Issued by Transparency International Secretariat
The Troika Laundromat revelations published today by the Organized Crime and Corruption Reporting Project (OCCRP) and partner media outlets reveal the glaring shortcomings in anti-money laundering systems in Europe, and make the case for an EU-wide anti-money laundering supervisory authority, Transparency International said today.
“The European banking system should be a firewall that stops corrupt money from Russia and elsewhere being siphoned out of these countries’ economies. Instead, we see time and again how easy it is to launder and hide the proceeds of corruption, tax evasion or other criminal activities in Europe,” said Patricia Moreira, Managing Director of Transparency International. “All that is needed is an anonymous offshore company and one or more unscrupulous banks willing to turn a blind eye. Without more effective supervision of banks, we will see more scandals like this undermining the entire EU banking system.”