The European Anti-Fraud Office (OLAF) more than doubled the number of cases it closed in the past year while reducing the average duration of those cases. The agency’s 2012 annual report, released this week, revealed OLAF closed 465 cases in 2012, compared to 208 in 2011. During that time period the average duration of an […]
Europe
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France, UK Join Global Transparency Initiative for Extractive Industry
In a move hailed by transparency advocates, the United Kingdom and France this week announced plans to join an anti-corruption initiative focused on the gas, oil, and mining industries. UK Prime Minister David Cameron and French President Francois Hollande revealed the decision to join the Extractive Industries Transparency Initiative (EITI) during a joint press conference […]
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Proposed EU Financial Transaction Tax Slammed by Critics
The so-called Robin Hood tax is continuing to generate criticism as a group of member nations tries to advance the financial transaction tax through the European Commission. The FTT, which targets the financial sector because of its role in the current economic crisis and because of the government support received by the sector, seeks to […]
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Parliament One Step Closer to Single EU Banking Supervision System
The European Union took a step closer to a single banking supervisor this week as members of parliament approved draft legislation to set up the unified system. The plan calls for the European Central Bank (ECB) to have direct supervision of Europe’s largest banks as well as influence over the supervision of other banks. Members approved […]
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EU Set to Adopt More Stringent Data Privacy Laws
The European Parliament is working on a final proposal that would make the European Union’s already stringent data privacy laws even tougher for businesses and would cast a wider net, requiring many U.S. companies to comply with European data protection regulation for the first time. The Parliament was supposed to agree to a revised version […]
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Ernst & Young Fraud Survey Shows Europe Not Immune to Bribery, Corruption
More than a third of executives polled in a recent survey believe companies in their country are exaggerating their financial performance, according to an annual Ernst & Young fraud report released this week. That’s not just a problem for developing countries, as the survey pinpointed several European countries where executives indicated companies often are “cooking […]
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Parliament Taking Aim at International Accounting Standards
Members of European Parliament this week are calling for a possible overhaul of international accounting standards used by European companies and banks. At issue is the International Financial Reporting Standards (IFRS), adopted by the European Union in 2005, with the goal of having one global set of accounting standards for listed companies. The International Accounting Standards […]
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Opening Railways to Greater Competition Promises a Bumpy Ride
An effort to liberalize European rail service, including a proposed separation of track managers and train operators, was the focus of the European Parliament’s Committee on Transport and Tourism this week. The committee discussed the Fourth Railway Package at a day-long hearing in Brussels, which was attended by transport experts, systems operators, infrastructure managers, manufacturers, and […]
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European Commission Moves to Push Better Access, Transparency from Banking Sector
After previously asking the banking sector to improve cross-border accessibility to basic bank accounts of its own accord, the European Commission this week released a proposal to force the industry to do just that. The proposed directive comes after a 2011 recommendation for banks to self-regulate in improving access to basic payment accounts was largely […]
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EU’s Extraction Payments Rules Go Beyond Dodd-Frank
European companies in the oil, gas, mining, and logging industries will soon be required to reveal more about the payments they make to governments for the rights to extract resources in the countries in which they operate, significantly expanding the scope of similar efforts already underway in the United States. Last month the European Union […]