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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Germany's finance minister has drawn up reforms to give financial regulator Bafin more powers, according to a draft seen by AFP Friday, after the collapse of disgraced fintech group Wirecard exposed gaps. Under minister Olaf Scholz's plan, Bafin will be given the power to intervene directly, bypassing the current two-tier system that splits supervision between a private-sector watchdog and the markets regulator. Auditors would also have to be replaced every ten years instead of the 20 years currently. "There will never be a 100 percent protection against criminal behaviour in the financial market," said the draft. "At the same time, criminality must be countered through all legal means... that includes preventing such violations through sufficiently strict controls and oversight." The German fintech company crashed in June after admitting that 1.9 billion euros on its balance sheets likely didn't exist. Prosecutors said Wednesday they have arrested the former chief executive and two former board members of Wirecard for "commercial fraud" reaching 3.2 billion euros ($3.7 billion), saying investigations show that the financial scam was already happening in 2015. The collapse of the payments provider shocked the nation and has since snowballed into a political hot potato for the government. Scholz is due to be grilled by parliament's finance committee on July 29 after it emerged that he had been aware of suspicions of misconduct at the company in early 2019. The case is also proving to be embarrassing for Chancellor Angela Merkel who had on a trip to China discussed Wirecard's planned foray into the Chinese market. Bafin meanwhile has also come under pressure, with a group of investors filing a suit against it in Germany, accusing it of failing in its duty to investigate Wirecard and thereby prevent market manipulation. bur-hmn/kih/jh
schema:headline	Germany plans reforms to prevent Wirecard scandal repeat
schema:mentions	Johann Martin Augustin Scholz Conscription Potato 2010 Tarco Airlines Antonov An-24 crash Olaf Scholz Angela Merkel Germany China Market manipulation Financial market Wirecard Financial technology Australian Federal Police
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-07-24 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	76 (xsd:integer)

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