As a result of the money laundering investigation into former Belgian deputy premier Didier Reynders (Francophone liberal MR), Dutch bank ING has paid an out-of-court settlement of 1.6 million euros. According to the public prosecutor’s office, there were indications that the bank may have been complicit in money laundering practices, but due to the out-of-court settlement, the bank escapes possible prosecution.
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Didier Reynders money laundering investigation: ING pays million-euro settlement, avoids prosecution
Colin Clapson
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A judicial investigation into possible money laundering by former Belgian cabinet minister, finance minister (with responsibility for the National Lottery) and European commissioner Didier Reynders has been ongoing since late 2024. It is alleged that for years he purchased National Lottery tickets using cash, depositing the winnings into his account. It is also alleged that for years Reynders deposited large sums of cash into his account at ING Belgium. Two of his confidants are also under investigation.
The public prosecutor’s office cites no fewer than 245 cash deposits between 2001 and 2017, totalling 836,500 euros, and 779 e-Lotto transfers between 2017 and 2024, totalling 202,491.35 euros.
The bank reportedly questioned him about this as early as 2018 but did not submit a statement to the Financial Intelligence Processing Unit (CFI) until 2023.
The key question, therefore, was whether for years ING had shielded Reynders. Banks are required by law to report suspicious transactions.
Evidence that the bank may be complicit in money laundering
The National Bank’s investigation revealed that there is indeed evidence that the bank may have been complicit in money laundering.
The criminal investigation conducted by the Central Service for Combating Corruption linked to the public prosecutor’s office “confirmed the findings of the National Bank,” Belgium’s central bank.
The public prosecutor’s office proposed an out-of-court settlement of 1,600,000 euros—the maximum amount for money laundering. “The facts under investigation lend themselves to this because they are of a financial nature, do not involve a serious breach of a person’s integrity, and the law in any case only permits a monetary penalty” judicial authorities say, defending the move.
ING agreed to that proposal, but according to the bank, this does not constitute an admission of guilt.
As a result, ING will not under any circumstances face prosecution.
Prosecutors are satisfied; ING wants to “close this chapter of the past”
The prosecution appears satisfied: “Money laundering can only be combated seriously and effectively if banks, without any privilege and regardless of the client’s status, comply with their anti-money laundering obligations as required by law.”
“Banks must be all the more vigilant when dealing with public figures who hold high-level positions. Failure to report instances of money laundering allows these acts to continue and aids the perpetrators in committing the crime.”
ING states that it wants to “close this chapter from the past” and “move forward with full focus.”