Failure to comply with anti-money laundering legislation and the EU‑US TFTP (Terrorist Financing Tracking Programme) agreement

6.8.2012

Question for written answer E-007570/2012
to the Commission
Rule 117
Sophia in 't Veld (ALDE)

On 16 July 2012, the US Senate released a report revealing details of how the London-based bank HSBC Holding Plc had failed to implement US anti-money laundering legislation. During the Senate hearing on the matter, HSBC’s chief legal officer acknowledged the bank’s responsibility for failing to act while money was being laundered through accounts of a subsidiary bank.

The most recent Europol Joint Supervisory Body (JSB) inspection report on the implementation of the TFTP report, the full details of which are being kept secret at the request of the US Government, has made it clear that the TFTP agreement has not been duly implemented.

1. Is the Commission aware of the fact that HSBC is involved in an anti-money laundering scandal? Is it aware of any connections with EU Member States or financial institutions established in EU Member States?

2. Is the Commission conducting an inquiry into the matter? Is it aware of any (criminal) inquiries in the Member States? Has Europol taken any action to investigate the matter?

3. What is the Commission’s assessment of a situation that involves an official who was very close to the EU‑US TFTP agreement and to the HSBC scandal, the 2012 JSB report that shows a lax implementation of that agreement, including the transfer of data on the basis of oral requests by phone, and the fact that the money laundering practices seem to have evaded the TFTP and FATF (Financial Action Task Force) and related rules?

4. Does the Commission consider, on the basis of the above, that the rules and institutions in charge of fighting money laundering and the financing of terrorism and crime are performing adequately and in a reliable manner?

OJ C 229 E, 08/08/2013