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Ημερομηνία

EU Anti-fraud programme 2021-2027

21-04-2021

In 2018, the Commission proposed a regulation aimed at establishing the European Union's anti-fraud programme for the duration of the 2021-2027 Multiannual Financial Framework. It will support Member States' efforts to combat fraud, corruption and other illegal activities affecting the financial interests of the European Union. The financial envelope for the implementation of the programme for 2021 to 2027 will amount to €181.2 million (current prices). An early second-reading agreement was reached ...

In 2018, the Commission proposed a regulation aimed at establishing the European Union's anti-fraud programme for the duration of the 2021-2027 Multiannual Financial Framework. It will support Member States' efforts to combat fraud, corruption and other illegal activities affecting the financial interests of the European Union. The financial envelope for the implementation of the programme for 2021 to 2027 will amount to €181.2 million (current prices). An early second-reading agreement was reached with the Council in trilogue negotiations, which is now due to be voted by Parliament during the April 2021 session.

Proceedings of the workshop on Use of big data and AI in fighting corruption and misuse of public funds - good practice, ways forward and how to integrate new technology into contemporary control framework

31-03-2021

Notes from the workshop on Use of big data and AI in fighting corruption and misuse of public funds - good practice, ways forward and how to integrate new technology into contemporary control framework. The workshop took place on 23 February 2021.

Notes from the workshop on Use of big data and AI in fighting corruption and misuse of public funds - good practice, ways forward and how to integrate new technology into contemporary control framework. The workshop took place on 23 February 2021.

Update on Wirecard case: public hearing

18-03-2021

This paper updates and summarises earlier briefings on the Wirecard case, ahead of a public hearing on 23 March organised by the JURI and ECON Committees of the European Parliament. It also describes the most recent developments on the basis of information available in the public domain.

This paper updates and summarises earlier briefings on the Wirecard case, ahead of a public hearing on 23 March organised by the JURI and ECON Committees of the European Parliament. It also describes the most recent developments on the basis of information available in the public domain.

Banking Union: ESMA report on Wirecard

01-12-2020

This briefing provides a summary of ESMA’s Fast-Track Peer-Review (FTPR), published on 3 November 2020. ESMA carried out an assessment of the effectiveness of the supervisory response in the financial reporting area by BaFin and FREP in the context of Wirecard AG fraud case.

This briefing provides a summary of ESMA’s Fast-Track Peer-Review (FTPR), published on 3 November 2020. ESMA carried out an assessment of the effectiveness of the supervisory response in the financial reporting area by BaFin and FREP in the context of Wirecard AG fraud case.

What are the wider supervisory implications of the Wirecard case?

05-11-2020

The paper discusses the policy implications of the Wirecard scandal. The study finds that all lines of defense against corporate fraud, including internal control systems, external audits, the oversight bodies for financial reporting and auditing and the market supervisor, contributed to the scandal and are in need of reform. To ensure market integrity and investor protection in the future, the authors make eight suggestions for the market and institutional oversight architecture in Germany and in ...

The paper discusses the policy implications of the Wirecard scandal. The study finds that all lines of defense against corporate fraud, including internal control systems, external audits, the oversight bodies for financial reporting and auditing and the market supervisor, contributed to the scandal and are in need of reform. To ensure market integrity and investor protection in the future, the authors make eight suggestions for the market and institutional oversight architecture in Germany and in Europe.

What are the wider supervisory implications of the Wirecard case?

29-10-2020

While multiple causes underpin accounting scandals such as Wirecard, they often point at deficiencies in the audit profession and its oversight. Currently, the system of national public audit oversight boards (POBSAs) is fragmented and overly complex, characterized by limited responsiveness to red flags, and apparent lack of communication among the POBSAs, and with other supervisors. This suggests supervisory coordination and clear action triggers are imperative. Importantly, pervasively low transparency ...

While multiple causes underpin accounting scandals such as Wirecard, they often point at deficiencies in the audit profession and its oversight. Currently, the system of national public audit oversight boards (POBSAs) is fragmented and overly complex, characterized by limited responsiveness to red flags, and apparent lack of communication among the POBSAs, and with other supervisors. This suggests supervisory coordination and clear action triggers are imperative. Importantly, pervasively low transparency limits the usefulness of this briefing and hinders evidence-based policy making.

What are the wider supervisory implications of the Wirecard case?

28-10-2020

Beginning with a discussion of the Wirecard case, this study highlights several lessons for the regulation and supervision of Fintech companies. Innovation in the financial industry brings both efficiency gains and new risks. To balance these two elements, regulators need a deep understanding of Fintech’s technologies and business models. Because Fintechs can be very complex companies, there is a need for an approach combining the oversight of both entities and activities. The global scope of Fintech ...

Beginning with a discussion of the Wirecard case, this study highlights several lessons for the regulation and supervision of Fintech companies. Innovation in the financial industry brings both efficiency gains and new risks. To balance these two elements, regulators need a deep understanding of Fintech’s technologies and business models. Because Fintechs can be very complex companies, there is a need for an approach combining the oversight of both entities and activities. The global scope of Fintech’s activities also calls for convergence and coordination of rules and supervisory practices at the European level and beyond.

Understanding the EU response to organised crime

31-08-2020

The EU has made substantial progress in terms of protecting its citizens since the early 1990s, often in response to dramatic incidents, such as mafia or other organised crime group murders, big money-laundering scandals, a steep increase in migrant smuggling and trafficking in human beings following the 2015 migration crisis, or – more recently – a sharp rise in cybercrime, fraud and counterfeiting during the coronavirus pandemic. Criminal organisations continue to pose big risks to the internal ...

The EU has made substantial progress in terms of protecting its citizens since the early 1990s, often in response to dramatic incidents, such as mafia or other organised crime group murders, big money-laundering scandals, a steep increase in migrant smuggling and trafficking in human beings following the 2015 migration crisis, or – more recently – a sharp rise in cybercrime, fraud and counterfeiting during the coronavirus pandemic. Criminal organisations continue to pose big risks to the internal security of the EU. A rising number of organised crime groups are active in its territory, often with cross-border reach. Organised crime is furthermore an increasingly dynamic and complex phenomenon, with new criminal markets and modi operandi emerging under the influence of globalisation and – in particular – new technologies. While the impact of serious and organised crime on the EU economy is considerable, there are also significant political and social costs, as well as negative effects on the wellbeing of EU citizens. As organised crime has become more interconnected, international and digital, Member States – which remain responsible for operational activities in the area of police and judicial cooperation – increasingly rely on cross-border and EU-level cooperation to support their law enforcement authorities on the ground. Recognising the severity of the problem and the need for coordinated action, the EU has initiated several measures to encourage closer cooperation between Member States and adopted common legal, judicial and investigative frameworks to address organised crime. Parliament has made fighting organised crime a political priority and has helped shape the relevant EU legislation. Future EU action will focus on implementing existing rules, improving operational cooperation – even beyond the EU’s boundaries – and information-sharing, as well as addressing some of the main criminal activities of organised crime groups. Furthermore, the EU aims to make sure that crime does not pay.

CO2 standards for new cars and vans

28-05-2019

In November 2017, the European Commission adopted a proposal for a regulation on reducing CO2 emissions from new passenger cars and light commercial vehicles (vans). The proposed measures and targets are aligned with the 2030 climate and energy framework and with the energy union strategy, which envisages a reduction in transport emissions and energy consumption. The Commission sets new targets for the EU fleetwide average CO2 emissions of new passenger cars and vans. Average CO2 emissions from new ...

In November 2017, the European Commission adopted a proposal for a regulation on reducing CO2 emissions from new passenger cars and light commercial vehicles (vans). The proposed measures and targets are aligned with the 2030 climate and energy framework and with the energy union strategy, which envisages a reduction in transport emissions and energy consumption. The Commission sets new targets for the EU fleetwide average CO2 emissions of new passenger cars and vans. Average CO2 emissions from new passenger cars and vans registered in the EU would have to be 15 % lower in 2025, and 30 % lower in 2030, compared to their respective limits in 2021. The proposal includes a dedicated incentive mechanism for zero- and low-emission vehicles, in order to accelerate their market uptake. Interinstitutional trilogue negotiations concluded in December with an agreement setting a 37.5 % CO2 reduction target for new cars by 2030, and a 31 % target for new vans. Parliament approved the agreed text on 27 March 2019. The regulation was published in the Official Journal on 25 April 2019. It entered into force on 15 May 2019 and will apply from 1 January 2020. Fourth edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

EU anti-fraud programme 2021-2027

07-02-2019

On 30 May 2018, the European Commission published a proposal for a regulation establishing an EU anti-fraud programme under the new 2021 to 2027 multiannual financial framework (MFF). The regulation would replace the Hercule III programme currently in force. The European Court of Auditors (ECA) published a special opinion concerning the proposal on 15 November 2018. The BUDG committee adopted its opinion for CONT on 23 November 2018 and the CONT committee issued its draft report on 26 November 2018 ...

On 30 May 2018, the European Commission published a proposal for a regulation establishing an EU anti-fraud programme under the new 2021 to 2027 multiannual financial framework (MFF). The regulation would replace the Hercule III programme currently in force. The European Court of Auditors (ECA) published a special opinion concerning the proposal on 15 November 2018. The BUDG committee adopted its opinion for CONT on 23 November 2018 and the CONT committee issued its draft report on 26 November 2018. More than 30 amendments were tabled ahead of the vote on the report in the CONT committee on 29 January 2019. The vote in plenary is expected to take place in February 2019. The Commission is proposing to streamline budgetary management in the area of protection of the EU's financial interests by grouping the Hercule III programme together with Anti-Fraud Information System (AFIS) and Irregularity Management System (IMS) operational activities. However, the proposed EU anti-fraud programme does not specify possible maximum co-financing rates for eligible actions. The proposal has also been criticised for its lack of specific and measurable objectives and its vague performance indicators, as well as for not having indicated the frequency of performance reporting. The amendments proposed by the ECA, and also by the BUDG and CONT committees attempt to tackle these issues. Moreover, both Parliament committees are in favour of increasing the budget for this programme. First edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

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