ING Reaches €1.6 Million Settlement in Belgium Money Laundering Investigation
Details of the ING Settlement and Investigation
Background of the Case
May 5 (Reuters) - Dutch banking group ING has reached a 1.6 million euro ($1.9 million) settlement in a money‑laundering investigation linked to transactions involving former European Commissioner Didier Reynders, the Brussels prosecutor’s office said on Tuesday.
Prosecutor’s Findings and Settlement Terms
National Bank of Belgium’s Role
The prosecutor said in a press release that in its view, the conclusion of the investigation confirmed the findings of Belgium’s National Bank that pointed to possible complicity by ING Belgium in money laundering, but that the charges would be dropped following the settlement.
Nature of the Settlement
The settlement does not constitute an admission of guilt from ING's side, the prosecutor added.
Financial Penalty
A 1.6 million euro fine was the maximum possible amount for the case, according to Belgian financial law, it said.
ING’s Response to the Investigation
Cooperation with Authorities
ING confirmed the settlement in an emailed statement and said it had "constructively and transparently" cooperated with authorities during the investigation.
Strengthening Compliance Measures
"We take our role as gatekeeper of the financial system very seriously ... Today’s ING is not the ING of the past. Over the years, our approach, governance and control environment have been fundamentally strengthened," the bank said.
Involvement of Didier Reynders
Reynders’ Legal Position
Reynders' lawyer declined to comment when contacted by Reuters. The former Belgian politician has denied all charges, which include allegations of using cash to buy lottery tickets and deposit the winnings into his bank accounts, totalling almost 1 million euros.
Exchange Rate Information
($1 = 0.8552 euros)
Reporting Credits
(Reporting by Jakob Van Calster and Charlotte Van Campenhout, editing by Milla Nissi-Prussak)
