News International review

Financial Director ING lost his post because of money laundering

Источник фото:

Koos Timmermans, chief financial officer (CFO) of the Dutch Bank ING Groep, resigned after he was accused that he failed to stop money laundering, the Financial Times reports.

In a statement, representatives of the Bank said that Timmermans will also resign as head of the Executive Board of ING Group and leave the company. He was a member of the management Board and was responsible for operations in the Netherlands in the period from 2010 to 2016, and in 2017 – CFO.

Dutch prosecutors for financial crimes, said that ING violated the laws on the prevention of money laundering and financing of terrorism. The Bank paid a fine of 775 million euros, established by the state Prosecutor’s office of the Netherlands.

The Dutch investigation focused on the Bank’s role in handling unusual payments and found that it had missed potential money laundering signals.

In one notorious case, a Norwegian-Russian Telecom provider Vimpelcom gave bribes worth tens of millions of dollars through its account ING company owned by Gulnara Karimova, daughter of Uzbek President Islam Karimov. Investigators say the Bank was late reporting transactions with financial authorities and did not investigate who actually owned the company.

VimpelCom agreed to pay $ 795 million in fines to the American and Dutch authorities. Then the Telecom operator paid, perhaps, up to 183.5 million dollars in bribes and other payments.