Art. 325 TFEU aims to establish an effective and standardised protection of the European Union’s financial interests across all Member States, and in all of the EU’s institutions and bodies. This regime is underpinned by two key principles: assimilation and minimum protection. They require the Member States to take the same measures to counter fraud affecting the financial interests of the EU as they take to counter fraud affecting their own financial interests and to prevent and combat EU-fraud and other financial misconduct with effective, proportionate and dissuasive measures. National provision that is incompatible with this so-called ‘minimum trias’ is neutralized and rendered inapplicable. Moreover, the EU is empowered to adopt the necessary measures for the prevention of and fight against EU fraud. Arguably, this includes the right to enact legislation in the area of criminal law, to harmonise the respective national criminal laws of the Member States, and even to introduce directly applicable European criminal provisions. And yet, despite these sweeping powers, the EU has thus far proven reluctant to use them. Instead, it has generally opted for a restrictive interpretation of its anti-fraud competencies.