Austin, Texas (Oct. 13, 2003) -- The 28,000-member Association of Certified Fraud Examiners is expanding its fraud-fighting efforts overseas with the creation of the European Council on Occupational Fraud.

As part of its efforts to combat fraud globally, the ACFE announced the formation of the Bulgarian Council on Occupational Fraud, a blue-ribbon committee that will become a member of the ECOF. The BCOF will study the problem of fraud and make recommendations on how to curb its enormous economic threat.

The European Council on Occupational Fraud is a joint public/private sector initiative created by the ACFE to reduce the costs of occupational fraud within Europe. In addition to Bulgaria, other national councils are being formed in the United Kingdom, the Czech Republic, Poland, Switzerland, Denmark, Germany and The Netherlands. Additional European nations will be invited to join.

“Fraud is a societal problem, not an accounting issue,” said Joseph T. Wells, ACFE founder and chairman. “The ECOF council members come from a variety of backgrounds and represent the top experts in their respective fields. Although each European nation does have law enforcement responses to fraud, they cannot do it alone.” Wells added, “The ECOF is natural outgrowth of our mission.”

The BCOF will name a representative to the joint European Council that will meet periodically to make high-level policy recommendations.

-- Melissa Klein

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