PRESS RELEASE

Decision of the European Central Bank on fraud prevention

7 October 1999

The European Central Bank (ECB) shares the concerns of the European Parliament, the EU Council and the Commission of the European Communities about the need to combat fraud and other activities detrimental to the financial interests of the Communities and the ECB.

Against this background and for the sake of transparency, efficiency and accountability, the Governing Council of the ECB has adopted a Decision according to which an independent Anti-Fraud Committee will be established to enforce an anti-fraud scheme within the ECB. The Committee will be composed of three independent persons of recognised standing and professional experience in the fields of central banking, justice and policing, and fraud prevention and detection. Within the ECB, the Directorate Internal Audit is entrusted with the task of conducting all investigations relating to fraud prevention and detection. For the purpose of combating fraud, the Director of Internal Audit will report to the Anti-Fraud Committee.

In response to the conclusions of the Cologne European Council in June 1999, a co-operative relationship will be established with the European Anti-Fraud Office (OLAF).

The text of the Decision of the ECB will be published in the Official Journal of the European Communities.

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