The PFI Convention was a multilateral treaty between the old and new

member states A member state is a state that is a member of an international organization or of a federation or confederation. Since the World Trade Organization (WTO) and the International Monetary Fund (IMF) include some members that are not sovereign states ...

of the

European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...

on the topic of

fraud In law, fraud is intent (law), intentional deception to deprive a victim of a legal right or to gain from a victim unlawfully or unfairly. Fraud can violate Civil law (common law), civil law (e.g., a fraud victim may sue the fraud perpetrato ...

, and came into force on 17 October 2002. The full name of the treaty is the Convention on the protection of the European Communities' financial interests. It was introduced by the ''Council Act of 26 July 1995 drawing up the Convention on the protection of the European Communities' financial interests''. This convention harmonised the legal definition and criminal liability of fraud and replaced the old European treaties on fraud. It created a unified definition of

, and signatory states were to ensure that criminal sanctions were in effect for it. All EU Member states have ratified the convention, and it is available for accession by any future incoming EU member state. The convention was replaced by the PFI Directive in all member states except

Denmark Denmark is a Nordic countries, Nordic country in Northern Europe. It is the metropole and most populous constituent of the Kingdom of Denmark,, . also known as the Danish Realm, a constitutionally unitary state that includes the Autonomous a ...

and the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

, which have (or had)

opt-out The term opt-out refers to several methods by which individuals can avoid receiving unsolicited product or service information. This option is usually associated with direct marketing campaigns such as e-mail marketing or direct mail. A list of th ...

s, with effect from 6 July 2019.

References

{{EU treaties and declarations European Union law Treaties of the European Union Law enforcement in Europe

See also

References