Wirecard saga exposes cracks in German financial regulation

Robert Henrici is quoted in Global Investigations Review regarding Wirecard’s €2 billion accounting scandal. Mr. Henrici says ultimately, it is too early to assign responsibility to any particular party for the Wirecard scandal and warned against knee-jerk reforms. “We don’t know what BaFin did to investigate [Wirecard] and it’s clear now that criminal conduct was at play. If there’s suspicion of a crime, then BaFin forwards it to German authorities including public prosecutors. It’s too early to know whether these steps were followed and where the blame falls,” he adds.