ECB accepts it does not need own anti-fraud scheme

The ECB acknowledged on Thursday 31 July that it could not run its own fraud investigations after a ruling on 10 July. The European Court of Justice ruled that the ECB's independence did not mean that it could run its fraud investigations as this was already covered by EU regulation.

Source: AFX Europe

The ECB set up its own anti-fraud system in 1999, which mirrored the overall EU regime, but the European Court of Justice ruled on July 10 that the ECB's independence did not mean that it could r