Category: AML

Regulatory Watch News

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  Germany: EPPO secures five convictions in VAT fraud investigation involving Covid-19 tests

  European Public Prosecutor's Office

  November 29, 2024

  (Luxembourg, 29 November 2024) – Five individuals were convicted by the Munich Regional Court (Landgericht München I) for organised VAT fraud this week, following a multimillion VAT fraud investigation led by the European Public Prosecutor’s Office (EPPO) in Munich (Germany). Their criminal activities, which involved trading Covid-19 tests, are estimated to have caused a VAT loss of around €14 million.

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  Update of guidance on suitability and honesty for board members, executive board members and key persons in financial companies, etc. (the fit & proper guide).

  The Danish Financial Supervisory Authority

  November 29, 2024

  The 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). 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, among other things, conditional approvals and special requirements for board chairmen that have been introduced in the fit & proper area in recent years are described in the guidance.

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  Gombe Court Jails Police, Immigration Officers for N1.6m Employment Fraud

  EFCC

  November 29, 2024

  Justice  T.G. Ringing of the Federal High Court sitting in Gombe, Gombe State  on Tuesday, November 26, 2024 convicted and sentenced two police officers:  Yusuf AbdulKarim Bature and Musa Philip and an immigration officer; Nasiru Mohammed  to seven years imprisonment each for employment fraud to the tune of  N1,640,000( One Million Six Hundred and Forty Thousand Naira)