Canada Experts: Supervision by authorities in the Wirecard case “completely inadequate”
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In the run-up to the investigation committee in the Wirecard case, experts described the supervision by the German authorities as "completely inadequate". One problem: jurisdiction.
The accounting scandal surrounding the now insolvent financial services provider Wirecard is keeping politics and the financial sector in suspense. An, which should begin its work this year. However, it has already been shown in advance that the Wirecard case was also made possible by an apparently insufficient supervision by German financial authorities, as Minutes of a special meeting of the finance committee
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The ARD-Magazin Plusminus and BR Recherche have internal minutes of a special meeting of the finance committee of the Bundestag from the beginning of September, from which it emerges that the authorities may have had a competence problem. The Bundesbank, Deutsche Börse, the Federal Ministry of Finance, the Chancellery or the Bafin banking supervisory authority do not see themselves as responsible. Handicraft mistakes - based on the knowledge from back then - were not made. In addition, Wirecard acted "with a high level of criminal energy", as Hendrik Hoppenstedt, Minister of State in the Federal Chancellery, explained. Fabio de Masi, financial expert on the left, does not question this either. But: "The supervision was also completely inadequate," as de Masi told the BR. FDP financial expert Markus Herbrand also suggests a similar notch: “A lot of people knew a lot, but nobody acted.”
Wirecard: Didn't anyone feel responsible?
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experts see the non-uniform money laundering supervision, which in Germany is divided between the federal government and the federal states, as problematic. Goods dealers, such as jewelers, have to submit reports of suspected money laundering if customers pay in cash for prices above 10,000 euros. These reports go to the authorities of the federal states. In turn, the Bafin is responsible for the financial sector. At Wirecard, according to tagesschau.de, no one apparently felt responsible for the entire group. The financial service provider fell through the cracks. The question of whether the scandal could have been exposed earlier if the money laundering supervision had worked is answered in the negative by the representatives of the authorities and ministries. However, financial expert de Masi assumes that you could have determined the balance sheet fraud if you had looked more closely. The committee of inquiry is to investigate this question as well.
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