The Council adopted a directive on the protection of the financial interests of the EU (PIF Directive). This will improve the prosecution and sanctioning of crimes against EU finances, and facilitate the recovery of misused EU funds.
The directive will also be a major part of the law to be applied by the future European Public Prosecutor's Office (EPPO) which is to be created by a number of member states through enhanced cooperation.
The directive provides common definitions of a number of offences against the EU budget. Those offences include cases of fraud and other related crimes such as active and passive corruption, the misappropriation of funds, money laundering, amongst others. Serious cases of cross border VAT fraud will also be included in the scope of the directive when above a threshold of €10 million.
The directive finally includes minimum rules on prescription periods, within which the case must be investigated and prosecuted, as well as minimum rules on sanctions, including imprisonment for the most serious cases.
© European Council
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