OUP accepted manuscript

2020-05-26T13:41:12Z (GMT) by figshare admin leicester

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.

Categories

Keyword(s)

License

All Rights Reserved