How the pandemic became an EU goldmine for crime
ANDREW RETTMAN, 13 April 2021
The recession set to hit Europe after the pandemic will help organised crime penetrate legitimate business and recruit out-of-work specialists, the EU’s joint police agency, Europol, has warned.
“Businesses operating in sectors suffering particularly negative economic pressures, such as the hospitality, catering and tourism sectors, are becoming more vulnerable to criminal infiltration,” it said in a report out on Monday (12 April).
“Criminals may increasingly attempt to launder money through dormant companies, buy out financially affected cash-intensive businesses, or invest in property in the construction sector,” it added.
“Heightened pressure” on banks could lead to weaker due-diligence on financial crime, while impoverished firms and even local authorities will be more likely to turn a blind eye to practices such as illegal waste-disposal services, including of the mountains of discarded corona-linked protective equipment.
At the same time, financial and legal specialists, as well as young people with IT skills, who cannot find legitimate work will be more vulnerable to criminal recruitment, Europol warned.
