Laura Kovesi, the top prosecutor in Europe, has proposed the formation of a select group of highly qualified financial crime and fraud investigators.
The demand from Ms. Kovesi was disclosed in the yearly report released on March 1 by the European Public Prosecutor's Office (EPPO).
All EU member states, with the exception of Denmark, Hungary, Ireland, Poland, and Sweden, have ratified the EPPO.
In the report's introduction, Ms. Kovesi stated that the squad would address problems like VAT fraud, which costs EU taxpayers some €50BN annually.
"We need to combine our own capabilities at central level in Luxembourg," she emphasized, added with "specialised and dedicated investigations in the participating member states."
"I consider this an absolute necessity, if we are serious about fighting economic and financial crime", she added.
Operations for the EPPO started in June 2021. At the end of the previous year, there were over 1,100 ongoing investigations, with around €14 billion in damages.
Since the EPPO only looks into VAT frauds with losses above €10 million, the actual number may be greater.
According to reports, the greatest VAT carousel fraud ever investigated in the EU was €2.2 billion and was uncovered in November.
By fLEXI tEAM