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EU office estimates almost $1 billion in graft last year
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Britain's Prime Minister David Cameron delivers a speech on the European Union at the British Museum in central London, Monday May 9, 2016. Raising the stakes in Britain's European Union membership debate, Prime Minister David Cameron said Monday that leaving the bloc would increase the risk of war in Europe. (Pool via AP/Leon Neal)
T
he European Union's anti-fraud office said that almost $1 billion of the bloc's budget was lost to graft and irregularities last year.
In its annual report, OLAF said Tuesday that it wants the 28-nation bloc to claw back 888 million euros in funds that it considers inappropriately spent EU funds. The figure was almost similar to 2014, when it stood at 901 million euros ($1.003 billion).
The office said that, as in previous years, funds used to help develop the EU's poorer regions and sectors accounted for most of its investigations.
The EU annual budget stands at about 155 billion euros ($173 billion). (ags)
