The law firm Prakken d’Oliveira yesterday announced: Criminal complaint against JBS N.V. and notification of possible violation AML-legislation by service providers.
From the announcement:
- Fourteen legal actions across four European jurisdictions launched today against the world’s largest meat company, JBS, its key banks, asset holders, accountants and lawyers over criminal deforestation of the Amazon in beef supply chains.
- Criminal complaint lodged against JBS’s parent company in the Netherlands, and JBS Global (UK) Limited referred to the National Crime Agency (NCA) in the UK.
- Barclays, BlackRock, ING Bank, KPMG, and EY among those referred to financial regulators for alleged breaches of anti-money laundering (AML) laws.
It is a logical consequence of the broad definition of money laundering and the failure of national authorities to tackle large-scale money laundering by major companies. From the announcement:
Under EU law-derived anti-money laundering legislation, cattle raised on criminally deforested land are criminal property. The complaints allege that JBS’s proceeds from the sale of such cattle flow across the world in plain sight and are being used to pay EU-based financiers and enablers, despite anti-money laundering legal frameworks applying in all four European jurisdictions where the complaints have been lodged.
AML rules require financial institutions, lawyers and accountants to conduct ‘enhanced due diligence’ on customers and transactions that carry a high risk of money laundering. Failure to report suspected money laundering to the relevant authorities is an offence, not just by the company, but also by employees who suspect money laundering.
Legal proceedings had previously been initiated against the Dutch company Booking.com, on the grounds of its revenue from illegal settlements in Palestinian territories.
Complaints against service providers with AML/CFT-duties
What is new about this case is that not only is the company being prosecuted for illegal income (JBS), but the service providers involved (banks, accountants, etc.) are also being held accountable for their duty to detect money laundering and report it to the authorities. Prakken d’Oliveiro mentions that legal complaints were filed against “12 of its key financiers, asset holders, lawyers and accountants“, which in the Netherlands include two banks (ING Bank and Rabobank), the Dutch lawfirm Loyens & Loeff and the accountants/auditors of EY and KPMG.
Time for action against digital theft
The biggest money launderers are the companies in the IT sector, which illegally harvest and monetise personal data behind people’s backs and that facilitate criminals. It is high time that Meta and Google and their adtech friends were held to account and that their profits were skimmed off (confiscated) and channelled towards social causes.
