BUSINESS BRIEFS

White collar crime saps Sk53 billion from state

WHITE collar cime cost the state almost Sk53 billion (€1.4 billion) last year, according to police estimates.

Put in context, this sum represents one sixth of the state budget. That is enough to provide funding for the most costly government ministry, that of Labour and Social Affairs, which operated last year on a budget of Sk48 billion, the Hospodárske noviny wrote.

This year's amount is Sk13 billion higher than two years ago, but probably still much lower than the actual amount, as many crimes go uncovered. The most common forms of white collar crime were fraud, embezzlement and excessive VAT settlement.

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