In a round table on the phenomenon debanking. Member of the European parliament Stephen Bartolica claims debanking hurts the economy as well as free speech. Debanking is the sudden ending of bankaccount of companies, NGO’s and individuals, without any explaination. Without a bankaccount you ar de facte excluded from participating in society.
Debanking is severe punishment given by banks without any control or any option to appeal.
At the round table frontwoman of de Austrian alternative TV network Auf1 Elsa Mittmannsgruber told that she was personally debanked and so was the alternative television station in Austria where she works. Other European countries didn’t provide a bankaccount as well.
Economic inclusion
Jorge Jraissati, president of the Economic Inclusion group, wrote a report on debanking you can download here. He stated that especially crypto currency companies face debanking, but they don’t dare to speak out publicaly, because if they do, they are put on a blacklist and cannot find another bank to take them in. Debanking is also used to stop political adversaries. Some countries are able to keep debanking dissidents, even when they live in other countries.
Global problem
Nicholas Anthony, a financial expert from from Washington and author of the book “Digital currency or digital control’, informed the parliment about the American situation regarding #debanking. In America especially crypto organisations and Christian organisations were the first victims of debanking under the Biden administration. Under Trump there is a slow change, but a lot of work needs to be done. Anthony: “We need transparency, because now every debanking is confidential.”
Modern form of censorship
EP member Elisabeth Dieringer from Austria says #DeBanking is often politically motivated and should not be allowed in a democratic society. It effects the families of people who speak out. “Everybody in the family is effected if you can’t pay for the rent or for groceries eand end up bankrupt because of your political opinions. It is not only a financial issue it’s a modern form of censorship.” she said.
Women’s organisation censored
Former chair of the Dutch women’s organisation Voorzij Caroline Franssen (on the picture in the middle) told about her experience of the sudden debanking without explaination of her foundation Voorzij by Bunq. When they spoke to the press about it, Bunq said they where discriminating because they werent including ‘transwomen’ in their organisation. Excluding men from womens’s dressing rooms, sports and prisons is one of the essentials of this women’s organisation.
Transparent measures
Initiator of the round table on debanking, MEP Stephen Bertulica from Croatia, stated that having a bankaccount is a right that should be only affected by criminal activities.
The round table is just the beginning of adressing this issue of free speech an d free economy.
He wants the EU to implement transparant rules, that make control on debanking easy.
The three recommendations made in the round table:
- Europe Should Ensure its AML Framework Fosters Competitiveness, Simplicity and Financial Inclusion
- Europe Should Mandate Comprehensive Data Transparency on Debanking
- Europe Should Establish a Rigorous Cost-Benefit Evaluation Process for AML/CFT and ESG Regulations.
