Compliance focus Lutte contre le financement du terrorisme : l'économie de la terreur
Les actes et attaques terroristes s'appuient sur des réseaux économiques et financiers criminels impliqués dans des affaires frauduleuses comme la fraude à la Taxe sur la valeur ajoutée (TVA), le trafic d'armes, de stupéfiants ou de personnes.

Compliance focus Daech and the Uberisation of terrorism: Low cost, high-profile attacks by decentralized group calls for new compliance paradigms
The logistics of the attacks may be financed by means that do not involve significant funds transfers, which would be easily detectable by the banking network.

ISIS focus Economy of terror and VAT fraud
A documentary signed by the Danish channel DR1 about the funding of the terrorims in Europe.

Financial crime focus ISIS and the "uber-terrorism"
Boston, Charlie Hebdo, Bataclan, Sharm ElCheik, San Bernardino, ... Facing an unprecedented wave of Islamist terrorism, modern society is confronted with a new public enemy who is both invisible and ubiquitous. But the Western society and especially Europe has experienced since the end of World War II several episodes of terrorism. The actions of the Red Brigades in Italy or those of the Irish Republican Army in Great Britain are still living memories in the collective unconscious.

ISIS focus Economy of terror and VAT fraud

New book Introduction to the Theories and Varieties of Modern Crime in Financial Markets
Introduction to the Theories and Varieties of Modern Crime in Financial Markets explores statistical methods and data mining techniques that, if used correctly, can help with crime detection and prevention. The three sections of the book present the methods, techniques, and approaches for recognizing, analyzing, and ultimately detecting and preventing financial frauds, especially complex and sophisticated crimes that characterize modern financial markets. The first two sections appeal to readers with technical backgrounds, describing data analysis and ways to manipulate markets and commit crimes. The third section gives life to the information through a series of interviews with bankers, regulators, lawyers, investigators, rogue traders, and others. bring.

New publication Solving Modern Crime in Financial Markets: Analytics and Case Studies
This comprehensive source of information about financial fraud delivers a mature approach to fraud detection and prevention. It brings together all important aspect of analytics used in investigating modern crime in financial markets and uses R for its statistical examples. It focuses on crime in financial markets as opposed to the financial industry, and it highlights technical aspects of crime detection and prevention as opposed to their qualitative aspects. bring.

Europe Focus The economic potential of the ten-point Juncker Plan for growth without debt
Our previous stuy for the European Parliment The Cost of Non-Europe of an incomplete Economic and Monetary Union was used to assess the potential of the ten-point Ju.ncker Plan for growth without debt bring.

Europe Focus The Cost of Non-Europe of an incomplete Economic and Monetary Union
The purpose of this study is to evaluate the robustness of a strong economic and monetary union faced with a new crisis scenario. Based on the results of an empirical statistical model devised to analyse the distinctive features of financial markets, macroeconomic indicators and the accounting data of financial institutions in the 28 countries of the European Union, this study suggests that, with a new sovereign debt crisis on the horizon, better European budgetary cooperation could generate savings of some EUR 85 billion, i.e. 0.65 per cent of the EU's GDP, and a functioning banking union would make it possible to save EUR 222.3 billion, mainly generated by a reduced need to recapitalise the EU's financial institutions.

Financial Crime Focus Cyril Astruc, Catch me if you can
In an unique documentary signed, Vanity Fair presents a rising star of the Carbon Connection

Tradition and Innovation

About us

Marius Cristian Frunza

Managing Partner


Dr. Marius-Cristian Frunza's consulting work with investment banks and asset managers allowed him to specialize in risk management, derivative pricing and misconduct risk. His research activity encompasses topics around environmental finance like forestry, energy, and weather derivatives. He graduated from the Ecole Polytechnique in Paris and holds a PhD in mathematics and an Habiliation in economics from the Sorbonne university.

He is the author of over 20 articles in various areas including environmental markets and risk management. He also published four books including Fraud on the carbon market, one of the main works in the area of emmisions market.

Rostislav Haliplii



Rostislav's expertise encompasses commodities markets and market risk. He advises investment banks, hedge funds and corporates on their risk management strategies with a special focus on Big Data and machine learning.
He worked previously in sales-trading with major commodity trading houses where he acquired a solid experience in energy derivatives markets.

Rostislav graduated from Dauphine University in Paris and holds a MSc in Financial Engineering from the Imperial College in London. He is currently completing a PhD program in Economics at Sorbonne University.

Evgueny Kurinin

Managing Partner - Central Asia


Evgueny is overseeing Schwarzthal's development in Central Asia (Kazakhstan, Kirgizstan, Tajikistan and Uzbekistan). His expertise in the area of infrastructure investments and project finance. Also he provides the local companies with customized training programs in various domain of accounting and financial planning. Before joining Schwarzthal he worked in "Big 4" firms where he specialized in French GAAP and IFRS accounting standards as well as internal control under Sarbanes-Oxley Act.

Evgueny graduated from the Pierre-Mendès-France University in Grenoble and holds an MBA from the International Business School of Economics and Commercial Sciences in Bordeaux. He is fluent in French, English and Russian.


The past events on the financial markets showed us that classic financial and strategic approaches provide less robustness in a challenging economic environment. Discrepancies between the financial valuation models and hyper sophisticated financial instruments generated dysymmetries between the capacities of the markets to arbitrate and the intrinsic value of the industries.

In the ubiquitous torment of global economy the struggle to preserve the environment came in secondary plan and yet is primordial for the rise of a new economy.

If in short run the attitude toward environment is driven by regulations and is perceived by industries as a liability, in the long run the environment will constitute a real economical added value and a robust source of sustainable growth.

The "raison d'être" of Schwarzthal Kapital is to bring an independent vision upon the economic realities of industries using objectiveness and scientific reasoning. From assets valuation to market risk hedging strategies, from econometrical modelling to litigation and from forensics to risk transfer solutions we bring a broad range of services and expertise based on a team of talented professionals wise various experiences. We emphasize vis-à-vis our clients the need to build and invest in projects having a high environmental value.



Data mining, Repository mapping, Unstructured data analysis, Strategic modelling, Model audit, Tools impementation in R, Matlab, Python, Java, C/C++

Environmental Finance

Forestry valuation, Water markets, Agricultural commodities, LNG, Low-carbon finance, Biodiversity assessment

Risk Management

Basel III, RWA optimisation, Stress testing, Impact studies, Risk model validation, IFRS9, Model Risk, Derivatives valuation

Financial Crime

Expert witness, Litigation and dispute support, Forensic statistics, Terrorism financing intelligence, VAT fraud


Main Office
Schwarzthal Kapital, Ltd.
211 Business Design Center
London, N1 0QH, United Kingdom
P FR: (33) 6 27297834
P UK: (44) 7 952208734
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