Croatia’s Finance Sector Rocked by Widespread Fraudulent Activities
The Italian-Croatian CBC Programme has been rocked by allegations of fraudulent activities in its finance sector, sparking an investigation into the matter.
Commitment to High Standards
According to sources, the Managing Authority (MA) for the programme has acknowledged that it is committed to maintaining high legal, ethical and moral standards, and adhering to principles of integrity, objectivity and honesty. The MA has implemented a procedure for disclosing situations of conflict of interests, in compliance with national and regional regulations concerning transparency and anti-corruption policy.
Widespread Fraudulent Activities
However, sources close to the investigation have revealed that the programme’s finance sector has been plagued by widespread fraudulent activities, including:
- Theft
- Corruption
- Embezzlement
- Bribery
- Forgery
- Misrepresentation
- Collusion
- Money laundering
- Concealment of material facts
Motivations Behind Fraudulent Activities
It is alleged that these fraudulent activities were carried out with the intention of making a personal gain for oneself, a connected person or a third party, or causing a loss for another. The investigation has uncovered a pattern of deception used to achieve this goal, which has caused significant financial losses and damage to the reputation of the programme.
Inadequate Internal Controls
Sources suggest that internal controls have been inadequate, allowing the fraudulent activities to go unchecked for an extended period. The programme’s managing authority has stated that it is committed to promoting a culture that deters fraudulent activity, and facilitating the prevention and detection of fraud.
Ongoing Investigation
The investigation is ongoing, with officials working to uncover the extent of the fraudulent activities and identify those responsible. The programme’s managing authority has vowed to take swift action against those found guilty, and to implement measures to prevent similar incidents from occurring in the future.