Wirecard scandal: Scholz to strengthen financial supervision

After the alleged billion fraud payment service provider Wirecard, the German Finance Minister, Olaf Scholz (SPD) wants to allow in the future a stronger contro

Wirecard scandal: Scholz to strengthen financial supervision

After the alleged billion fraud payment service provider Wirecard, the German Finance Minister, Olaf Scholz (SPD) wants to allow in the future a stronger control by the state. The SPD politician wants to make a total of 16 measures comprehensive action plan, among other things, the financial supervision Bafin and protecting investors, reported the "Süddeutsche Zeitung" (Online) on Thursday. To do this, the Bafin should be restructured and the improvement of transparency, and collusion between the authorities should be simplified. The objective is to adopt appropriate legislation until the spring of 2021. The Ministry of Finance was not initially be reached for comment.

Scholz had stressed at the end of June, the state had to be able "to control complex international commercial constructs, such as Wirecard" more efficient and effective. Legal should be legislative or regulatory measures needed to be, will you take it. Recently, a spokesman for Scholz said, the action plan for a more effective balance control must now be within the Federal government matched.

The Opposition is threatening a Committee of inquiry, if the Federal government contributes from their point of view, sufficient for the investigation of the events around the Dax-listed company Wirecard. The now-insolvent payment processor had been granted in June, air bookings of 1.9 billion euros. The alleged fraud scandal has brought the Federal government and, especially, Scholz least in expository. The Central questions are knew, exactly when the government of irregularities, whether it has done too little about it – and whether the Federal government supported perhaps Wirecard, although the suspicion of irregularity was already in the room.

Updated Date: 23 July 2020, 17:19

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