Money launderers are taking EU to the cleaners, experts say
EU nations may boast the world’s most stringent anti-money laundering rules, but recent scandals show that criminals are good at exploiting the bloc’s Achilles’ heel
Dutch banking giant ING axed its top financial officer following a scandal over the firm’s failure to vet clients for potential money laundering activities.
In March, Malta’s financial services watchdog froze the assets of Pilatus Bank after the bank’s chairman was arrested for allegedly circumventing US sanctions in Iran.
And in February, US authorities accused Latvia’s third-largest lender ABLV of large-scale money laundering with connections to North Korea’s nuclear weapons development programme.
Other European banking giants, including HSBC, Societé Generale and BNP Paribas have been fined millions of dollars in recent years for failing to put in place sufficient anti-money laundering controls.
“It’s a good sign that these cases are coming to light, but it remains a concern that the United States has to flag the problem,” said Brillaud at Transparency International EU.
https://www.euractiv.com/section/banking-union/news/money-launderers-are-taking-eu-to-the-cleaners-experts-say/