The annual European Union Budget is worth hundreds of billions of euro and now those in charge of administering it are admitting that huge amounts of taxpayers\' cash are being siphoned off by fraudsters. Member states are failing to adequately deal with the fraud problem so the EU Commission says it is setting up a European Public Prosecutor\'s Office which apparently will take a zero tolerance approach. The Commission estimates that €500m is lost each year through crimes against the EU Budget. At present only 42% of suspected cases are prosecuted. The Commission says the new prosecutor\'s office will pursue approximately 2,500 new cases each year. The office will commence work on the 1st of January 2015. Jerome Hughes, Press TV, Brussels Show Less >>