Business Round-Up: Increasing numbers of Danish teenagers involved in mule fraud - The Post

Business Round-Up: Increasing numbers of Danish teenagers involved in mule fraud

Meanwhile, Blackstone is again fielding enquiries that it is fiddling the system whilst buying up apartments in the capital

Besides, many claim the smaller banks provide a better service (photo: pxhere.com)
November 19th, 2019 8:43 pm| by Roselyne Min

In June, it was reported that teens aged 15-18 were increasingly being exploited by criminals who use their bank accounts to launder money, and now it is claimed that children as young as 12 are being targeted.

The criminals know the children are unlikely to be severely punished for handling a sum of 10,000 kroner – a crime that could land an adult a prison sentence as long as eight years in prison.

Over a thousand cases
According to Danske Bank’s anti-fraud division figures, the numbers of cases of so-called mule fraud has risen from 623 in 2018 to almost 1,100 this year.

According to the police, many of the children don’t realise what is going on, even though they risk detainment for between six and 12 months if they are convicted, as well as the possibility of being fined.


Blackstone bought flats with subsidiaries and holding companies – report
Blackstone has been accused of using numerous subsidiaries and holding companies to acquire property in a bid to avoid paying taxes, reports DR. The report highlighted the January purchase of 19 apartments at Vendersgade 13 near Torvehallerne in the city centre for 52 million kroner – an acquisition that has taken the value of its Copenhagen portfolio past 8 billion kroner. The purchase was allegedly made through 15 subsidiaries based in four different countries, including Denmark, Luxembourg and the US.

New bill to ban sales by foreign websites
From 1 July 2020, subject to a bill passing through Parliament, the government intends to punish foreign websites that sell goods to Danish buyers that don’t adhere to domestic safety standards. The authorities are confident they will be able to block offending websites and fine them as much as 75,000 kroner if need be. The government is most worried about illegal toys, but has also cited concerns regarding electronics, machinery and fireworks.

New taxes on daily guilty pleasures in Greenland
New taxes introduced today in Greenland – primarily on sugar, tobacco and alcohol – will make Christmas more expensive on the island. For example, a kilo of sugar is now 10.31 kroner more expensive than before. Vittus Qujaukitsoq, Greenland’s finance minister, explained to Sermitsiaq that the rises would enable the government to spend more on welfare. Over the last four years, the import duty payable of confectionery, chocolate and fireworks has doubled.

Higher GDP the result of a miscalculation, contends economist
Danish Erhverv’s chief economist believes Danmarks Statistik has miscalculated a rise in the country’s GDP that could have an effect on how much it feels it should pay in aid, as well as in contributions to NATO and the EU. Tore Stramer from Danish Erhverv contends that Danmarks Statistik has been counting ‘exports’ that do not cross the Danish border.

Young Danes managing their taxes better than ever
According to Skattestyrelsen, young Danes under the age of 30 are getting better at paying their income tax, as the amount of payable residual tax by the age bracket has halved since 2009. In 2018, just 150,000 people in the age bracket were required to pay extra tax – a decrease of 60,000 since 2013. Furthermore, the payable total of 457 million kroner was far less than the 981 million kroner owed in 2009.