The Financial Analytical Authority (FAU) uncovered a record number of fraudulent transactions of CZK7.55bn in 2018. The volume of secured funds related to corruption, money laundering, tax fraud and terrorist financing recorded a rapid year-on-year increase of CZK5.4bn, the highest number of frauds in history, according to the annual report published by FAU on April 23.

“Thanks to hard work and a huge commitment last year, our colleagues from the Financial Analytical Office uncovered by incredible CZK1.5bn more crimes than in the previous two years, which is an excellent news and I am grateful for it. This money is definitely not just a number. Amounts collected from tax frauds are returned to the state budget, while money from other criminal acts goes back to those harmed, ” said Finance Minister Alena Schillerova (ANO), as quoted by the Ministry.

In 2018, the FAU received by 505 notifications about suspicious transactions y/y in 2018, totalling 4,028, also the record number in the FAU history. “The number of notifications received grew rapidly, mainly due to expansion of the reporting entities. Closer cooperation with foreign financial intelligence units and close cooperation with the Financial Administration, Customs, Police and Intelligence Services were of a help,” added the Director of FAU Libor Kazda.

The FAU filed a total of 395 criminal complaints, by 144 less y/y. “Already in 2017, criminal complaints were a little less than a year earlier. However, this fully corresponds to our long-term strategy to address only the most serious and up-to-date cases,” Kazda explained.