European Lawmakers Search Methods To Halt Cash Laundering
Strong lawmakers in Europe are calling for a radical change in anti-money laundering scandals across the country in light of the “evils” of FinCEN Files, an international study from BuzzFeed News and the International Consortium of Investigative Journalists.
The study showed how Western bank giants move $ 1 billion into suspicious transactions, enriching themselves and their partners in initiating terrorist, politically motivated drug lords. The documents show the events in Europe’s major banks, including HSBC, Deutsche Bank, and Commerzbank.
During a Thursday meeting at the European Parliament in Brussels, lawmakers discussed how to best deal with counterfeit money.
Dubravka Šuica, vice-president of the European Commission for Democracy and Demography, said European Union countries “could not” afford to deal with international brotherhood in the same way, and should “work together to prevent this process from being open.”
“FinCEN files show the magnitude of the problem,” Šuica said. “The European Union must act urgently and in line with the European approach to governance.”
Several members of Parliament called for European construction and uniforms to crack down on money laundering. Eero Heinäluoma, treasurer of the Progressive Alliance of Socialists and Democrats at the European Parliament, said repeated anti-money laundering efforts were like “Swiss cheese with holes” and wanted a “more consistent approach.”
“Despite these alarms, banks often do this. Also, because of the great work of the media that the scandal has been exposed,” he said. “It also shows that the existing funds are not working.”
Sven Giegold, a spokesman for economics and finance at the Greens / European Free Alliance in the European Parliament, also spoke of his colleagues in parliament and criticized Europe’s repeated measures to fight money, adding that a single system was needed.
“The council looked at it without acting as a money launderer,” he said.
Last week, the European Council on Foreign Relations said that according to FinCEN Files European countries should “think carefully” about changing anti-money laundering strategies.
“They should realize that they have not done much better in forming alliances with regulatory giants over economic reform than with negotiating with the superpowers in climate change law,” the European think tank said.