Almost a year ago, the Bureau for Fraud Prevention started its own SOKO, which deals exclusively with shell companies – and you have a lot to deal with.
While the financial police have done their best against fake companies in the past, they grew like the much-cited mushrooms during the pandemic.
Therefore, in the 3rd quarter of the previous year, a SOKO was established to locate, break up and erase shell companies from the commercial register. And ideally, donors should also be held accountable.
In many cases, money is also laundered
An initial interim report from the Ministry of Finance shows that the work has not been in vain: since the start, the investigators have identified additional tax claims of around 100 million euros. It’s not just tax fraud, in many cases it’s a way to launder money. SOKO’s professionals often compete against professionals from the underworld.
Often linked to “organized crime”
Within a few months, some corporate schemes smuggled more than $33 million through various accounts and eventually organized cash withdrawals to use for illegal wage payments, bribery or illegal profit-taking. The researchers are currently focusing on 600 empty companies and 70 new ones were added this year alone.
“Faced with companies not only damage the location, they are often linked to organized crime, such as drug-related crimes,” explains Treasury Secretary Magnus Brunner. “With SOKO, we are countering this negative trend.”
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
