Saturday, October 31, 2020

ING bankers may face money laundering prosecution – Report

-

Multiple board members and former board members of ING may still be prosecuted for their role in a massive money laundering case at the bank. The court in The Hague will soon rule on an Article 12 procedure that can force their prosecution, the Financieele Dagblad reported on Friday.

Last year ING settled with the Public Prosecutor and paid a fine of 775 million euros for not doing enough to prevent money laundering. There were multiple shortcomings at the bank when it came to screening customers and reporting suspicious transactions, according to the Prosecutor. When this settlement was made, the Prosecutor saw no grounds for prosecuting ING bankers for non-compliance with the money laundering rules.

Last year investor Sam van Doorn and a number of others filed an Article 12 procedure to try and force the Public Prosecutor to prosecute ING CEO Ralph Hamers. They found it unacceptable that there was no criminal prosecution after it was shown that the bank had made money laundering possible due to poor supervision. On Friday the complainants told FD that they are now also targeting other bank members.

If the Court of Appeal in The Hague rules in favor of the claimants, the Public Prosecutor must again look into prosecuting the bankers. If that happens, it may reverse the settlement the bank made with the Prosecutor last year. That means that the Dutch State may have to pay back the 775 million euros fine ING paid.

- Advertisement -
- Advertisement -
- Advertisement -

MUST READ

Actress Lori Loughlin begins 2-month prison sentence for role in college admissions scam

Actress Lori Loughlin reported to a federal prison in Northern California on Friday to start a two-month sentence for her role in a massive...

FirstEnergy fires CEO, other executives over Ohio bribery scandal

FirstEnergy Corp. has fired its CEO amid multiple federal investigations related to an Ohio nuclear bailout law passed year. The Akron-based utility company announced in a...

Ukraine’s court strips critical power from anti-corruption agency

Ukraine's Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it...

Former South Korean President Lee Myung-bak sent back to prison for 17 years in corruption case

Former South Korean president Lee Myung-bak was ordered back to prison on Thursday (Oct 29) as the country's Supreme Court upheld a 17-year jail...

Nigerian court declines to issue international arrest warrant for fugitive ex-Petroleum Minister in corruption case

The Abuja Division of the Federal High Court, on Wednesday, refused an application by the Economic and Financial Crimes Commission, EFCC, for an arrest...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Namibia probes oil firm Acer petroleum over bribes paid to government officials

THE mines and energy ministry says it is investigating allegations that an oil company bribed some senior officials to fast-track licence applications. The senior officials...

Former Columbus mayor Eisenga charged with bank fraud

A former Columbus mayor and businessman who was once at the center of a controversial bill aimed at reducing child support payments for wealthy...

Former Harris County deputy constable pleads guilty to transporting drug money and heroin

A former Harris County deputy constable and her husband pleaded guilty Wednesday to charges of conspiracy to possess with intent to distribute heroin, according...

Philippines’ President Duterte orders corruption probe across government agencies

Philippine President Rodrigo Duterte said on Tuesday he had ordered the justice ministry to launch a sweeping investigation into graft across all government agencies,...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks