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Towards better implementation of the European Union’s anti-money laundering and countering the financing of terrorism framework

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  • Harold Koster

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 accompanied by four reports. This papers aims to investigate these reports. Design/methodology/approach - Review of EU developments and reports. Findings - The European Commission continues to 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 article discusses important relevant EU developments.

Suggested Citation

  • Harold Koster, 2020. "Towards better implementation of the European Union’s anti-money laundering and countering the financing of terrorism framework," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 23(2), pages 379-386, March.
    • Handle: RePEc:eme:jmlcpp:jmlc-09-2019-0073
    DOI: 10.1108/JMLC-09-2019-0073
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    Cited by:

    1. Gorka Briones de Araluze & Natalia Cassinello Plaza, 2023. "The Relevance of Initial Trust and Social Influence in the Intention to Use Open Banking-Based Services: An Empirical Study," SAGE Open, , vol. 13(3), pages 21582440231, July.

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    Keywords

    EU; Anti-money laundering;

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