Austria Strengthens Anti-Fraud Measures

Centralized Unit to Combat Financial Institution Fraud

VIENNA, AUSTRIA - The Austrian government has taken a significant step forward in its efforts to combat financial institution fraud with the establishment of the Anti-Fraud Office (Amt für Betrugsbekämpfung). This centralized unit brings together tax and social fraud units under one umbrella, enhancing coordination and efficiency in the prevention and repression of financial crimes.

Key Divisions of the Anti-Fraud Office

• Fiscal Offences: Conducting financial criminal investigations and detecting tax and duty evasion.
• Financial Police: Enforcing laws related to financial crimes and maintaining public order.
• Tax Investigation: Investigating and prosecuting tax-related offenses.
• Central Office for International Cooperation: Coordinating international anti-fraud efforts, including liaison with Eurofisc, Europol, and OLAF.
• Sanctioning Measures: Imposing penalties on individuals or organizations found guilty of financial crimes.

Proactive Approach to Specific Areas of Fraud

The Anti-Fraud Office will focus proactively on specific areas of fraud, including:

• Gambling: Investigating and preventing fraudulent activities related to online gambling.
• Cryptocurrencies: Monitoring and regulating the use of cryptocurrencies to prevent money laundering and other financial crimes.
• Money Laundering: Identifying and disrupting money laundering operations.

A More Streamlined System for Tackling Financial Crimes

According to sources within the Ministry of Finance, the establishment of the Anti-Fraud Office marks a significant shift in Austria’s approach to financial institution anti-fraud measures. By consolidating its tax and social fraud units under one roof, the government aims to create a more streamlined and effective system for tackling financial crimes.

Commitment to Transparency and Cooperation

The Anti-Fraud Office is committed to being a fair partner to society, focusing on performance-based management and employee orientation. This approach ensures that the office works closely with honest businesses and individuals to prevent and detect financial crimes.