Press Release: Commission wants EU money protected under criminal law

On 23 May 2001 the Commission adopted a draft directive which would protect EU funds under criminal law. This proposal is intended to give a new impetus to the fight against fraud, corruption and money laundering, following the incomplete ratification of the 1995 Convention on the Protection of Financial Interests and its additional protocols (PFI instruments) by the Member States. This directive would mean Member States sharing common definitions of offences and common rules on liability, penalties and cooperation with the Commission.