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EU nations back plans for prosecutors office to fight financial fraud


brussels bureau

EU nations back plans for prosecutors office to fight financial fraud

Europe’s justice ministers have set their sights on tackling financial fraud across the bloc.

After meeting in Luxembourg, twenty EU members have decided to create the European prosecutor’s office.

The new body will focus initially on cross border VAT fraud and EU budget corruption but hopes to expand to other areas.

Announcing the measure Europe’s Justice Commissioner Vera Jourova said after its’ adoption there will be a 2-3 year period to establish the office: “This really a big step in our fight against corruption and fraud.”

Financial fraud is understood to amount to some 500-million euros a year according to the EU’s anti-fraud office, OLAF.

Under a so-called “enhanced cooperation” mechanism, not all EU members have to participate but it still needs the backing of the European Parliament.

brussels bureau

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