Austria Tightens Grip on Financial Crime: Anti-Fraud Office Unveils New Measures

Clampdown on Financial Crime in Austria

In a significant effort to combat fiscal offences, the Austrian government has launched a series of initiatives aimed at preventing and prosecuting financial crimes. The nation’s Anti-Fraud Office, responsible for handling all fiscal criminal proceedings in accordance with the rule of law, has been empowered to take a firmer stance against financial crime.

New Measures to Combat Financial Crime

As of January 1st, 2021, the Fiscal Authority for Criminal Offences is responsible for conducting financial criminal proceedings as the lead agency. This move marks a significant shift in the way financial crimes are investigated and prosecuted in Austria.

Key Responsibilities of the Fiscal Authority for Criminal Offences:

• Investigating all cases of financial crime, including tax evasion and customs fraud
• Conducting thorough investigations with the necessary tools and powers to obtain information, order inspections and checks, and request special information from postal and public communications operators
• Handling oral proceedings and rendering penalty decisions in cases where the administratively relevant amount exceeds €33,000

Special Appraisal Court for Complex Cases

A special appraisal court of three members, chaired by a judge, has been established to handle cases involving financial crimes with an administratively relevant amount exceeding €100,000. This court is responsible for conducting oral proceedings and rendering decisions in these complex cases.

Coordination and Cooperation

In addition to its investigative powers, the Fiscal Authority for Criminal Offences is also responsible for coordinating measures ordered by it, issuing necessary decisions in cases of coercive measures, and handling legal remedies in contested cases. The office plays a critical role in ensuring that financial crimes are prosecuted effectively and efficiently in Austria.

Message from the Austrian Government

With these new measures in place, the Austrian government is sending a strong message to financial criminals: we will not tolerate financial crime on our soil. The Anti-Fraud Office is committed to working tirelessly to prevent, detect, and prosecute financial crimes, and to protecting the integrity of Austria’s financial system.