European Lawmakers Are Looking For New Ways To Fight Money Laundering In The Wake Of The FinCEN Files Investigation

Powerful European legislators are asking for substantial reform to anti–cash laundering regulates throughout the continent in response to the “scandal” of the FinCEN Files, an international examination from BuzzFeed News and also the International Consortium of Investigative Journalists.

The examination disclosed just how the titans of Western financial step trillions of bucks in questionable deals, enhancing themselves and also their investors while helping with the activities of terrorists, kleptocrats, and also medication authorities. The papers have actually highlighted questionable deals including a variety of Europe’s biggest financial institutions, consisting of HSBC, Deutsche Bank, and also Commerzbank.

During a session Thursday of the European Parliament in Brussels, legislators questioned just how to far better battle cash laundering.

Dubravka Šuica, vice head of state of the European Commission for Democracy and also Demography, claimed nations in the European Union are “not up to the task” of dealing with worldwide networks of cash laundering by acting alone, and also has to “join forces to make the system less open to abuse.”

“The FinCEN Files illustrate the vast scale of the problem,” Šuica claimed. “The European Union has to act decisively and collectively with the European approach to supervision.”

Several participants of Parliament required a central and also consistent European structure to take on cash laundering. Eero Heinäluoma, treasurer for the Progressive Alliance of Socialists and also Democrats in the European Parliament, claimed existing anti–cash laundering initiatives resemble a “Swiss cheese full of holes” and also required a “uniform regulatory framework.’’

“Despite these alarms, banks still often execute these transactions. And again, it’s thanks to the great work of … journalists that the scandal is revealed,” he claimed. “It demonstrates once again that the existing money laundering system simply does not work.”

Sven Giegold, the financial and also economic plan agent for the Greens/European Free Alliance in the European Parliament, resembled his legislative peer and also knocked Europe’s existing anti–cash laundering procedures, including that a central system is required.

“The commission has observed without acting like a money laundering authority,” he claimed.

Just recently, the European Council on Foreign Relations claimed that taking into account the FinCEN Files European nations ought to “think carefully” concerning changing anti–cash laundering structures.

“They should recognise that they have had no more success by forming partnerships with financial giants on financial regulation than they would have by forming partnerships with energy giants on climate policy,” the European brain trust claimed.