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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International and European cooperation is more necessary
than ever. However, this essential cooperation is not without its
difficulties, given the differences in legal systems, which are
sometimes so great. In recent years, international bodies such
as the Financial Action Task Force, the European institutions and
the Council of Europe have been helping to harmonise national
structures in order to improve mutual legal assistance.
In this context, notaries are one of the actors in the fight against
money laundering and cooperate effectively with government
authorities. In Europe, by virtue of their status as public officeholders,
they are at the centre of the legal arrangements for real
estate transactions and corporate acts, which are among the most
important channels for money laundering operations. For this
reason, they must implement the FATF Recommendations and
the resulting European legislation. They also have an obligation
to inform the public authorities of any suspicions they may have
about a financial operation or transaction.
This publication, produced as part of the CNUE’s “Europe for
Notaries - Notaries for Europe” training programme, is intended
to give European notaries, and more broadly practitioners, an
overview of the work of international bodies and the legislation
in force in the fight against money laundering. Finally, it will be a
useful source of food for thought for professionals who, in their
daily practice, must be able to serve the best interests of their
clients, the State and society in general.
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