CNUE - THE FIGHT AGAINST MONEY LAUNDERING
THE FIGHT AGAINST MONEY LAUNDERING - AN INTERNATIONAL COMBAT, A EUROPEAN CHALLENGE Money laundering is a multifaceted phenomenon. First of all, it is neither static nor temporary: it is constantly evolving, finding new resources in an ever-increasing financial globalisation and the evolution of technology. It is also a phenomenon that is inherently transnational, not only disregarding borders, but using them to blur the trail of successive financial transactions across the globe and obstructing the course of justice. Finally, it is a phenomenon that is on the increase. According to an estimate by the Financial Action Task Force (FATF), the annual volume of money laundering operations is estimated at between 2 and 5% of global GDP.
THE FIGHT AGAINST MONEY LAUNDERING - AN INTERNATIONAL COMBAT, A EUROPEAN CHALLENGE
Money laundering is a multifaceted phenomenon. First of all, it is neither static nor temporary: it is constantly evolving, finding new resources in an ever-increasing financial globalisation and the evolution of technology. It is also a phenomenon that is inherently transnational, not only disregarding borders, but using them to blur the trail of successive financial transactions across the globe and obstructing the course of justice. Finally, it is a phenomenon that is on the increase. According to an estimate by the Financial Action Task Force (FATF), the annual volume of money laundering operations is estimated at between 2 and 5% of global GDP.
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What are the prospects of the European
Union in combating money laundering?
The reports address the
following points:
● An analysis of recent high-profile money
laundering cases in EU banks, in order
to provide an analysis of some current
shortcomings and to present possible
avenues for improvement.
● Possible avenues for enhanced cooperation
between Financial Intelligence Units (FIUs).
● Elements to be considered for a possible
interconnection of bank account registers and
data retrieval systems.
● The Commission suggests that such a
system could possibly be a decentralised
system with a common platform at EU level.
With the successive adoption of the
Fourth and Fifth Directives, the
European Union appears to have taken
a major step towards a coherent and effective
framework in the fight against money
laundering. But recent financial scandals
have highlighted the need for further
efforts. The European Commission made
this observation through a communication
and four reports published on 24 July 2019.
The Commission insists on the need for
full implementation of the Fourth and Fifth
Directives, while stressing that a number
of structural shortcomings still need to be
addressed.
● Supranational risk assessment, with an
updated inventory of sectoral risks associated
with money laundering and terrorist
financing.
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