EU's Top Prosecutor Targets Massive Tax Fraud: A Call for Action

Europe is losing an estimated 50 billion euros annually to tax and customs fraud, making it a prime criminal activity. The EU's top prosecutor, Laura Codruta Kovesi, has launched significant investigations, particularly in Greece, to combat these crimes and push for legal reforms to aid prosecutions.

Europe is facing a substantial financial drain, losing an estimated 50 billion euros annually due to tax and customs fraud. This has become one of the most lucrative criminal activities across the continent, prompting calls for stronger measures to tackle the issue. Laura Codruta Kovesi, the EU's top prosecutor, emphasized the urgency during her address in Athens, underscoring the need for a robust response.

Kovesi made it clear at Piraeus port that criminals involved in these massive fraud schemes, including a notable case stretching from China to 14 EU countries, would no longer find safe havens. The European Public Prosecutor's Office (EPPO) has launched major investigations, seizing over 2,400 shipping containers and exposing widespread underreporting of goods' values, leading to a significant VAT revenue shortfall.

While in Greece, Kovesi called for increased prosecutorial resources and legislative changes to remove political immunity that hampers criminal prosecutions. The EPPO has already referred high-profile cases to the Greek parliament for investigation, as the country grapples with the fallout of prior corruption scandals and recent fraud allegations involving EU subsidies.

(With inputs from agencies.)