With the rapid advancement of digital technology, online communication and electronic transactions, the threat of international financial crime continues to rise. Offences like money laundering, fraud, embezzlement, corruption, and tax evasion can be particularly challenging for businesses, fiscal authorities, and governments worldwide. However, at the same time, the number of respectable individuals and companies accused of international financial crimes also increases. Quite frequently, individuals only come to know of the accusations once they are detained, for instance, at the airport due to an Interpol Red Notice.

At Schlun & Elseven Rechtsanwälte, we understand the gravity of allegations like these and are committed to providing our clients with experienced and informed legal advice. Please get in touch with us today through our secure contact form for more information.

Simultaneously, with the rise of international financial crime, the pursuit of Interpol and national authorities to prosecute these crimes keeps increasing. For instance, EMPACT, the European Multidisciplinary Platform Against Criminal Threats, has marked fraud and economic and financial crimes as one of the European Union’s top priorities in the fight against serious and organised crime. Furthermore, until November 2023, Interpol led an operation involving 60 national law enforcement agencies that specifically targeted growing cyber threats. In 55 countries, 30 house searches were conducted, 31 individuals were detained, and 70 suspects were identified. Interpol has also established a Financial Crime and Anti-Corruption Centre (IFCACC) to improve the coordination of international response to international financial crime. In addition to Interpol’s system of alerts, the IFCACC offers member states investigative, analytical, and operational support and training for national police officers and works with key stakeholders, such as the Financial Action Task Force (FATF) and the Egmont Group of Financial Intelligence Units.   

• Large-scale Online Fraud Schemes: The term Online Fraud scheme describes the deception of victims perpetrated online to gain their assets. Online Fraud Schemes constitute a significant crime and generate multiple billion Euros of illegal profits each year. Victims are usually companies, public institutions, and individuals. Criminals often operate from abroad and move stolen funds quickly to challenge asset tracing. The misuse of cryptocurrencies also adds further challenges to the recovery of funds.
• Fraud and counterfeiting of non-cash payments: These include the hacking into systems or manipulating data to transfer a person’s money illegally and the theft and forgery of physical forms of payment, such as payment cards and the illegal forgery, possession or sale of mobile payments, virtual currencies, and electronic wallets.
• Money Laundering, including cryptocurrency and NFTs: The anonymity, decentralisation and fast pace of cryptocurrency make it suitable for criminal use. Cryptocurrency is being used equally to launder money already in digital form and transform cash amounts into virtual assets. Money laundering networks have evolved to specialise in offering large-scale money laundering using cryptocurrencies as a service. The rise of cryptocurrencies in money laundering schemes has also led the United Nations Office on Drugs and Crime (UNODC) to conduct a project on cryptocurrency and money laundering.
• Excise fraud: Alcohol, fuel and cigarettes are subject to excise duties and are the principal areas of excise fraud. Organised crime groups employ different methods like smuggling and illegal importation to avoid excise duties and generate profits by selling these at lower prices. Excise fraud also includes the unlawful manufacturing of excise goods.