FMO sanctioned for lack of money laundering prevention: COPINH denounced it in 2022.
The Hague-based development bank FMO, 51% owned by the Dutch state, has been sanctioned by regulator De Nederlandsche Bank (DNB) due to shortcomings in its measures to prevent money laundering and terrorist financing. The sanction, details of which were not disclosed by the bank, comes after a period of heightened vigilance by the Dutch authorities.
In June 2022, COPINH (Consejo Cívico de Organizaciones Populares e Indígenas de Honduras) together with the daughters and son of Berta Cáceres filed a criminal complaint with the Dutch Attorney General’s office against the Dutch bank FMO and its directors for the crimes of complicity in corruption, embezzlement, money laundering and violence in their financing of the Agua Zarca Project of the Atala Zablah family.
COPINH’s complaint against FMO reinforces the need for accurate and ethical oversight in the financial sector. This sanction against FMO is a step forward in the search for justice for Berta Cáceres, for victims of violence and for indigenous communities. The Dutch regulator DNB is adopting an administrative law approach rather than criminal law in these investigations, so FMO is under investigation and is expected to face sanctions.
It is important to continue to put pressure on international justice and to point out the responsibility of the financial sector in matters in our territories. Rigorous supervision is essential to ensure that banks comply with their obligations and prevent the financing of illicit activities.
For more information, please visit:
The Dutch Central Bank (DNB) opens investigation of FMO for possible money laundering violations. [https://bit.ly/45ulASi]
DNB sanctions FMO development bank for wrong approach to money laundering. [https://bit.ly/3OWpIVQ]
Martijn Pols publicado en Financieele 11/8/23 https://fd.nl/financiele-markten/1485404/dnb-straft-ook-ontwikkelingsbank-fmo-voor-gebrekkige-witwasaanpak
Rutger Betlem, Martijn Pols en Financieele 11/8/23 https://archive.ph/ZisQM#selection-1121.0-1131.12