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Danish FSA has newly drawn up guidance on requirements in the financial legislation for the suitability and integrity of directors and board members (fit & proper)

November 26, 2024

The purpose of the update is to create transparency around both the Danish FSA’s practice for suitability assessments and the application process itself. In the guidance, the Danish FSA describes the general principles for assessing competence and experience requirements, which are based on a holistic approach when assessing candidates’ suitability. Several of the new initiatives on…

EPPO Romania carries out investigation into possible fraud involving road works, financed with €37m in EU funds

November 26, 2024

There are suspicions that the subcontractors colluded with the contractor in order to present false documents certifying that the works had been successfully completed. According to the investigation, the works did not respect the quality requirements. There are also suspicions that representatives of the beneficiary (CNAIR) did not carry out adequate checks…

Swiss Prosecutors charge Banque Lombard Odier for ‘aggravated money laundering’ failures linked to Gulnara Karimova, the daughter of Uzbekistan’s former president

November 25, 2024

The bank and its former employee are suspected of having played a decisive role in enabling the concealment of the proceeds of «The Office», set up by Gulnara Karimova and considered by the OAG as a criminal organization…

EPPO Germany secures five convictions in a VAT fraud case involving Covid-19 tests, resulting in a €14m VAT loss

November 25, 2024

According to the investigation carried out by the Tax Investigation Office in Munich (Steuerfahndung München), the defendants organised a cross-border VAT carousel fraud – a complex criminal scheme that takes advantage of EU rules on cross-border transactions between its Member States, as these are exempt from value-added tax…

The Italian Anti-Mafia Investigation Directorate (DIA) releases its second-half 2023 report, outlining the evolving tactics of organised crime and assessing the effectiveness of countermeasures

November 24, 2024

The report highlights the use of subtle strategies, such as issuing false invoices and other economic infiltration practices. Operations like “Resurrezione” and “Transumanza” have uncovered innovative extortion schemes and complex fraud mechanisms. Italian mafias are increasingly interacting with foreign criminal groups, reflecting the growing globalization…

Eurojust publishes report summarising meetings on money laundering and asset recovery in 2023/24

November 18, 2024

The meetings brought together dedicated prosecutors specialised in asset recovery and tackling money laundering from the European Union and countries with liaison prosecutors at Eurojust. Furthermore, representatives of the European Commission (DG FISMA, DG HOME, DG JUST and DG ECFIN), Europol, EPPO, EJN, CARIN network, INTERPOL, the Council of Europe (MONEYVAL), FATF and representatives from Asset Recovery Offices, Asset Management Offices and Financial Intelligence Units, participated.

EBA issues two sets of Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national sanctions measures

November 15, 2024

The first set of Guideline is applicable to all institutions under the EBA’s supervisory scope, outlines the governance and risk management requirements necessary to ensure institutions do not breach or evade restrictive measures. Meanwhile, the second set specifically targets payment service providers (PSPs) and cryptoasset service providers (CASPs), detailing their responsibilities when handling transfers of funds or crypto-assets to comply with these measures…

EPPO traces fraudulent Chinese imports to France via Port of Athens

November 14, 2024

According to the investigation, a criminal organisation, mainly based in the Paris area, in the Seine Saint-Denis district, imported goods from 2020 to 2023 through at least six French companies, believed to act as ‘missing traders’, which would vanish without fulfilling their tax obligations. It is understood that the criminal group undervalued the imported goods in order to illicitly reduce the duties due to the French customs authorities…

Europol supports EPPO-led investigation into EUR 520 million VAT fraud involving mafia networks

November 14, 2024

The operation has resulted in detention orders being executed against 43 suspects linked to a criminal enterprise of an estimated value of EUR 520 million. The investigation, led by the EPPO offices in Milan and Palermo, targeted an organised crime network spanning multiple EU Member States and non-EU countries…

MONEYVAL calls for improvements in the supervision of the financial sector, private sector compliance and greater transparency of legal persons

November 13, 2024

Although MONEYVAL countries have comprehensive legal frameworks and powers to prosecute money laundering, the report stresses that many struggle to achieve positive results in prosecuting and convicting perpetrators. Regarding the confiscation of criminal assets, the results remain modest and constitute an area for concern. The report also highlights the need to provide appropriate protection to transborder personal data flows in the context of cooperation among jurisdictions.

Europol warns of organised crime networks recruiting minors for criminal acts

November 13, 2024

Europol’s notification warns that criminal networks now commonly exploit minors by using coded messaging, slang, and even ‘gamification’ tactics to frame criminal tasks as challenges or games. These techniques are designed to draw young people into criminal activity, often making it appear financially attractive or socially rewarding.

Europol supports Albania and Italy in the fight against drug trafficking from South America

November 12, 2024

Albanian and Italian authorities, with Europol’s support, dismantled a drug trafficking network led by two Albanian brothers, arresting 29 suspects across multiple countries. The group trafficked drugs from South America to the EU, using containers of exotic fruits to hide illicit shipments. Seizing €70 million worth of drugs and assets, authorities also uncovered a sophisticated ML operation…

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