MEPs demand answers from EIB after AML compliance failings
07 May 2020

Members of the European Parliament have demanded answers from the president of the European Investment Bank following revelations made by the Luxembourg Times into anti-money laundering failures.

Twelve Greens and European Free Alliance MEPs sent the letter to Werner Hoyer on Wednesday, requesting that he discloses compliance shortfalls identified in an internal audit report mentioned in the article.

“We believe that it is extremely important that the EIB applies the highest standards against money laundering to ensure EU money is not misused by criminals,” the group wrote to the German national who has led the bank for eight years.

They want to know how many projects funded by the bank were affected by the compliance failures and whether they resulted in money laundering. They also question how many suspicious transaction reports the EU bank sent to Luxembourg’s Financial Intelligence Unit (FIU), which monitors financial crimes.

The audit report found the EIB did not conform with EU anti-money laundering (AML) rules and the letter asks if the bank intends to align its policies with the fifth AML directive. The EIB has invested €1.3 trillion across 162 countries globally since it was set up.

The European deputies are also asking for the bank’s complete track record to check if it complied with regulations prior to the findings in the audit report.

“Transparency is the best solution when it comes to correcting mistakes of the past and reinsuring all stakeholders that the EIB nowadays put its standards into practice,” the letter said.

By Julie Edde and Heledd Pritchard, Luxembourg Times, 6 May 2020

Read more at Luxembourg Times

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