Germany vows to beef up finance watchdog after Wirecard drama

, a case that has triggered criticism of the auditors and regulators meant to be overseeing the firm.newspaper he wanted to ditch the current two-stage procedure whereby BaFin is only called in when red flags are raised in a first vetting of accounts by a private monitoring body.

"I want to give BaFin more control rights over financial reports, regardless of whether the company has a banking division," he went on. BaFin chief Felix Hufeld has admitted that his watchdog"had not been effective enough" at preventing the Wirecard disaster.has also come under scrutiny for signing off on Wirecard's accounts for years before finally warning last month of an"elaborate and sophisticated fraud" at the payments provider.

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