EU anti-fraud system is ineffective, auditors say
11 Jan 2019

The European Union is failing to stem misuse of EU funds worth hundreds of millions of euros each year, and manages to recoup only about 15 percent of this sum, auditors said on Thursday.

Fraudulent use of EU funds amounted to 391 million euros($451 million) in 2017, fairly typical of the last four years.

But the judicial findings of the EU anti-fraud investigative office, OLAF, only led to actual indictments in EU member states in 45 percent of cases, the Court of EU auditors said in a report.

Between 2012 and 2016, only about 15 percent of the total volume of uncovered fraud was actually recovered.

– By Francesco Guarascio, Reuters, 10 January 2018.

Link to Reuters.

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