The Party of European Socialists calls for tough sanction against anyone guilty in the large-scale money laundering uncovered by the ICIJ in the FinCEN files. The fraud amounts to more than 2 trillion dollars.

PES President Sergei Stanishev said:

“I am deeply angered by the nature and the scale of the fraud perpetrated by some of the major European and global banks and by their sheer immorality, flagging potentially criminal behaviour yet doing nothing about it. Executives from these banks seem to have consciously chosen to violate national and international law to increase their own profits, helping circumvent the political sanctions enacted by the EU, siding with mobsters and criminals and against all citizens. Anyone found guilty must be severely punished.

“These revelations underline the need for strict supervision, regulation and law enforcement of the European and global banking sectors to control money flows, a case we have made for at least a decade. We need serious international cooperation to tackle tax fraud, tax evasion financial crime and money laundering.”

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