Tuesday 2 June 2015

Almost €1bn of EU budget lost to fraud and bad accounting last year

The EU lost almost €1bn to fraud and bad accounting in 2014 according to its internal anti-fraud office, OLAF.

The losses represent around 0.7% of the total budget of €142.7 for 2014.

The EU's own internal auditors have refused to sign the EU's accounts off for 19 years and if they've managed to lose this much money to fraud and bad accounting, it looks like it's shortly going to be 20 years.