Clearance of Accounts procedure and Recovery Sample Clauses

Clearance of Accounts procedure and Recovery of Funds A clearance-of-accounts procedure in line with Art.53 para 5 of the Financial Regulation3 and Art. 42 of the Implementing Rules to the Financial Regulation4 will be put in place. Any proven irregularity or fraud5 discovered at any time during the implementation of the programme will lead to the recovery of funds by the Commission. If the implementation of a measure appears not to justify either a part or the whole of the assistance allocated, the Commission is to conduct an appropriate examination of the case, in particular requesting the beneficiary country to submit its comments within a specified period of time and to correct any irregularity. Following the examination referred to in the previous paragraph, the Commission may reduce, suspend or cancel assistance in respect of the measures concerned if the examination reveals irregularity, an improper combination of funds or a failure to comply with one of the conditions in the financing memorandum and in particular any significant change affecting the nature or conditions of implementation of the measure for which the Commission’s approval has not been sought. Any reduction or cancellation of the assistance is to give rise to recovery of the sums paid. Where the Commission considers that an irregularity has not been corrected or that all or part of an operation does not justify either all or part of the assistance granted to it, the Commission is to conduct a suitable examination of the case and request the beneficiary country to submit its comments within a specified period.
Sample 1
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