Category: Exploitation

Most of Europe’s largest banks declare profits in tax havens

Exploitation
A majority of Europe’s largest banks are relying on tax havens to stash their profits, despite the fact that in some cases, these firms don’t have a single employee working where these earnings are booked, a new report released on Tuesday by Transparency International EU revealed.  The report, which analyzed 39 of the biggest banks in the European Union, found that 31 of them declared profits in low or zero-tax jurisdictions, and that 29 did so through the use of “ghost operations,” meaning none of the firm’s personnel were working in the areas where large portions of their earnings were declared.   Since…

Almost half of UK bank specialists can’t spot signs of human trafficking among transactions

Exploitation, Organised Crime
Only one in five expert staff believe they can stop transactions or behaviour linked to trafficking It is one of the most prolific crimes on Earth, affecting almost 25 million men, women and children.   But human trafficking – the modern slave trade of living and breathing people for commercial gain – isn’t occurring on some distant, dusty and lawless shore.   From domestic servitude, forced labour and forced marriage to sexual exploitation and the commercial trade in human organs, such harrowing practices steal through every nation on Earth, the UK included.   The proceeds of these crimes are the subject of…

Banks face financial crime headache over free trade zones

Exploitation
Banks are being urged to pay closer attention to the crime risks associated with free trade zones (FTZs), with fresh research warning of potential exposure to trade-based money laundering, as well drugs, weapons and counterfeit goods trafficking. Defined as areas where customs duties do not apply in the same way as in the rest of a country’s territory, there are now believed to be at least 3,500 free zones in operation around the world, up from just 79 in 1975. In some regions, FTZs are becoming more popular. In the UK, for example, government officials have this month announced plans…

NCA statement on modern slavery allegations in Leicester (National Economic Crime Agency)

Exploitation, Slavery
NCA statement on modern slavery allegations in Leicester  Modern slavery The National Crime Agency can confirm that it has received information regarding allegations of modern slavery and exploitation in the textile industry in Leicester. We are now in the process of assessing that information, alongside our partners, which include Leicestershire Police, HMRC, GLAA, the Health and Safety Executive, Leicester City Council, Leicestershire Fire and Rescue and Home Office Immigration Enforcement. Our primary focus is on the protection of vulnerable people and safeguarding them from harm. As part of that, in recent days NCA officers have joined partners in attending a…