insurance Fraud Bureau (IFB)....

Lithuania: Seimas committee due to vote on MP Grazulis's immunity

6/13/2019
Lithuania's Prosecutor General's Office will declare MP Petras Grazulis suspect in a corruption case involving the local frozen food producer, Judex, if the parliament, the Seimas, removes...

Lithuania: Financial system stable amid international risks: central bank

6/13/2019
Lithuania's financial system was stable despite prevailing international risks, the Bank of Lithuania stated. The resilience of local banks to potential shocks remained high. The financial system was...

Italy: Some 86% of transactions paid cash

6/13/2019
According to a review by the Italian financial security committee (CSF), 86% of transactions in Italy are paid cash. This is below the average of the euro area, this being at 79%. The high proportion...

Poland: PKN Orlen estimating losses due to oil contamination

6/13/2019
PKN Orlen, the Polish oil refiner, has said that it is estimating its possible losses due to the suspension of deliveries of Russian oil via the Druzhba pipeline in April 2019 due to contamination....

Latvia: Latvians continue to buy smuggled goods and contraband

6/13/2019
According to a survey of 1,017 Latvians between ages 18 and 75 conducted by the Latvian SKDS research centre, thus far during 2019, 11% of Latvians have purchased contraband tobacco, 5% have...

Germany: VW loses diesel case in Koblenz

6/13/2019
German automotive giant Volkswagen has lost a case at the Higher Regional Court of Koblenz related to the diesel emissions scandal. German legal service provider MyRight sued the firm on behalf of a...

Latvia: Budget and Finance Committee chairman says regulation work at stalemate

6/12/2019
The chairman of the Latvian Budget and Finance Committee, financial entrepreneur Martinš Bondars, has stated that work with financial market regulation appears to have reached a stalemate. Reminding...

Czech Republic: CNB fines bureau de changes for breaching regulations

6/12/2019
Czech central bank CNB awarded a number of fines totalling some CZK 2.70mn (EUR 104,739.87 USD 120,810.38) to a dozen of bureau de change in the most frequented places in the Czech capital Prague in...

Czech Republic: CzechToll as well as Kapsch threaten state with arbitration

6/11/2019
Austrian toll operator Kapsch, the current operator of Czech Republic's road toll system, that filed another lawsuit at the Brno Regional Court against the proceedings of the Czech antimonopoly...

Russia: Counterfeit tobacco products occupy 10.3% of market

6/11/2019
Representative Director of Japan Tobacco International, JTI, Mutsuo Iwai, stated at the St. Petersburg International Economic Forum, SPIEF, that Counterfeit tobacco products occupy 10.3% of the...

Baltic: Finance ministry officials discuss anti-money laundering efforts

6/10/2019
Finance ministry officials from Estonia, Latvia, and Lithuania met in Tallinn on 10 June 2019 to discuss issues related to financial markets and legislation to prevent money laundering. Marten Ross,...