Category: AML

Regulatory Watch News

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  Romania: EPPO carries out searches in probe into €37 million road works

  European Public Prosecutor's Office

  November 28, 2024

  (Luxembourg, 28 November 2024) – The European Public Prosecutor’s Office (EPPO) in Cluj-Napoca (Romania) is carrying out 31 searches today in several locations, in an investigation into possible fraud involving works in Zalău city’s ring road, financed with €37 million in EU funds. The searches are being conducted in Bucharest, Cluj county, Sălaj county and Timișoara county, at the homes and headquarters of companies under investigation, including at the National Highways and National Roads Company (Compania Națională de Autostrăzi și Drumuri Naționale SA – CNAIR), responsible for administering the network of highways, express roads and roads of national interest in Romania.

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  400 companies part of EUR 297 million VAT fraud network

  Europol

  November 28, 2024

  Europol has supported the European Public Prosecutor’s Office (EPPO) and law enforcement authorities from 16 countries in taking down a major criminal network involved in value-added tax (VAT) fraud. The international investigation, codenamed Admiral 2, uncovered a complex VAT fraud scheme involving the trade of popular electronic goods, resulting in an estimated VAT loss of EUR 297 million. During the action day, 32 people were detained, and authorities seized a large quantity of smartphones and other electronic devices, worth more than EUR 47.5 million, several luxury cars and EUR 126 965 in cash. In addition, 62 bank accounts with a combined value of over EUR 5.5 million were frozen. These are preliminary results and they will likely evolve throughout the coming days and weeks.

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  Beware of Black Friday and Cyber Monday scams

  Australia Federal Police

  November 28, 2024

  Online shoppers are being urged to be extra vigilant of cyber criminals ramping up fake text messages to scam unwitting Australian victims ahead of one of the biggest global retail sales events of the year. The AFP is warning potential victims over the increased likelihood of cyber criminals aiming to exploit Black Friday and Cyber Monday shoppers by impersonating legitimate retailers along with postal and delivery services via phishing text message scams, likely generated using artificial intelligence (AI).