Germany's accountancy watchdog has denied blame for failing to spot problems at collapsed payments firm Wirecard, the latest in a string of agencies to shirk responsibility following the country's biggest accounting scandal.
“Tracking down accounting fraud and investigations are not part of our tasks,” FREP said in a statement late on Wednesday, arguing that its powers were limited and state agencies such as prosecutors had greater clout.FREP, whose stated mission is to examine the accounts of public companies to contribute to truthful and transparent accounting, said it had investigated Wirecard as fast as possible and regularly informed BaFin of progress.
Bavaria’s local government, which monitors financial companies to prevent money laundering, said it wasn’t in charge of keeping tabs on Wirecard as it did not fit the definition of a financial company, a spokeswoman said. FILE PHOTO: People enter the headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions, in Aschheim near Munich, Germany, July 1, 2020. REUTERS/Andreas Gebert/File Photo
“BaFin’s approach was to go after the critics,” said Earl. “There is a much more grown up approach in the United States or Britain. The regulators are more open minded. On the continent in Europe, they are more parochial.”
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