Financial corrections are withdrawals of funding that take place when payments to EU-backed projects have been made in error due to irregularities such as fraud.
The Commission is committed to recovering funds that have been obtained or used fraudulently, and will use the full force of the law to track down such payments. Deployment of financial corrections could include cancelling all or part of an EU contribution to an operational programme.
The Commission has a range of controls available to ensure that EU funding is spent properly. Regular monitoring procedures, certifications of expenditure and strict auditing measures are all used to combat fraud.