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Fight against organised crime must shed light on role of banks


23 Oct 2013


Euro & Finance

In a European Parliament debate this afternoon on the Organised Crime, corruption and money laundering (CRIM) special committee final report, GUE/NGL MEPs expressed the urgent need to shed light on financial corruption.

GUE/NGL MEP Søren Bo Søndergaard said: "The EU's foundations are the so-called four freedoms: the freedom of movement for goods, persons, capital, and services. But in reality we have a 5th freedom: organised crime.

"Cross-border crime costs the EU a huge amount of money in tax revenue every year and it also poses a threat to welfare by undermining countries' ability to fund schools, hospitals, and good care for the elderly. To boot, money laundering and corruption infiltrates political life which is a grave threat to democracy.

"The report contains several good suggestions on organised crime, including the abolition of banking secrecy. But the report doesn't look at the full extent of the problem and that is why our group has tabled a slew of amendments, notably on cash transactions, and our group's final voting decision will be based on which amendments are adopted and which ones fall."

GUE/NGL MEP Denis de Jong said: "It is good we have a comprehensive report on organised crime with a special focus on financial corruption. Corruption is a form of crime on the rise in many member states so I ask Commissioner Malmström: is the Commission going to do anything about its responsibilities in terms of its reporting on the situation?"

GUE/NGL Press Contacts:

Emily Macintosh +32 470 85 05 08

David Lundy +32 470 85 05 09

European United Left / Nordic Green Left

European Parliamentary Group