“The FinCEN Files show that too many of the world’s largest banks have still not learned their lesson. They are only too willing to take on dirty money from criminal suspects while pocketing the fees. The ‘defensive reporting’ approach of the banking system simply does not work. We need stricter rules on when suspicious accounts must be shut down and transactions refused, as well as an effective sanctions regime with financial and criminal penalties. Also, corporate impunity of bank executives for failures to comply with anti-money laundering checks must end,” said Jonás Fernandez, S&D spokesperson on economic and monetary affairs reacting to the regulatory implication of the ongoing FinCEN Files revelations.

[Marta Jara (eldiario.es) – eldiario.es CC BY-SA 3.0 es]

In July 2020 the European Parliament adopted a resolution on anti-money laundering, which you can find here. The Socialists and Democrats have requested to add a debate on the FinCEN Files to the plenary debate in October I session.

“Once again, the FinCen Files drive home the need for a single rulebook with common rules enforced by an EU supervisor and an EU Financial Intelligence Unit. We also want the EU to lead globally on the crackdown of anonymous shell companies, pushing for transparency of beneficial ownership. It’s time to retrieve this dirty money from criminals and terrorists and return it to European citizens,” added Fernandez.
“In July this year, the European Parliament adopted a resolution calling for stronger measures against money-laundering across the EU, including an effective sanctions regime. I am sure that, had these measures been in place, a lot of the criminal neglect revealed in the FinCEN Files could have been prevented, and thus must be included in the next reform of the anti-money laundering regulation,” he concluded.