European Lawmakers Search Methods To Halt Cash Laundering

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Powerful European lawmakers are calling for a major reform of anti-money laundering controls across the continent in response to the “scandal” of the FinCEN files, a global investigation by BuzzFeed News and the International Consortium of Investigative Journalists.

The investigation revealed how the giants of Western banking are handling suspicious transactions worth billions of dollars, enriching themselves and their shareholders while facilitating the actions of terrorists, kleptocrats and drug queens. The documents highlighted suspicious transactions with a number of Europe’s largest banks, including HSBC, Deutsche Bank and Commerzbank.

During a session of the European Parliament on Thursday in Brussels, the legislators discussed how money laundering can be better combated.

Dubravka Šuica, vice president of the European Commission on Democracy and Demography, said countries in the European Union are “unable” to tackle global money laundering networks by acting alone and must “unite to make the system less open . ” mistreat. “

“The FinCEN files illustrate the enormous extent of the problem,” said Šuica. “The European Union must act decisively and in concert with the European approach to supervision.”

Several MEPs called for a centralized and uniform European framework to combat money laundering. Eero Heinäluoma, treasurer of the Progressive Alliance of Socialists and Democrats in the European Parliament, said the current anti-money laundering efforts are like “Swiss cheese full of holes” calling for a “single legal framework”.

“Despite these alerts, banks still execute these transactions frequently. And again it is thanks to the great work of… journalists that the scandal is exposed, ”he said. “It shows once again that the existing money laundering system just doesn’t work.”

Sven Giegold, the economic and financial policy spokesman for the Greens / European Free Alliance in the European Parliament, reiterated his parliamentary counterparts, suggesting Europe’s current anti-money laundering measures, adding that a centralized system is needed.

“The commission observed without acting like a money laundering agency,” he said.

Just last week, the European Council on Foreign Relations said that in light of the FinCEN files, European countries should “consider carefully” whether to reform the framework for combating money laundering.

“They should acknowledge that by partnering with financial giants in the area of ​​financial regulation they have not had any more success than by partnering with energy giants in the area of ​​climate policy,” the European think tank said.

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