A spokesman for the European Commission and for the European Commissioner for Justice Vera Jourova declined to comment after Maltese MEP Alfred Sant declared that the EC targets smaller banks in small EU states like Malta, while turning a blind eye on such crimes at bigger European banks. The EC spokesman told KYC 360 that ‘the Commission does not comment on comments,’ and pointed to the Commission request for Maltese anti-money laundering watchdog to step up supervision of banks.
KYC360 is the global financial crime and compliance hub powered by KYC Global Technologies – one of the world’s fastest growing technology businesses committed to eliminating financial crime through smart customer screening and data analytics technology.
A statement issued by the office of the Maltese MEP said that KYC360 reported that the European Commission has been accused by the former Prime Minister and Maltese MEP of being biased in its approach to tackling money laundering.
“Alfred Sant singled European Commissioner for Justice Vera Jourova, saying she never mentions banking giants that have been involved in money launderings scandals, such as Deutsche Bank, but chooses instead to focus on small banks based in places like Malta.”
KYC360 said the European Central Bank recently withdrew Maltese-based Pilatus Bank’s licence following allegations of money laundering and the US arrest of its founder for allegedly violating sanctions.
“Doesn’t it sound curious that you suddenly start talking about a very small bank in a very small country and not about Deutsche Bank and Danske Bank. Let us also focus on the big fish, the big fish haven’t been mentioned by Madam Jourova for instance … [There are many cases in Germany, France,] they don’t get mentioned,” KYC360 quoted Alfred Sant telling France 24.
KYC360 asked Alfred Sant to clarify his remarks as it said there were instances when Commissioner Jourova has discussed the Danske issue.
“It’s not a question of mentioning or not mentioning scandals when they happen. It’s a question of launching investigations with much pr into systemic abuses on a European scale and the equivalent. Ms Jourova did it very happily and with full publicity, for the relatively minor case of Pilatus Bank in Malta as well as the relatively minor Maltese financial sector, but hardly did likewise (not just “mentioning”) in the cases of Danske, Deutsche etc,” Alfred Sant told KYC360.
Both Deutsche and Danske banks have been mired in money laundering scandals. Last year the former agreed to pay British and American authorities €620 million in penalties. Danske Bank recently said that its Estonian branch had processed around €200 billion in suspicious funds over a number of years, much of which is thought to have been laundered, observed KYC360.