A new law will help strengthen the fight against fraud in EU funding – economy, finance

A new law will help strengthen the fight against fraud in EU funding – economy, finance

On Thursday, January 21, Saeima read the third law “Law on Support for the European Anti-Fraud Office”. It is designed to provide effective assistance to the European Anti-Fraud Office (OLAF) in its administrative investigations aimed at protecting the financial interests of the European Union (EU) against fraud, corruption and other illegal activities.

“Protecting the European Union’s financial interests and the fight against fraud and corruption, by their very nature, protects every European citizen and its wealth. It is also the protection of the Latvian economy and the democratic system. Furthering the fight against organized crime Increasing is important, which defrauds taxpayers’ money from the EU budget every year. ” Finance Minister Janis Rear explains.

The mission of OLAF is to detect, investigate and prevent fraud involving EU funds. The new law also defines the powers of the Ministry of Finance, which, as a competent authority, supports the OLAF investigation.

OLAF’s main functions include an independent investigation into fraud and corruption involving EU funds to ensure that all EU taxpayers’ money goes to projects that can create jobs and growth in Europe . It is also important to strengthen citizens’ trust in EU institutions to investigate serious irregularities committed by EU officials and employees of EU institutions, as well as to develop a sound EU anti-fraud policy.

In the exercise of its independent investigative work, the OLAF may investigate cases of fraud, corruption and any other criminal activity affecting the financial interests of the European Union:

  • For all EU expenses, the main titles are the Structural Fund, Agricultural Policy and Rural Development Fund, direct spending and external aid;
  • Some areas of EU revenue, mainly customs;
  • Allegations of serious misconduct by EU officials and employees of EU institutions.
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Finance ministry

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