Germany overhauls finance watchdog, underscores whistleblower role

Digital payments company Wirecard filed for bankruptcy last June after admitting that €1.9 billion was missing.

The dramatic collapse of the company has been described by Finance Minister Olaf Scholz as “unparalleled” in Germany. On Tuesday, Scholz unveiled reforms planned for the agency, including giving auditors a deeper reach into balance sheets, having specialised teams in place to check on more complex companies, and boosting the powers of the Bafin president so that decisions can be swiftly made.

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