Tag #Economic Crime

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faz.net

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Aug 30, 22:18

UK Tightens Corporate Liability for Employee Fraud: Implications for German Businesses

The UK's Economic Crime and Corporate Transparency Act (ECCTA), effective September 1st, 2023, significantly increases corporate liability for employee fraud, impacting even firms unaware of employee misconduct, and potentially affecting German companies with UK subsidiaries or partners.

UK Tightens Corporate Liability for Employee Fraud: Implications for German Businesses

The UK's Economic Crime and Corporate Transparency Act (ECCTA), effective September 1st, 2023, significantly increases corporate liability for employee fraud, impacting even firms unaware of employee misconduct, and potentially affecting German companies with UK subsidiaries or partners.

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How does the ECCTA's expanded corporate liability potentially affect German businesses?

German companies with UK subsidiaries or trading partners could face investigation under the ECCTA. The Act's broad scope and extraterritorial reach expose them to liability for employee fraud within their UK operations or through their partners, irrespective of awareness. This creates substantial compliance challenges for German businesses.

kathimerini.gr

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Aug 19, 10:20

Greece Cracks Down on Illegal Gambling Amidst Rising Participation

A 2024 survey in Greece revealed that 799,000 people, or 9.5% of the population, participated in illegal gambling, with 390,000 gambling online and 215,000 in physical locations, prompting new regulations and penalties.

Greece Cracks Down on Illegal Gambling Amidst Rising Participation

A 2024 survey in Greece revealed that 799,000 people, or 9.5% of the population, participated in illegal gambling, with 390,000 gambling online and 215,000 in physical locations, prompting new regulations and penalties.

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What is the extent of illegal gambling in Greece in 2024, and what are the immediate consequences?

In 2024, 9.5% of Greece's population (approximately 799,000 individuals) participated in illegal gambling, resulting in significant financial losses and social consequences. This involved online and in-person gambling, with 390,000 engaging solely online and 215,000 solely in physical locations.

dw.com

🌐 85% Global Worthiness

Jul 15, 22:11

Indonesian Company Caught Mixing Premium Rice with Lower-Quality Rice

A large Indonesian company was found to be mixing premium rice with lower-quality rice, deceiving consumers and undermining the government's food self-sufficiency goals; the Ministry of Agriculture is investigating and the Indonesian House of Representatives will hold a hearing on July 16th, 2025.

Indonesian Company Caught Mixing Premium Rice with Lower-Quality Rice

A large Indonesian company was found to be mixing premium rice with lower-quality rice, deceiving consumers and undermining the government's food self-sufficiency goals; the Ministry of Agriculture is investigating and the Indonesian House of Representatives will hold a hearing on July 16th, 2025.

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Zero Hunger

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How does this rice mixing scheme affect the Indonesian government's goal of achieving national food self-sufficiency?

The discovery of this rice mixing scheme by the Indonesian Ministry of Agriculture highlights the challenges in ensuring food quality and upholding fair trade practices. The company's actions not only violate consumer trust but also directly contradict the government's push for national food self-sufficiency.

elpais.com

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Jun 28, 10:15

Fuel Distributors Replace Construction Firms as Spain's Top Tax Debtors

The 2024 list of Spain's top tax debtors reveals a dramatic shift from construction to fuel distribution, with companies like Metaway Combustibles (195.7 million euros) leading the way. This is attributed to a 2023 regulatory change and intensified tax inspections that exposed a large-scale fuel tax...

Fuel Distributors Replace Construction Firms as Spain's Top Tax Debtors

The 2024 list of Spain's top tax debtors reveals a dramatic shift from construction to fuel distribution, with companies like Metaway Combustibles (195.7 million euros) leading the way. This is attributed to a 2023 regulatory change and intensified tax inspections that exposed a large-scale fuel tax...

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How did the 2023 regulatory changes in fuel distribution impact the scale and structure of tax fraud in Spain?

This surge in fuel-related debt on the tax delinquency list is directly linked to a 2023 regulatory overhaul restricting fuel distribution intermediaries in Spain, implemented in March 2024. While the new rules aim to curb fraud, some operators adapted, concentrating the fraud in fewer but larger operations. This resulted in a higher total debt, as previously dispersed debt among numerous shell companies is now concentrated in larger players.

dailymail.co.uk

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May 28, 04:10

UK Fraud Losses Remain High Despite Slight Decrease in 2024

In 2024, UK fraud losses totaled £1.17 billion, slightly down from 2023, with unauthorized fraud increasing by 2% to £722 million due to a surge in remote purchase fraud, while authorized push payment (APP) fraud fell, and banks reimbursed £267.1 million under new regulations.

UK Fraud Losses Remain High Despite Slight Decrease in 2024

In 2024, UK fraud losses totaled £1.17 billion, slightly down from 2023, with unauthorized fraud increasing by 2% to £722 million due to a surge in remote purchase fraud, while authorized push payment (APP) fraud fell, and banks reimbursed £267.1 million under new regulations.

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What were the overall financial losses from fraud in the UK in 2024, and what are the immediate implications of this figure?

Despite a slight decrease in overall fraud losses to £1.17 billion in 2024 from £1.2 billion in 2023, fraud remains a significant problem in the UK. Banks reimbursed £267.1 million of authorized push payment (APP) fraud, representing 59% of all APP fraud losses.

kathimerini.gr

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Mar 20, 13:16

IPRA Plans 184,000 Audits in 2025 to Collect €1.7 Billion in Unpaid Taxes

The Independent Public Revenue Authority (IPRA) in Greece will conduct over 184,000 audits in 2025 to collect €1.7 billion from tax and customs violations, focusing on property sales, income declarations, and e-commerce, using predictive models and digital cross-referencing.

IPRA Plans 184,000 Audits in 2025 to Collect €1.7 Billion in Unpaid Taxes

The Independent Public Revenue Authority (IPRA) in Greece will conduct over 184,000 audits in 2025 to collect €1.7 billion from tax and customs violations, focusing on property sales, income declarations, and e-commerce, using predictive models and digital cross-referencing.

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What is the IPRA's primary goal for 2025, and what specific actions will be taken to achieve it?

In 2025, the Independent Public Revenue Authority (I.P.R.A.) in Greece plans 184,000 audits to combat tax evasion and smuggling, aiming to collect €1.7 billion from violations.

abcnews.go.com

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Aug 26, 22:21

14 Arrested in \$10 Million Home Depot Theft Ring

Authorities in Southern California announced the arrest of 14 people accused of running a multi-million dollar organized retail theft operation targeting Home Depot, resulting in over 600 thefts across 71 stores and losses exceeding \$10 million.

14 Arrested in \$10 Million Home Depot Theft Ring

Authorities in Southern California announced the arrest of 14 people accused of running a multi-million dollar organized retail theft operation targeting Home Depot, resulting in over 600 thefts across 71 stores and losses exceeding \$10 million.

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How did the alleged criminal enterprise operate, and what methods were employed to steal and resell the merchandise?

This organized retail theft ring, spanning multiple Southern California counties, highlights the increasing sophistication of such crimes. The systematic nature of the thefts, involving multiple participants and sophisticated methods to bypass security, demonstrates a significant challenge for retailers. The investigation's success underscores the need for collaborative efforts between law enforcement and retailers to combat organized retail crime.

sueddeutsche.de

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Jul 28, 07:13

Rising Construction Thefts in Mecklenburg-Vorpommern

Construction site thefts in Mecklenburg-Vorpommern, Germany, are rising in 2025, exceeding €1.6 million in losses in 2024, with smaller firms disproportionately affected due to higher costs for security and material replacement.

Rising Construction Thefts in Mecklenburg-Vorpommern

Construction site thefts in Mecklenburg-Vorpommern, Germany, are rising in 2025, exceeding €1.6 million in losses in 2024, with smaller firms disproportionately affected due to higher costs for security and material replacement.

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What is the current impact of rising construction site thefts on the economy of Mecklenburg-Vorpommern?

Construction site thefts in Mecklenburg-Vorpommern, Germany, are increasing in 2025 compared to 2024, with a total loss exceeding €1.6 million in 2024 alone, according to the State Criminal Police Office (LKA). The average loss per incident has risen to over €3,800, the highest in five years.

pda.stav.kp.ru

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Jul 7, 19:15

Russian Extortion Ring Seized: \$3 Billion Theft

A Stavropol-based extortion ring, comprising eight individuals, stole over \$3 billion from a Russian petrochemical company through theft, extortion, and smuggling; they face multiple charges and have had six billion rubles in assets seized.

Russian Extortion Ring Seized: \$3 Billion Theft

A Stavropol-based extortion ring, comprising eight individuals, stole over \$3 billion from a Russian petrochemical company through theft, extortion, and smuggling; they face multiple charges and have had six billion rubles in assets seized.

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How did the gang attempt to launder the stolen money, and what was the approximate amount laundered?

The gang targeted a founder of a large petrochemical company, stealing refined oil products, liquefied gas, and funds designated for railway car repairs. They then attempted to launder over 200 million rubles by purchasing property across Russia and demanded a 47% stake in the company, valued at \$500 million, as ransom.

elpais.com

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Jun 22, 19:17

Borrell's Fight Against Construction Corruption in 1990s Spain

In the 1990s, Spanish Minister Josep Borrell publicly fought against widespread corruption in the construction sector, where companies commonly paid 2-4% commissions for public works contracts; this issue, also highlighted by later political admissions and corporate scandals detailed in "Fiascos S.A...

Borrell's Fight Against Construction Corruption in 1990s Spain

In the 1990s, Spanish Minister Josep Borrell publicly fought against widespread corruption in the construction sector, where companies commonly paid 2-4% commissions for public works contracts; this issue, also highlighted by later political admissions and corporate scandals detailed in "Fiascos S.A...

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Peace, Justice, and Strong Institutions

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How did the actions and admissions of politicians like Xabier Arzalluz shed light on the broader systemic nature of corruption in Spain during this period?

Borrell's actions highlight a pervasive culture of corruption within Spanish public administration during the transition to democracy. This involved various levels of government and significant construction firms. The widespread nature of these practices is further exemplified by the later admission from Xabier Arzalluz, president of the Basque Nationalist Party, that his party accepted payments from companies seeking contracts.

kathimerini.gr

🌐 85% Global Worthiness

Apr 24, 10:14

Greece Cracks Down on Widespread Electricity Theft Costing Consumers €400 Million

The Greek government is implementing stricter measures against electricity theft, costing compliant consumers €400 million yearly, including business closures for offenders, after DEDDIE faced a €6 million fine for failing to curb losses, highlighting a broader issue of corruption.

Greece Cracks Down on Widespread Electricity Theft Costing Consumers €400 Million

The Greek government is implementing stricter measures against electricity theft, costing compliant consumers €400 million yearly, including business closures for offenders, after DEDDIE faced a €6 million fine for failing to curb losses, highlighting a broader issue of corruption.

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Affordable and Clean Energy

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What immediate actions is the Greek government taking to address the significant financial burden of electricity theft on compliant consumers?

The Greek government is cracking down on electricity theft, which costs compliant consumers €400 million annually. New measures include temporary and permanent business closures for offenders, a policy previously proposed but not implemented.

kathimerini.gr

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Mar 12, 22:14

Greek Police Bust Fuel-Smuggling Rings, Arrest 61

Greek authorities arrested 61 individuals in a large-scale operation targeting two criminal organizations that used modified software to manipulate fuel pumps at 44 gas stations, defrauding consumers of over €100 million since September 2020.

Greek Police Bust Fuel-Smuggling Rings, Arrest 61

Greek authorities arrested 61 individuals in a large-scale operation targeting two criminal organizations that used modified software to manipulate fuel pumps at 44 gas stations, defrauding consumers of over €100 million since September 2020.

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How did the illegal software used by these organizations enable fuel theft and tax evasion?

The two criminal organizations used similar tactics. They distributed illegal software to gas stations, allowing operators to control fuel dispensing amounts and avoid issuing receipts. This resulted in millions of euros in losses for consumers and substantial tax evasion. The software's sophisticated design made detection difficult.

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