NEWS: UniCredit CEO says bank complying with ECB request to reduce Russian assets

Regulatory Watch News

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  Investigation Goliath: Ringleaders of international crime group convicted of multi-million VAT fraud

  European Public Prosecutor's Office

  April 1, 2025

  (Luxembourg, 1 April 2025) – Two ringleaders of an international criminal group were convicted on Friday, 28 March 2025, at the Regional Court of Dusseldorf (Germany) for a multi-million VAT fraud, following an investigation by the European Public Prosecutor’s Office (EPPO) in Hamburg, code-named Goliath. They were convicted of criminal association and VAT fraud on a large scale, by means of a 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 Court established that the damage caused by the illegal activities of the defendants amounted to approximately €26 million.

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  Mobile Application (App) Alert – Fraudulent mobile application (App) related to Bank of Singapore Limited

  HKMA

  April 1, 2025

  The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank of Singapore Limited relating to a fraudulent App, which has been reported to the HKMA.  A hyperlink to the press release is available on the HKMA website.

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  AFP and Philippines authorities enhance efforts on boiler room crackdown

  Australia Federal Police

  April 1, 2025

  From the outside these buildings look like unassuming corporate offices, operating as legitimate call centres, which are a regular sight across Asia. Take a step inside, though, and the reality is very different. Across the floors, hundreds of scammers acting in full role-play mode adopt personas as devoted girlfriends or boyfriends, crypto enthusiasts and investment gurus, working to bait and defraud victims online from around the globe.