This article introduces the main legal instruments at the EU level to protect the EU’s financial interests with a special focus on the budget for cohesion measures. It features the Regulation on a general regime of conditionality for the protection of the Union budget (Conditionality Regulation) against breaches of the principles of the rule of law, and the cohesion policy common provisions Regulation which provides horizontal enabling conditions applicable to all its financing objectives (CPR).

The first preliminary ruling request concerning the EPPO Regulation prompted the European Court of Justice to interpret the provisions of Article 31 regarding cross-border investigations. In its judgment of 21 December 2023, the Court largely, but not fully, followed the considerations and the proposed response offered by Advocate General Tamara Ćapeta. The judgment is remarkable in the sense that it is largely inspired by considerations concerning the objectives of the Regulation – in spite of the fact that the interpretation given by the Court is difficult to reconcile with the wording of the interpreted provisions and its legislative history. Article 31 certainly has its deficiencies and could have been worded more clearly. Indeed, the Court’s judgment may help to ensure efficient cross-border investigations by the EPPO. Nevertheless, the EU legislator is now called upon to review and amend the provisions of the EPPO Regulation to clarify its intentions. Furthermore, the … Read more

This article discusses the growing concerns regarding the convergence of virtual currencies and mainstream finance, which is leading to an increase in illicit activities such as money laundering and terrorism financing. The challenges that law enforcement faces in addressing these crimes are exacerbated by limited technological expertise and a sense of impunity among perpetrators. The article highlights successful asset recovery cases involving crypto assets in the United States and the extension of anti-money laundering laws to virtual assets in the United Kingdom and India. While advanced jurisdictions are making progress in addressing these challenges, the article emphasizes the need for policy recommendations and best practices, particularly for jurisdictions in Africa, which is experiencing rapid growth in the crypto market. It also delves into potential avenues for collaboration between the European Union (EU) and India in addressing capacity deficiencies in developing or least developed countries. The cybersecurity practices and frameworks employed … Read more

The EU Recovery and Resilience Facility (RRF) is a very particular option for managing resources at EU level. One of its features is the involvement of national audit authorities when it comes to ensuring that financed projects are implemented in a timely and reliable fashion. In this context, the success of the RRF as a managing and auditing scheme of EU resources is assessed against certain criteria, which can be weighted differently. Using the example of the audit arrangements in Greece, this article seeks to highlight the need for a balanced approach between the two main objectives of the audit process: flexibility and compliance.

Asset recovery has been at the forefront of recent international initiatives in the areas of criminal law and judicial cooperation in criminal matters. In this spirit, the Conference of the Parties to the Warsaw Convention on money laundering and the financing of terrorism aims to further improve the existing framework standards of the Council of Europe. This is to be done by means of an “Asset Recovery” Protocol to the 2005 Warsaw Convention, which will seek to strike a balance between the task of depriving criminals of their illicit gains and the parallel obligation to respect the rights of the accused and of third parties, in accordance with the principles stemming from case law of the European Court of Human Rights. This article outlines the rationale behind this initiative and the main targets of reform.