Fines totalling €20 million imposed on de Volksbank
DNB
On 22 January 2025, De Nederlandsche Bank (DNB) imposed two administrative fines on de Volksbank. One amounts to €15 million for failing to ensure the sound conduct of business operations. The other, of €5 million, was imposed for deficient anti-money laundering controls
The Financial Supervision Act (Wet op het financieel toezicht – Wft) requires that financial institutions ensure the sound conduct of their business operations. Because of de Volksbank’s very serious and protracted non-compliance with the Wft, DNB imposed a €15 million fine.
Italy: EPPO seizes €5 million in VAT fraud investigation involving fuels
European Public Prosecutor's Office
(Luxembourg, 30 January 2025) – In an investigation into a complex VAT fraud on imported fuels, led by the European Public Prosecutor’s Office in Bologna (Italy), the Modena Italian Financial Police (Guardia di Finanza) seized assets worth €5 million in the provinces of Modena and Ravenna this month.
At stake is a suspected Missing Trader Intra-Community (MTIC) 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 (VAT).
SHIELD V: Over 3.4 million pills seized in Operation Targeting Counterfeit Medicines
OLAF
Over 3.4 million pills have been seized as part of Operation SHIELD V, in which the European Anti-Fraud Office (OLAF) has played an essential coordinating role. This annual operation targets the misuse and distribution of counterfeit medicines, doping substances, illegal food or sports supplements, and counterfeit COVID-19 medical supplies.