Germany to tighten financial supervision following Wirecard scandal

Germany’s financial supervisory agencies are to be given greater powers to investigate complex balance sheet structures following the Wirecard scandal that broke in June this year, the cabinet decided in Berlin on Wednesday. Legislation being prepared envisages greater powers for the Federal Financial Supervisory Authority (BaFin) and imposes stricter rules on auditors. “The draft legislation is a decisive step in strengthening balance sheet checks, reforming auditing practice and acting more effectively to counter criminal manipulation,” Finance Minister Olaf Scholz said. The aim is to ensure…

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