The Brussels Prosecutor’s Office is investigating the role played by the bank ING in the money laundering case involving the former European Commissioner Didier Reynders (Francophone liberal). The news that the role played by ING is now also under investigation appeared in an article in Wednesday’s addition of the Francophone daily ‘Le Soir’ and has since been confirmed by VRT News sources.
Prosecutor’s Office investigates role ING Belgium played in Reynders money laundering case
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The Prosecutor’s Office doesn’t wish to give any details regarding the investigation. However, ‘Le Soir’ reports that the Central Anti-Corruption Service (CDBC) is investigating whether ING protected Mr Reynders. The former European Commissioner and Belgian Federal Minister was a customer of ING in the period during which the alleged money laundering took place.
Between 2008 and 2018 Mr Reynders deposited almost 700,000 euro in cash onto his account at ING Belgium. It wasn’t until 2018 that the bank started to ask questions about the large sums of cash Mr Reynders was depositing. The bank waited until 2023 before proving a statement to the Financial Information Processing Unit (CFI).
The Leuven University (KU Leuven) professor of financial law Veerle Colaert told VRT News that "Banks are obliged to report suspect financial transactions. They are obliged to be all the more thorough with investigations into prominent politicians. Because politicians are, of course, very often confronted with attempts at bribery or corruption”.
"I don’t know the details of the case, but it seems to be the kind of thing that should have been reported before 2023," Professor Colaert said.
After the bank started asking questions in 2018, Mr Reynders is alleged to have started spending large sums of cash on lottery tickets and scratch cards rather than depositing it at the bank. He then deposited his winnings onto his bank account.
CEO called in for questioning
The investigation into ING concerns “influence peddling”. Influence pendeling is the practice of using influence in government or connections with the authorities in order to obtain favours or preferential treatment. Officially, the investigation is not part of the money laundering investigation into Mr Reynders and his wife.
The investigation was opened after the National Bank handed over its inspection report on ING Belgium and the way in which the bank had handled the Reynders case to the Prosecutor’s Office.
‘Le Soir’ reports that the former and the current CEO of ING Belgium have been summoned for questioning as suspects. Other executives of the bank have already been questioned.