Federal government pushes reform of the Bafin

Ministry of Finance, about dts
Ministry of Finance, about dts
After the Wirecard scandal, the Federal Ministry of Finance is pushing ahead with the reform of the Bafin financial supervisory authority.

The Ministry has commissioned management consultancies to submit a report with reform recommendations by the end of November, reports the “Handelsblatt” (Friday edition). "We must not put the reforms on the back burner now," said Federal Finance Minister Olaf Scholz (SPD).

Effective means would have to be found quickly to prevent balance sheet manipulation like at Wirecard in the future. The management consultancy Roland Berger, in cooperation with KPMG Law and Sopra Steria, is to develop specific recommendations for optimizing the processes, the organizational structure and the resources at Bafin. In addition to the consulting firms, representatives of the interests of auditors and the financial industry, the administration of justice and science and, above all, civil society should also be involved. The Federal Ministry of Finance said that it is planned to involve the “citizens' movement Finanzwende”, Transparency International and the Federal Association of Consumer Organizations (VZBV). The corresponding project is starting with a broad approach, "so that together we can restart financial supervision," said Scholz. The finance minister calls for stricter rules for auditors and auditors. “The financial supervision also needs more bite.” Scholz wants to strengthen the digital know-how in the individual business and supervisory areas of Bafin and improve the cross-divisional cooperation as well as the strategic risk management of the banking supervision.