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COMCO fines banks in forex trading

2019-06-06 08:08:02
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Quelle: Swiss Federal Council

Last week, the Hungarian National Tax and Customs Administration (Nemzeti Adó és Vámhivatal) unravelled a sophisticated tax evasion scheme which caused close to half a billion forints (€ 1.4 million) in tax loss to the Hungarian state budget, writes Europol.

A total of 3 individuals were arrested for their involvement in this value-added tax (VAT) fraud scheme.The action day was also supported by Croatian and Slovenian investigators who executed warrants issued by Hungarian prosecutors. The 3 suspects now face a penalty of up to twenty years of imprisonment for their involvement in this criminal activity. The syndicate used a sophisticated infrastructure to facilitate such tax evasion spread over various countries.

The criminals would purchase soybeans from Slovenian companies managed by Slovakian frontmen. The goods were then sold on the domestic market in Hungary without paying VAT.

To support their criminal activity, the organised crime group set up an accounting office which handled bank transactions, tax reporting and invoicing. MTIC fraud is a compound form of VAT fraud that relies on the violation of the VAT rules for cross-border transactions. MTIC scammers obtain €60 billion in criminal profits every year in the EU by avoiding the payment of VAT or by corruptly claiming repayments of VAT from national authorities.Europol supported the investigation from the beginning, by providing a secure network for international exchange of information as well as through analytical and operational support in order to detect and report all relevant international hits to the Hungarian authorities.

Moreover, Europol set up a Virtual Command Post with a view to provide a secure communication and real time analytical support for the investigative teams..

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arrested Hungary €1.4 million VAT fraud investigation



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