EPPO Annual Report 2024 Highlights €2.8 Billion EU Financial Interests Damage

• The EPPO is handling 311 active cases related to the NextGenerationEU, with an estimated damage of €2.8 billion.
• VAT fraud accounted for over 53% of the overall estimated damage under investigation at the end of 2024.
• The EPPO granted freezing orders worth €2.42 billion and froze assets valued at €849 million in 2024.

The EPPO is handling 311 active cases related to the NextGenerationEU, with an estimated damage of €2.8 billion, which corresponds to 30% of the overall estimated damage for expenditure fraud.

The European Public Prosecutor's Office (EPPO) released its annual report for 2024, revealing a significant focus on expenditure fraud and its impact on EU-funded projects. The report highlights the EPPO's efforts to combat organized crime networks that have expanded their activities into financial criminality, including customs fraud and money laundering services.

The EPPO is handling 311 active cases related to the NextGenerationEU, with an estimated damage of €2.8 billion to the EU's financial interests. This represents a significant increase from last year, accounting for 30% of the overall estimated damage for expenditure fraud.

The EPPO's focus on expenditure fraud is particularly relevant for lawyers advising on EU-funded projects. The increased emphasis on reporting requirements and cooperation with relevant authorities highlights the importance of compliance in such projects. The EPPO's external strategy to reinforce ties and foster cooperation with relevant counterparts aims to increase the reporting of crime and ensure trust and effective cooperation from partners in transnational investigations.

The accession of Poland and Sweden to the EPPO in 2024 marks a significant development in the office's expansion, as it continues to pursue its mandate to combat financial crimes involving EU funds.

The EPPO's annual report underscores the need for increased vigilance and cooperation in combating financial crimes affecting EU-funded projects. The estimated damage of €2.8 billion highlights the significant impact of expenditure fraud on the EU's financial interests. As the EPPO continues to expand its reach, lawyers advising on EU-funded projects must be aware of the potential consequences of non-compliance with reporting requirements and cooperation with relevant authorities.

Lawyers advising on EU-funded projects should be aware of the EPPO's increased focus on expenditure fraud and its potential impact on project compliance, particularly with regards to reporting requirements and cooperation with relevant authorities.

Source: Original reporting via EPPO annual report 2024