%0 Journal Article %A leicester, figshare admin %D 2020 %T OUP accepted manuscript %U https://figshare.le.ac.uk/articles/journal_contribution/OUP_accepted_manuscript/12362066 %2 https://figshare.le.ac.uk/ndownloader/files/22782617 %K Uncategorised value %X
Dirty money is often a by-product or a symptom of political corruption in the
jurisdictions in which it originates. It can also spread corruption and erode democracy
on its journey to its final destination. This typically involves multiple jurisdictions and
is the reason why it is so hard to detect. Recently, a series of money laundering
scandals have highlighted weaknesses in the anti-money laundering and counterterrorist financing (AML/CFT) framework of the European Union (EU), the
implementation of which remains the responsibility of member states. The paper
argues that EU’s defences against money laundering have been weakened partly
reflecting a little-known erosion in the independence of member state central banks
which are often the AML supervisors. It puts forward a number of new proposals to
strengthen governance and AML/CFT implementation in the EU.
%I University of Leicester