In light of the recent serious allegations of money laundering involving some EU financial institutions, particularly Danske Bank and ING Groep, the TAX3 Committee has decided to hold a hearing on money laundering in banks on 21 November 2018 with a view to improving the financial supervisory system.
The European Commission has described the money-laundering case at Danske Bank and ING Groep as “the biggest scandal” in Europe. Related to Danske Bank, an independent investigation revealed that a series of major deficiencies in the bank´s governance and control systems made it possible to use Danske Bank’s branch in Estonia for suspicious transactions. The branch had a large number of non-resident customers in Estonia that carried out large volumes of transactions that should have never happened. Further, the report stated that €200bn money laundering sheltered in the bank, in which the €26.3bn of it is allegedly coming from illegal Russian money.
While the investigation for Danske still on going, ING on early September announced that it had agreed to pay a fine of EUR 675 million and EUR 100 million for disgorgement. As such the investigation started in 2016 due to the failure in implementing the Dutch Anti-Money Laundering and Counter-Terrorism Financing Act officially settled.
During the hearing, the special tax committee discussed the following issues to prevent another money laundering case in Europe:
A delegation from the committee will travel to Denmark and Estonia to continue investigating the Danske bank scandal in early February.
Source: European Parliament
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