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.
“The European Commission’s action plan to strengthen the fight against money laundering and terrorist financing must take into account these revelations and push for strict supervisory rules for the financial sector and aim to achieve the harmonisation of prudential requirements. I am also looking forward to the work we will be carrying out at the European Parliament in both the ECON and FISC committees to fight against these illicit activities and promote social justice.”
The PES commends the work of the ICIJ, a constant reminder that journalism is essential for accountability and democracy.
