Towards better implementation of the European Union’s anti-money laundering and countering the financing of terrorism framework
| Pages | 379-386 |
| DOI | https://doi.org/10.1108/JMLC-09-2019-0073 |
| Date | 17 March 2020 |
| Published date | 17 March 2020 |
| Author | Harold Koster |
| Subject Matter | Financial crime,Accounting & Finance,Financial risk/company failure,Financial compliance/regulation |
Towards better implementation of
the European Union’s anti-money
laundering and countering the
financing of terrorism framework
Harold Koster
Leiden University, Leiden, The Netherlands and Erasmus University Rotterdam,
Rotterdam, The Netherlands
Abstract
Purpose –On 24 July 2019, the European Commission adopted a Communication to the European
Parliament and the Council towards better implementation of the European Union’s (EU) anti-money
laundering (AML) and countering the financing of terrorism (CFT) framework. This Communication was
accompaniedby four reports. This papers aims to investigatethese reports.
Design/methodology/approach –Review of EU developmentsand reports.
Findings –The European Commission continuesto work on eliminating the vulnerabilities of the current
AML and CFT system. As the reports show, there are still many issues regarding the EU’s AML and CFT
framework. The reports offer useful insights into weaknesses and failures and provide a good basis for
further discussions with relevant stakeholders, for certain amendments to the current rulebook and
enforcement as well as for stronger mechanisms regarding supervision and supporting cross-border
cooperation.
Originality/value –This articlediscusses important relevant EU developments.
Keywords EU, Anti-money laundering
Paper type General review
On 24 July 2019, the European Commission adopted a Communication to the European
Parliament and the Council towards better implementation of the EU’s anti-money
laundering and countering the financing of terrorism framework. This Communication was
accompanied by four reports.In this article, these are discussed.
1. Introduction
On 24 July 2019, the European Commission adopted a Communication to the European
Parliament and the Council towards better implementation of the European Union’s(EU)
anti-money laundering (AML) and countering the financing of terrorism (CFT) framework.
This Communication was accompaniedby four reports[1]. As stated in the Communication,
risks of money laundering and the financing of terrorism remain a major concern for the
integrity of Union’sfinancial system and the security of its citizens. Indeed, is has been
© Harold Koster. Published by Emerald Publishing Limited. This article is published under the
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Financing of
terrorism
framework
379
Journalof Money Laundering
Control
Vol.23 No. 2, 2020
pp. 379-386
EmeraldPublishing Limited
1368-5201
DOI 10.1108/JMLC-09-2019-0073
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