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This study examines the extent and nature of fraud in EU funds under shared management. It then examines the measures currently being implemented at the EU level and by Member States to help tackle the problem. A number of good practices are identified. The study concludes with recommendations to help strengthen the effort to reduce fraud in EU funds under shared management. This document was prepared for the Policy Department at the request of the Budgetary Control Committee.

The Budgetary Control Committee (CONT) organised the workshop on ‘Missing Trader Fraud: definition, effects, prevention and solutions’ on 26 May 2021. This document consists of the proceedings briefing on ‘Missing Trader Intra-Community Fraud’, biographies of the speakers and the PowerPoint slides of the presentations.

On 3 September 2020, the European Commission published its 31st annual report on the fight against fraud affecting EU financial interests, covering the year 2019. In total, 11 726 irregularities were reported to the Commission, 2 % fewer than in 2018. They involved approximately €1.6 billion, 34 % less than in the previous year. Parliament's Committee on Budgetary Control has adopted a report on the Commission's annual report, which is due to be discussed and voted during the July plenary session ...

EU Anti-fraud programme 2021-2027

Em síntese 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 ...

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.

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 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.

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 ...

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 ...

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 ...