The collapse of Wirecard exposed one of the worst regulatory failures in modern European financial history. For years, Germany’s financial watchdog BaFin ignored whistleblowers, dismissed detailed press investigations, attacked journalists instead of fraudsters, and even imposed a short-selling ban that stabilised the share price of what was, in fact, a
Executive Summary An explosive whistleblower lawsuit reveals how Ernst & Young (EY) systematically enabled one of the largest money laundering operations in history, providing audit cover for a $100 billion criminal network operating through casino companies linked to Chinese organized crime syndicates. The case exposes how EY’s pattern of prioritizing
EFRI always was convinced that payment companies like Payvision B.V. or Wirecard willingly and knowingly process illegal transactions for cybercriminals are to be held accountable. The European supervisory authorities massively fail to do this job. So victims have to go legally against the fraud-enabling payment processors. EFRI supports victims that
At the end of June 2020, Wirecard, a DAX-listed financial services company, experienced a collapse. For over two decades, Wirecard has facilitated the receipt and distribution of illicit funds by fraudsters. We summarised our findings on Wirecard’s money-laundering activities in a complaint filed in January 2020. Wirecard as a cybercrime
