Former ING CEO Ralph Hamers cleared of further prosecution in money laundering case

Ralph Hamers, former CEO of ING, will not be prosecuted further in connection with the bank’s earlier money laundering case. The Hague Court of Appeal on Wednesday granted the Public Prosecution Service’s request to drop additional criminal proceedings against him.

ING reached a 775-million-euro settlement with the Public Prosecution Service (OM) in 2018 over insufficient anti-money laundering measures. Back then, the prosecution chose not to pursue charges against then-CEO Ralph Hamers, a decision challenged by financial activist Pieter Lakeman. He brought the case to the Court of Appeal, which in late 2020 ruled that Hamers should indeed be investigated and potentially prosecuted.

Following years of investigation, the OM ultimately chose not to proceed with charges at the end of last year, citing a lack of sufficient evidence to bring a criminal case against the former top executive.

Based on the current file and prevailing case law, the court ruled that “criminal prosecution is unlikely to lead to a conviction.” On this basis, the court found it unnecessary to continue pursuing charges against the former ING chief.

The court highlighted the lengthy duration of the case, noting that continuing the prosecution would place a “significant burden” on the resources of both the OM and the judicial system. It also considered the “private interests” of Hamers in its decision.

The court also emphasized that its previous decision, which required the OM to investigate and prosecute Hamers, “upheld the principle that bank executives cannot escape accountability when they neglect their duties.”

Financial activist Pieter Lakeman described the court’s ruling as “disappointing.” He said, “It is difficult to understand that the same court and chamber are now reversing a decision they made five years ago.” Lakeman added that while imprisoning Hamers was not necessary, a conviction would have sent a positive signal to the Dutch business sector.