Recent developments in EU legislation on anti-money laundering and terrorist financing

Published date01 March 2019
Date01 March 2019
DOI10.1177/2032284419840442
Subject MatterSpecial Issue: Articles
Special Issue: Article
Recent developments
in EU legislation on
anti-money laundering
and terrorist financing
Patr´
ıcia Godinho Silva
Lawyer at the Portuguese Securities Market Commission and FATF Legal Assessor, Portugal
Abstract
Money laundering and terrorist financing pose a clear risk to the integrity, proper functioning,
reputation and stability of society, especially regarding the financial system. Accordingly, there
must be effective measures to address these risks and threats, which are of a cross-border nature.
The European Commission has been doing a relevant work in this field but it is important not to
rush things, in order to ensure that, in close cooperation with the Member States and all the actors
involved, the new legislative measures and initiatives will be properly implemented, in order to
achieve a harmonized framework and to avoid unnecessary overlapping and redundancies with real
impact on the fight against money laundering and terrorist financing. Moreover, it is necessary to
ensure that the effectiveness of the anti-money laundering and counter-terrorist financing (AML/
CFT) policies does not impinge upon human rights in an impermissible manner. In particular, as
regards the processing and access to personal data involved in beneficial ownership information,
the amendments to the 4th AML Directive might arguably not be in full compliance with the
principle of proportionality.
Keywords
Money laundering, beneficial ownership, personal data, terrorist financing, principle of
proportionality
Introduction
Peace, human dignity, freedom and democracy are hard-earned values that bind Europeans
together and can never be forsaken. Europeans need to feel confidence in their future, their
Corresponding author:
Patr´
ıcia Godinho Silva, Lawyer at the Portuguese Securities Market Commission and FATF Legal Assessor, Rua Laura Alves
4, Lisbon 1050-138, Portugal.
E-mail: pcaimoto@hotmail.com
New Journal of European Criminal Law
2019, Vol. 10(1) 57–67
ªThe Author(s) 2019
Article reuse guidelines:
sagepub.com/journals-permissions
DOI: 10.1177/2032284419840442
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