Sunday, May 28, 2023

Germany Criticizes US FTA With Colombia and Peru

The Scientific Service of the Bundestag, lower house of the German parliament, has criticized the recently signed Free Trade Agreement (FTA) between the EU, Colombia and Peru.

According to analysts of the German parliament, the FTA could encourage funds laundering illegal drug money.

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The report, to which Prensa Latina had access, gives reason to NGOs, parliamentarians and activists who reject NAFTA because of its neoliberal character.

According to the authors, the pact encourages the flow of illegal monies between the EU and the two South American countries.

While an FTA between Brussels and Central America includes rules against money laundering, giving contractors legal instruments to control illicit financial flows, the FTA with Colombia and Peru lacks the legislative arsenal.

According to the analysis of the United Nations Office on Drugs and Crime (UNODC), the drug cartels of the two nations have illegal capital of 9.5 billion dollars.

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In an interview with Prensa Latina, the diputy for the German Left Party Juergen Klute said the treaty includes a paragraph on the protection of bank secrecy, but no clause against tax fraud, or equivalent assistance laundering or money.

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We strive for accuracy in its reports. But if you see something that doesn't look right, send us an email. The Q reviews and updates its content regularly to ensure it's accuracy.

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