Dutch Prosecutors Halt Money Laundering Charges Against Bank Executives

Dutch prosecutors have decided not to pursue charges against former executives of ING and ABN Amro following investigations into their role in money laundering. Former ING CEO Ralph Hamers and former ABN Amro CEO Gerrit Zalm will face no charges due to insufficient legal evidence.

In a notable development, Dutch prosecutors announced on Wednesday that they are dropping plans to prosecute former executives from the Netherlands' leading banks. This follows a comprehensive investigation into potential criminal liabilities connected to money laundering failures.

Separate statements from the prosecution revealed the conclusion of investigations, absolving former ING CEO Ralph Hamers and former ABN Amro CEO Gerrit Zalm of any criminal wrongdoing. While ING incurs a penalty of 775 million euros for money laundering lapses in 2018, ABN Amro previously settled a similar case for 480 million euros in 2021.

With the decision now public, a spokesman for Hamers, who also served as CEO of UBS, expressed relief over the decision. Attempts to get a comment from Zalm, who also held the role of Netherlands Finance Minister, were unsuccessful.

(With inputs from agencies.)