An IMGW News Report
Belgian prosecutors have widened their investigation into former EU Justice Commissioner Didier Reynders, now summoning senior executives of ING Belgium over alleged failures to flag suspicious cash deposits linked to his accounts.
According to Belgian daily Le Soir and confirmed by Euronews, Reynders is alleged to have deposited some €700,000 in cash between 2008 and 2018, while the bank only reported the matter to the country’s Financial Intelligence Unit in 2023.
Reynders, who previously served as Belgium’s finance minister and oversaw the National Lottery, has been accused of using large sums of cash to buy lottery tickets, later depositing the proceeds into his personal accounts. He has denied wrongdoing, insisting the money came from his private estate.
This new line of inquiry places scrutiny not just on Reynders but also on ING Belgium, whose current CEO, Peter Adams, and predecessor, Erik Van Den Eynden, have both been summoned for questioning.
Under Belgian law, banks are obliged to report suspicious transactions without delay.
The irony of Malta
For the investment migration community, the case carries a heavy irony.
“a leading figure who sought to police Malta’s sovereignty over citizenship finds his own financial conduct under sustained legal scrutiny”
As European Commissioner, Reynders was among the most vocal critics of Malta’s Citizenship by Investment programme – arguing it undermined EU values and pushing Brussels to launch infringement proceedings.
His stance marked the beginning of a campaign that ultimately led Malta to close its succesful programme.
In December 2024, IMGW News reported that Reynders himself had come under investigation for alleged money laundering, underscoring the irony of the Commissioner who spearheaded Brussels’ attack on Malta’s programme facing scrutiny over his own financial conduct.
The juxtaposition is now even starker: a leading figure who sought to police Malta’s sovereignty over citizenship finds his own financial conduct under sustained legal scrutiny, with one of Belgium’s largest banks now implicated in the affair.
As the probe deepens, questions about credibility, accountability, and governance in EU institutions resurface – especially in light of the hard-fought debates over the boundaries of national sovereignty and European oversight.
