Trade-based financial crime (TBFC) is responsible for an estimated $1.6 trillion in losses each year, nearly a third of the total cost of global fraud, which stands at $5.127 trillion annually. Yet, despite its massive economic impact, TBFC is alarmingly underreported in the media, making up just 0.1% of all fraud-related mentions in articles over the last year.  Continue reading…

Twenty finfluencers are being interviewed under caution by the FCA, as it launches targeted action against finfluencers who may be touting financial services products illegally. The FCA also issued 38 alerts against social media accounts operated by finfluencers which may contain unlawful promotions. Increasing numbers of young people are falling victim to scams, and finfluencers can often play a part. Nearly two-thirds (62%) of 18 to 29-year olds follow social media influencers, 74% of those said they trusted their advice and 9 in 10 young followers have been encouraged to change their financial behaviour.  Continue reading…

Eurojust and Europol supported the investigation by French and Italian authorities that led to the arrest of seven suspects and the seizure of cash, valuable goods and documentation needed for the investigation. The international criminal group set up a well-structured organisation to counterfeit famous and exclusive French red wine, worth up to EUR 15 000 per bottle. By working with printing houses in Italy, the criminal group was able to re-create the corks and labels of famous French wineries. The forged wine was then delivered to an Italian airport and taken abroad to be sold at market value around the world by wine traders. The criminals were able to sell the bottles of the counterfeit wine, generating profits of over EUR 2 million.

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Eurojust supported authorities in Germany, Croatia, Czechia and Italy to counter a long-term fraud with illegal or undeclared labour and tax evasion. During an action day, five suspects were arrested for allegedly running a network of building enterprises that employed labourers without paying taxes and social levies. In total, 47 places were searched in the four countries concerned. Continue reading…

The FCA has fined Starling Bank Limited £28,959,426 for financial crime failings related to its financial sanctions screening. It also repeatedly breached a requirement not to open accounts for high-risk customers. Starling grew quickly, from approximately 43,000 customers in 2017 to 3.6 million in 2023. However, measures to tackle financial crime did not keep pace with its growth.

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German and Italian authorities worked together with Eurojust and Europol to stop a fraudulent scheme. The suspects targeted public institutions, cities, and municipalities, and were able to cause damages of several million euros. On 24 September, an operation took place where technology and assets were seized and search warrants against five suspects were executed.

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During a global operation, authorities from around the globe took down an encrypted communication platform used for criminal activities such as drug trafficking, homicide, corruption and money laundering. The wide scale operation, supported by Eurojust and Europol, led to over 50 arrests and the seizing of financial assets. Continue reading…

The FCA has charged Mr Olumide Osunkoya, who is 45 and resides in London, for unlawfully running multiple crypto ATMs without FCA registration. Crypto ATMs are machines that allow you to buy or convert money into cryptoassets. Mr Osunkoya is accused of running crypto ATMs, which processed £2.6m in crypto transactions across multiple locations between 29 December 2021 and 8 September 2023 without the required registration. Continue reading…

An illegal trading scheme in counterfeit and banned pesticides and fertilisers that were potentially dangerous to consumers’ health has been halted by the Romanian and Italian authorities. Eurojust and Europol supported the joint investigation team (JIT). During a series of actions in both countries, evidence of large-scale fraud, forgery and tax evasion was gathered and one suspect was arrested.

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A fast and coordinated action by Italian and Slovenian authorities, supported by Eurojust, has led to the arrest of a dangerous criminal hiding in Koper, Slovenia. The leader of an Italian organised crime group (OCG) was on the run from a 21-year prison sentence. He had been convicted of several crimes including drug trafficking, extortion and kidnapping. Continue reading…