OLAF FLAGS EUR3 BILLION FRAUD IN 2017, ANNUAL REPORT SHOWS

The European Union’s anti-fraud office OLAF recommended the recovery of over EUR3 billion to the EU budget in 2017, up from EUR631 millon in 2016, according to the agency’s latest annual report. OLAF said that this “exceptionally high figure” stems from major undervaluation fraud “where fraudsters profited from declaring falsely low values for goods at import in the European Union,” among the 197 cases concluded by OLAF last year. Notably OLAF concluded “a string of large-scale investigations” into undervaluation of Chinese textiles and ...


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