The global body for professional accountants

This update was first published in the March 2012 International edition of Accounting and Business magazine.

The European ombudsman, the European Union (EU) official investigating allegations of wrongdoing by EU institutions, has attacked a European Commission database identifying companies and individuals worldwide deemed a threat to the EU’s financial interests – saying the EU should allow access to its financial information.

Ombudsman P Nikiforos Diamandouros argued the use of this Early Warning System was too secretive, with subjects listed not usually being informed. Brussels also did not allow appeals against such listings.

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Last updated: 18 Mar 2014