Financial Crime World

EU Funds: Strengthening Transparency and Fraud Prevention

Bulgaria Takes Steps to Enhance Transparency and Fraud Prevention

SOFIA - In a bid to strengthen its system for managing EU funds and protect the bloc’s financial interests, Bulgaria has adopted three legislative measures aimed at improving transparency, administrative capacity, and fraud prevention.

Measures to Strengthen EU Fund Management

  • The first measure updates domestic legislation to align with EU rules on shared management of EU funds for the 2021-2027 programming period. This aims to make Bulgaria’s system more transparent, effective, and easier to comprehend, while also reducing the administrative burden associated with managing EU funds.
  • The second measure grants OLAF (European Anti-Fraud Office) access to information protected by bank secrecy when necessary for investigations into fraud and corruption. This will help improve fraud prevention and detection across various sectors, including agriculture, fisheries, cohesion policy, and migration and asylum.
  • The third measure is a mixed package that covers the entire fraud cycle, designating authorities responsible for implementing Bulgaria’s Recovery and Resilience Plan (RRP). The package aligns domestic law with EU legislation on the RRF and establishes a national management and control system for the plan.

Croatia Makes Progress in Fighting Corruption

ZAGREB - Croatia has made significant progress in fighting corruption, with two National Anti-Fraud Strategies (NAFS) adopted for the years 2010-2012 and 2014-2016. The country’s Ministry of Justice and Public Administration has also drafted and monitored the implementation of national strategic documents on the fight against corruption.

Croatia’s Efforts to Combat Corruption

  • Croatia has adopted a Strategy for the Prevention of Corruption for the period 2021-2030, which is the fifth such document in this area since 2001. The strategy aims to prevent corruption by promoting transparency, accountability, and good governance.
  • These efforts demonstrate Croatia’s commitment to combating fraud and corruption, ensuring that EU funds are used effectively and efficiently.

Cross-Cutting: EU Fund Management Capacity Enhanced

BRUSSELS - The European Union has taken steps to enhance the management capacity of its funds, with Bulgaria and Croatia making significant progress in this area. The measures aim to improve transparency, administrative capacity, and fraud prevention, ensuring that EU funds are used effectively and efficiently.

Consequences of Strengthening Anti-Fraud Mechanisms

  • By strengthening its anti-fraud mechanisms, the EU is also contributing to a more cohesive and effective budget.
  • The bloc’s efforts to combat fraud and corruption demonstrate its commitment to protecting its financial interests and ensuring that funds are used for their intended purpose.