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European lawmakers seek to prevent money laundering


Strong European lawmakers are calling for substantial reforms of anti-money laundering controls across the continent in response to “scandals” of FinCEN file, a global survey from BuzzFeed News and the International Association of Investigative Journalists.

Investigation revealed the way Western banking giants move trillions of dollars in suspicious transactions, enriching themselves and their shareholders while facilitating the acts of terrorists, kleptocrat and drugs. The documents have highlighted suspicious transactions involving some of Europe’s largest banks, including HSBC Bank, Deutsche bank, and Commerzbank.

During the Thursday session of the European Parliament in Brussels, lawmakers debated how to better fight money laundering.

Dubravka Šuica, vice-chairman of the European Commission on Democracy and Demographics, said European Union countries “do not have enough mandate” to tackle global money laundering networks by acting alone and must “join forces to make the system less open to abuse.”

“The FinCEN files illustrate the large scale of the problem,” Šuica said. “The European Union must act decisively and collectively with Europe’s surveillance approach.”

Several members of the Parliament have called for a centralized and unified European framework for dealing with money laundering. Eero Heinäluoma, treasurer of the Union for Progressive Democracy and Social Affairs in the European Parliament, said current anti-money laundering efforts are like a “hole full of Swiss cheese” and called for a ” uniform regulatory framework ”.

“Despite these alarms, banks often carry out these transactions. And again, it was through the wonderful work of… journalists that the scandal was revealed, ”he said. “It proves once again that the current money laundering system is simply not working.”

Sven Giegold, the Greens / European Liberal Union’s economic and financial policy spokesperson in the European Parliament, reiterated his colleague in parliament and downplayed current anti-money laundering measures. Europe also added that it is necessary to have a centralized system.

“The Commission has observed that it does not function as a money laundering agency,” he said.

Just last week, the Council on European External Relations said that based on the FinCEN Profile, European countries should “think carefully” about reforming anti-money laundering frameworks.

“They should realize that they cannot be more successful in partnership with the financial giants of regulation than they would by forming partnerships with powerful giants. climate policy, ”says the European research organization.

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