BusinessCompany NewsOLAF seeks fraud information exchange

OLAF seeks fraud information exchange

European Union (EU) anti-fraud unit OLAF has proposed creating an EU FraudNet system, allowing other national and international law enforcement teams to exchange information about financial crime.

It suggested the idea at a conference it organised in Brussels. OLAF asked the 150 delegates to develop a system exchanging ‘information about detected fraudulent misappropriation of international aid funds’to ‘help donors and investigators cross-check their information about recipients of international aid and verify doubts about their handling of funds…’

Such a system would resemble the USA General Accounting Office’s FraudNET, which allows whistle-blowers to report allegations of fraud, waste, abuse, or mismanagement of federal government funds by e-mail, fax or post. Tipsters can remain anonymous and are encouraged to provide maximum detail about ‘the who, when, where, what, how and how much’.

In a post-conference note OLAF said: ‘The fight against fraudulent misappropriation of international aid funds is an enormous challenge. The mere falsification and multiple use of invoice or the intentional non-realisation of a subsidised project are only the most obvious examples.’ More complex cases were highlighted by the conference, such as fictitious participation of organisations in a consortium to boost grant sizes.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor