As of today EFRI represents 876 mainly European victims who lost their lifetime savings of more than EUR 45.9 million to boiler room scammers. EUR 45.9 million were transferred to the beneficial owners of fraudulent websites through various European banks/financial service providers.
Our updated Follow the Money evaluation (downloadable here) as well as our studies of the criminal files of GAL Barak show what EU member states´ banks are heavily involved in this kind of fraud.
In our opinion the involved bank/financial service providers have definitely not done a proper customer due diligence and for sure they did not check for suspicious transactions as required by the EU Anti-money laundering rules.
The bad performance of the different banks definitely shines a light on the quality of the anti-money laundering fight in the respective single European country.
Under the provisions of the 4th and 5th Anti-Money Laundering Directives each member state is obliged to establish an appropriate structure to combat money laundering in the respective Member States.
Germany is probably the best example for our assertion that the massive usage of a country´s financial system for fraud above all reflects a poor compliance and supervision system of a specific country.
The failure of the German supervisory authority as well as of the German Financial Intelligence Unit to spot the big fraud and money laundering company #Wirecard, although having received proofs and hints from media and Whistleblower for years is evident and maybe a good reason why German has become the country to go for scammers and fraudsters to launder their money. But above all it proofs that Germany for sure did not fulfill its obligation to establish an appropriate structure to combat money laundering as required by the EU-Directives.
So we ask the EU-Commission to finally start to act against three Member Countries for not having properly applied the EU Anti-Money Laundering Directives in GERMANY (DEUTSCHE BANK/POSTBANK), NETHERLANDS (PAYVISION/ING), BULGARIA as a start.
Feel free to download our letters (english and german) and send it to your country`s MEPs and ask them to push it as it is their duty to represent you in the European Parliament. In case you want to deliver also the enclosures pls get back.