26. OLAF’S SUITABILITY TO GLOBAL FINANCIAL CRIME GOVERNANCE ON COMBATING TRANSNATIONAL FINANCIAL CRIME IN EUROPEAN UNION (2011 – 2015)

Abstract

Frauds and corruptions are connective crimes considered to be extraordinary in many
countries. The damages are not limited to certain societies but could also bring harm to
national or even regional spheres. It raised awareness and leads to the inception of Global
Financial Crime Governance reflected in a number of international institutions i.e. FATF,
UNCAC and OECD of which providing international standards of anti-fraud and anticorruption
body. An institution currently in operation is European Union (EU)’s anti-fraud
office known as OLAF, tasked to protect EU’s funds. This research aims to take a closer
look at OLAF and to examine the extent to which the institution has been suitable with
Global Financial Crime Governance. To do so, this research highlight the imminent
features of common international bodies in combatting frauds and corruptions and
afterwards will match the features on OLAF. These features come down to 6 respects: 1)
Prevention; 2) Detection and Investigation; 3) Freezing, Seizing, Prosecution or
Confiscation; 4) Cooperation; 5) Independence and Accountability; and 6) Asset recovery.
This research reveals that OLAF has been suitable with the works of other international
bodies evolving mostly on four of six common features.