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Money Laundering and Central Bank Governance in The European Union

journal contribution
posted on 02.06.2021, 14:18 by Panicos Demetriades, Radosveta Vassileva

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 counter-terrorist 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 the governance and AML/CFT implementation in the EU.

Funding

Demetriades gratefully acknowledges financial support from DFID-ESRC award reference ES/No13344/2.

History

Citation

Journal of International Economic Law, Volume 23, Issue 2, June 2020, Pages 509–533, https://doi.org/10.1093/jiel/jgaa011

Author affiliation

School of Business

Version

AM (Accepted Manuscript)

Published in

Journal Of International Economic Law

Volume

23

Issue

2

Pagination

509-533

Publisher

Oxford University Press (OUP)

issn

1369-3034

eissn

1464-3758

Acceptance date

27/04/2020

Copyright date

2020

Available date

08/07/2022

Language

en

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