The Parliamentary Assembly has recently adopted two resolutions related to migratory issues: Resolution 2525 (2024) and Resolution 2526 (2024). In both instances, the Assembly sought to address critical issues for immigrants moving to member States of the Council of Europe. These issues include youth employment, social cohesion, and public health.
To support the socio-economic inclusion of immigrants, the Assembly should also address the fact that millions of immigrants in member States are excluded from basic financial services, particularly the inability to open bank accounts. This practice is not only limited to individuals without legal status, it also persists for immigrants with residency, employment, and even dual citizenship.
This occurs because immigrants are financially targeted simply because of their country of origin, which is the case of Venezuelan immigrants for example. Since immigrants tend to come from countries with high levels of crime and corruption, their risk profile becomes unacceptable for financial institutions that must comply with existing regulations on anti-money laundering and countering the financing of terrorism (AML/CFT).
The financial exclusion of immigrants not only impacts them as individuals but also produces negative economic consequences at large. It results in the economic exclusion of millions of people, depriving them of opportunities to become productive members of society, limiting them to the informal economy, and condemning them to poverty and economic insecurity.
The Assembly should, therefore, analyse and develop mechanisms to ensure that member States of the Council of Europe provide their immigrants with a “right to banking” by reviewing AML/CFT laws that have led to financial exclusion. Given the scope of the Latin American migrant community, the Assembly’s ongoing report on “Strengthening relations between the Council of Europe and Latin America” (Doc. 15448) should evaluate the reasons for and solutions to this issue.