Published August 9, 2023 | Version v1
Conference paper Open

EUROPEAN UNION AIMS TO INTENSIFY THE FIGHT MONEY LAUNDERING

Authors/Creators

  • 1. Baku State University

Description

Prevention the use of the European Union’s financial system for the purposes of money laundering was always on top priorities for the European Parliament and the Council. Therefore, European Union has been developing its regulatory framework for over thirty years. All these were done in order to protect integrity and stability of internal market, and to protect society from crime. As European market is among the top three biggest economy in the world, the fight against money laundering in the EU level has also positive global effect. Moreover, geographical location of the Europe was always attractive for criminals to launder their illicit gains. Closing this gate for criminals can significantly diminish the volume of laundered illicit gains. 

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References

  • 1. Communication from the Commission on an Action Plan for a comprehensive Union policy on preventing money laundering and terrorist financing (2020/C 164/06)
  • 2. Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU
  • 3. Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC
  • 4. Directive (EU) 2018/1673 of the European Parliament and of the Council of 23 October 2018 on combating money laundering by criminal law
  • 5. Europol, 'From suspicion to action: Converting financial intelligence into greater operational impact', 2017.
  • 6. International Standards on Combating Money Laundering and the Financing of Terrorısm & Proliferatıon, Financial Action Task Force
  • 7. Proposal for a Regulation of the European Parliament and of the Council establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism and amending Regulations (EU) No 1093/2010, (EU) 1094/2010, (EU) 1095/2010
  • 8. Proposal for a Directive of the European Parliament and of the Council on the mechanisms to be put in place by the Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing Directive (EU) 2015/849
  • 9. Proposal for a Regulation of the European Parliament and of the Council on information accompanying transfers of funds and certain crypto-assets (recast)
  • 10. Proposal for a Regulation of the European Parliament and of the Council on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing
  • 11. TANZI, Vito. Money Laundering and the International Finance System. In: IMF Working Paper, No. 96/55 (May 1996), at 3 and 4.