Financial police take 152 fake companies out of circulation and increase the pressure on social benefit fraud - impact on the economy

Financial police take 152 fake companies out of circulation and increase the pressure on social benefit fraud - impact on the economy

According to a report by www.boerse-express.com,

The 2023 annual balance sheet of the Austrian financial police shows a successful performance with over 27,000 checks carried out and 23.7 million euros in penalties applied for. This high hit rate of 25% is the result of targeted work and numerous reports and suspicious activity reports. The labor market and gambling areas contributed EUR 20.1 million and EUR 3.6 million, respectively, to the penalties. What is particularly noticeable is the increase in social security fraud and disregard for cash register regulations.

The increased number of reports of social benefit fraud, particularly through the partial employment of employees, indicates a growing problem. This scam results in significant monetary transactions that are reported by banks and monitored by the Anti-Fraud Office. In parallel, 152 bogus companies were taken down, highlighting the impact of these fraudulent practices.

The increasing disregard for the cash register and receipt sharing requirements is another challenge. Over 350 advertisements and notices of non-compliance with these regulations are alarming and indicate widespread ignorance of these regulations.

Overall, the results of the financial police in the fight against fraudulent activities are complex and show that organized economic crime and fraud threaten the legitimate economy. Comprehensive investigative work has led to important successes, but further action is needed to combat these trends. The collection of 22.2 million euros in taxes by the financial police is an important step in limiting the financial damage to the general public. It remains to be seen how the financial police's measures will affect the market and the financial industry.