scholarly journals The Evolving EU Anti-Money Laundering Regime

2016 ◽  
Vol 23 (2) ◽  
pp. 261-293 ◽  
Author(s):  
Valsamis Mitsilegas ◽  
Niovi Vavoula
Keyword(s):  
Private Sector ◽  
Money Laundering ◽  
Task Force ◽  
Legal Framework ◽  
Fundamental Rights ◽  
The European Union ◽  
Global Standards ◽  
Financial Intelligence ◽  
The Impact ◽  
Terrorist Finance

Over the past twenty-five years, the European Union has developed a far-reaching legal regime aimed at countering money laundering. The evolution of this regime has been linked inextricably with the parallel development of global standards in the field, most notably by the Financial Action Task Force on Money Laundering (FATF). This article will critically evaluate the content of EU anti-money laundering law, by putting forward a comprehensive typology of the EU anti-money laundering regime as outlined in the successive EU Anti-Money Laundering Directives and consisting of three elements: the criminalization of money laundering and terrorist finance; the prevention of money laundering via the imposition of a series of duties on the private sector; and the focus on financial intelligence, via the establishment and co-operation of financial intelligence units responsible for receiving and analysing reports received from the private sector. The article will examine the evolution of EU law as regards all elements of anti-money laundering law, by focusing in particular on the changes brought forward by the post-Lisbon Fourth Money Laundering Directive. The article will cast light on the influence of the FATF in shaping these standards and will highlight the impact of the ever expanding EU anti-money laundering legal framework on fundamental rights and the rule of law.

Suspicious transaction reporting: an Indian experience

2015 ◽  
Vol 18 (1) ◽  
pp. 2-16 ◽  
Author(s):  
B. Viritha ◽  
V. Mariappan ◽  
Irfan Ul Haq
Keyword(s):  
Money Laundering ◽  
Reporting System ◽  
Task Force ◽  
Annual Reports ◽  
Content Type ◽  
Suspicious Transaction ◽  
Financing Of Terrorism ◽  
Secondary Information ◽  
Financial Intelligence ◽  
The Impact

Purpose – The purpose of this paper is to assess the effectiveness of anti-money laundering (AML) reporting system in India in terms of Suspicious Transaction Reports (STRs) and its impact on countering money laundering through the conviction and confiscation. The main emphasis of financial action task force (FATF) guidelines on AML and countering of financing of terrorism (CFT) is the obligation of financial institutions and designated non-financial businesses and professions to instantaneously report the suspicious transactions to Financial Intelligence Unit (FIU), an agency with a mandate to deal with AML. Design/methodology/approach – It is a descriptive study to explore the outcome of the AML process. The study has used the secondary information published in the annual reports of FIU-India and FATF. The study period is 2006-2007 to 2011-2012. Findings – Though there is a significant increase in the STRs filed, the impact of AML is not realized in terms of neither AML-related convictions nor confiscations, since the enactment of the Prevention of Money Laundering Act (PMLA). However, the AML/CFT regime in India has just started earnestly, and it still has to go a long way before stabilizing and achieve tangible results. Research limitations/implications – In the Indian context, only few of the effectiveness indicators of the FATF methodology 2013 could be selected due to the limited availability of data, as much of the information maintained by various stakeholders, including reporting entities, FIU-India and other investigative and enforcement agencies, is kept confidential. Thus, it is difficult to establish the effectiveness of enforcement function of AML. Evaluation of effectiveness of AML is judged on the basis of convictions and confiscations. Originality/value – There is a dearth of studies assessing the reporting system under PMLA and thus this paper attempts to throw some insights on the outcome of AML chain, especially the impact of reporting suspicious transactions.

The European Union and the Globalisation of Criminal Law

2010 ◽  
Vol 12 ◽  
pp. 337-407 ◽  
Author(s):  
Valsamis Mitsilegas
Keyword(s):  
Criminal Law ◽  
Task Force ◽  
The United States ◽  
Fundamental Rights ◽  
The European Union ◽  
Post Cold War ◽  
External Context ◽  
European Values ◽  
The Impact ◽  
The Eu

AbstractIn the new post-Cold War security era, there is a perception that the nature of cross-border security threats has changed. The need to respond to these new threats has led to a proliferation of multilateral international and regional treaties in this area, as well as unilateral demands made by the United States post-9/11. We have, then, seen a process of globalisation of criminal law, a field traditionally linked to State sovereignty. This chapter examines, first, EU action with regard to UN multilateral conventions and the impact of those conventions on internal EU law, as well as the impact of EU action within the framework of the regional treaties of the Council of Europe; secondly, the interrelationship between Union law and the global production of norms in criminal matters by the UN Security Council and by the Financial Action Task Force; thirdly, bilateral cooperation between the EU and the US, in particular in connection with the transfer of Passenger Name Records data; fourthly, the question of compliance by the EU in this area, in both the internal and the external context; and, fifthly, the Court of Justice’s approach to the protection of fundamental rights when global criminal law is engaged. The EU has managed to take centre stage in international developments in the field of global criminal law through a clear commitment to multilateral negotiations as well as a clear political will to implement at the Union level norms agreed internationally without a high degree of transparency. The Court of Justice has also been reluctant to overturn Union security decisions in the name of fundamental rights. The coming into force of the Lisbon Treaty will eliminate some complexity in this area, but not all, and it still remains to be seen whether in the process of globalisation of criminal law the European values proclaimed in Article 2 of the new EU Treaty will be promoted or compromised.

scholarly journals The Eu Legislative Framework Against Money Laundering and Terrorist Finance: A Critical Analysis in the Light of Evolving Global Standards

2007 ◽  
Vol 56 (1) ◽  
pp. 119-140 ◽  
Author(s):  
Valsamis Mitsilegas ◽  
Bill Gilmore
Keyword(s):  
European Union ◽  
Money Laundering ◽  
Critical Analysis ◽  
The European Union ◽  
The Third ◽  
Global Standards ◽  
Legislative Framework ◽  
The Relationship ◽  
Terrorist Finance ◽  
The Eu

AbstractThis article examines the evolution of the EU anti-money laundering legislative framework (which in recent years has also included measures to counter terrorist finance), by focusing in particular on recent legislation such as the third money laundering Directive and the Regulation on controls of cash entering the EU, both adopted in 2005. The analysis highlights the relationship between these instruments and international initiatives in the field (in particular FATF standards), and addresses the challenges posed to the European Union legislative and constitutional framework when attempting to accommodate global standards.

The European Union and the Globalisation of Criminal Law

2010 ◽  
Vol 12 ◽  
pp. 337-407
Author(s):  
Valsamis Mitsilegas
Keyword(s):  
Criminal Law ◽  
Task Force ◽  
The United States ◽  
Fundamental Rights ◽  
The European Union ◽  
Post Cold War ◽  
External Context ◽  
European Values ◽  
The Impact ◽  
The Eu

Abstract In the new post-Cold War security era, there is a perception that the nature of cross-border security threats has changed. The need to respond to these new threats has led to a proliferation of multilateral international and regional treaties in this area, as well as unilateral demands made by the United States post-9/11. We have, then, seen a process of globalisation of criminal law, a field traditionally linked to State sovereignty. This chapter examines, first, EU action with regard to UN multilateral conventions and the impact of those conventions on internal EU law, as well as the impact of EU action within the framework of the regional treaties of the Council of Europe; secondly, the interrelationship between Union law and the global production of norms in criminal matters by the UN Security Council and by the Financial Action Task Force; thirdly, bilateral cooperation between the EU and the US, in particular in connection with the transfer of Passenger Name Records data; fourthly, the question of compliance by the EU in this area, in both the internal and the external context; and, fifthly, the Court of Justice’s approach to the protection of fundamental rights when global criminal law is engaged. The EU has managed to take centre stage in international developments in the field of global criminal law through a clear commitment to multilateral negotiations as well as a clear political will to implement at the Union level norms agreed internationally without a high degree of transparency. The Court of Justice has also been reluctant to overturn Union security decisions in the name of fundamental rights. The coming into force of the Lisbon Treaty will eliminate some complexity in this area, but not all, and it still remains to be seen whether in the process of globalisation of criminal law the European values proclaimed in Article 2 of the new EU Treaty will be promoted or compromised.

What's Left of the Law of Integration?

2018 ◽  
Author(s):  
Julio Baquero Cruz
Keyword(s):  
International Law ◽  
Fundamental Rights ◽  
Structural Elements ◽  
The European Union ◽  
Difficult Situation ◽  
Court Of Justice ◽  
Structural Connections ◽  
The Law ◽  
Constitutional Pluralism ◽  
The Impact

This book discusses the impact of the difficult situation the European Union is currently going through on some structural elements of its legal order, looking for symptoms of decay, exploring examples of resistance, and assessing its overall state of health. The original choices made by the drafters of the Treaties and by the Court of Justice are put in their proper historical perspective, understanding Union law as a tool of civilization, and explaining its current problems, at least in part, as a consequence of the waning of the initial impetus behind integration. The concrete themes to be explored are the following: primacy, the national resistance to it and constitutional pluralism; the preliminary rulings procedure; Union citizenship, equality, and human dignity; the scope of the Charter and the standard of protection of fundamental rights; and the rigidity and fragmentation of the Union system in connection with the recent occasional use of international law as an alternative to Union law. The book looks at the development of the law throughout the decades, inevitably losing much detail, but hopefully also uncovering structural connections and continuities.

scholarly journals The European Union and the Search for an International Data Protection Framework

2014 ◽  
Vol 2 (2) ◽  
pp. 55 ◽  
Author(s):  
Christopher Kuner
Keyword(s):  
European Union ◽  
Data Protection ◽  
Legal Framework ◽  
Fundamental Rights ◽  
The European Union ◽  
International Data ◽  
Data Protection Law ◽  
Eu Fundamental Rights ◽  
Global Data ◽  
The Eu

The European Union (EU) has supported the growing calls for the creation of an international legal framework to safeguard data protection rights. At the same time, it has worked to spread its data protection law to other regions, and recent judgments of the Court of Justice of the European Union (CJEU) have reaffirmed the autonomous nature of EU law and the primacy of EU fundamental rights law. The tension between initiatives to create a global data protection framework and the assertion of EU data protection law raises questions about how the EU can best promote data protection on a global level, and about the EU’s responsibilities to third countries that have adopted its system of data protection.

scholarly journals International legal experience in combating illegal migration by sea

2021 ◽  
Vol 66 ◽  
pp. 284-287
Author(s):  
O.O. Kukshynova ◽  
A. O. Samoilenko
Keyword(s):  
European Union ◽  
Legal Framework ◽  
Legal Regulation ◽  
European Countries ◽  
The European Union ◽  
Illegal Migration ◽  
Illegal Migrants ◽  
Theoretical Approaches ◽  
The Impact ◽  
Treaty Of Amsterdam

This article highlights the impact of international law on the global process of illegal migration, reveals a number of international problems related to international migration, in particular by sea, identifies the main factors influencing illegal migration in general, indicates the state of illegal migration in various European Union countries. attention is paid to such important international legal instruments as the Schengen Agreement of 1985 and 1990, the Dublin Convention of 1990, the Maastricht Treaty of 1992 and the Treaty of Amsterdam of 1997. The article also focuses on the European Union agency, which deals with the protection of external borders and their protection from illegal migrants, in particular, by sea.The analysis of theoretical and practical aspects of combating illegal migration by sea at the international level, as well as in the development of scientific and theoretical approaches to solving migration problems, characterizes the legal regulation of combating illegal migration by maritime transport and maritime participation established intergovernmental bodies. The main tools of the European Union to combat illegal migration by sea, which can be used to improve the legal regulation of migration authorities of other countries, as well as substantiate the organizational and legal framework of European countries in the field of legal support to combat illegal migration by sea.The actions of European states represented by the relevant state bodies in solving the problems of illegal migration with the help of merchant fleets of European countries are studied. The article pays attention to the influence of illegal migration on the formation and change of legal awareness of society, as the beginning of the formation of criminogenic factors among illegal migrants in the host country.

11. Financial crime

2019 ◽  
pp. 420-451
Author(s):  
Jeremy Horder
Keyword(s):  
European Union ◽  
Money Laundering ◽  
Criminal Law ◽  
Financial Crime ◽  
The European Union ◽  
Home Office ◽  
Corporate Activity ◽  
The Uk ◽  
The Impact ◽  
The Eu

This chapter examines three major examples of financial crime: fraud, bribery, and money laundering. The importance of financial crime, and of vigorous prosecution policies in relation to it, should not be underestimated. Fraud accounts for no less than one third of all crimes captured by the Crime Survey for England and Wales. The European Union Parliament has estimated that corruption costs the EU between €179 and €990 billion each year. Finally, the Home Office estimates that the impact of money laundering on the UK economy is likely to exceed £90 billion. An understanding of these crimes, and in particular the way that they reflect corporate activity, is nowadays essential to the study of criminal law.

The "Tempest in a Toeshoe": Public Policy and the Performing Arts

1982 ◽  
Vol 4 (2) ◽  
pp. 14-15
Author(s):  
Judith Hanna
Keyword(s):  
Private Sector ◽  
Performing Arts ◽  
Task Force ◽  
County Council ◽  
Montgomery County ◽  
Community Centers ◽  
The Tempest ◽  
Arts Programs ◽  
Publicly Supported ◽  
The Impact

In 1981, Maryland's Montgomery County Council established a task force "to determine the impact of government-sponsored performing arts classes on the private sector and to develop equitable solutions if necessary." The Performing Arts Task Force (PATF) brought together dance studio proprietors and music instructors from the private sector, representatives of publicly supported performing arts programs and of area community centers, and interested country residents like myself.

Artificial harmony

2014 ◽  
Vol 17 (4) ◽  
pp. 428-439 ◽  
Author(s):  
Clifford Williams
Keyword(s):  
Money Laundering ◽  
Information Exchange ◽  
Global Economy ◽  
Task Force ◽  
National Interests ◽  
Content Type ◽  
Network Building ◽  
Primary Means ◽  
Transfer Procedures ◽  
Financial Intelligence

Purpose – The purpose of this paper is to explain that the commonly used method allowing for inter-agency cooperation between national financial intelligence units, the memorandum of understanding, is inadequate and ineffective in creating a cooperative global financial intelligence unit capable of combating money laundering typologies on an international scale. Design/methodology/approach – Methods of international financial intelligence unit (FIU) cooperation have chiefly occurred in two ways: first, through the efforts of the Egmont Group; and second, through the inclusion of provisions concerning FIUs contained in international legal documents. The first is an impossibility. Findings – This paper proposes that the result of implementation of the 2012 Financial Action Task Force Recommendations will be an informal network of FIUs where the Egmont group acts as a centralized operator for information exchange, effectively creating an informal global FIU (“GFIU”), but that this system, or a cooperative global financial intelligence unit system based on FIU-to-FIU exchanges will not allow for effective multilateral, international cooperation. Research limitations/implications – This is because national interests and unfamiliarity with capabilities provided in the Egmont Group’s cooperative platform have and will continue to result in under-utilization of cooperative efforts, and because the traditional mechanism employed for FIU-to-FIU exchanges, the memorandum of understanding (“MOU”), makes uniform or standardized information request and transfer procedures that are required for multilateral or multi-agency efforts to combat money laundering across international boundaries an impossibility. Practical implications – The Egmont Group’s cooperational structure should be the primary means by which to achieve a GFIU. Social implications – The global combat on money laundering will be more effective, thereby more fully protecting the global economy. Originality/value – A comparison between the Egmont Group’s network building mechanism and the existing use of MoU to create global cooperation against money laundering has not been analyzed.

Sign in / Sign up

Export Citation Format

Share Document