On certain aspects of the EU policy on decriminalization of the credit and financial sector and reduction of risks of money laundering

DOI: 10.33917/mic-5.94.2020.99-106

The risks of money laundering and terrorist financing remain a serious concern in the European Union (EU), including in the context of ensuring the integrity of the Union’s financial system, as well as the safety of its citizens. According to Europol, up to 0,7-1,28% of the annual gross domestic product of the European Union is «identified as associated with suspicious financial activity». Therefore, combating money laundering and terrorist financing is a priority for the EU and an important component of its security policy.

References:

1. Communication from the Commission on an Action Plan for a comprehensive Union policy on preventing money laundering and terrorist financing [Electronic resource] / European Commission. 2020. Mode of access: https://ec.europa.eu/finance/docs/law/200507-anti-money-laundering-terrorism-financing-action-plan_en.pdf.

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 (Text with EEA relevance), OJ L 156, 19.6. 2018.p p. 43–74. 

3. Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019 amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures (Text with EEA relevance), OJ L 150, 7.6. 2019. pp. 253–295. 

4. Methodology for Assessing Compliance with the FATF Recommendations and the Effectiveness of AML/CFT Systems, updated October 2019 [Electronic resource] / FATF, Paris, France. 2019. Mode of access:  http://www.fatf-gafi.org/publications/mutualevaluations/documents/fatf-methodo logy.html.

5. Procedures for the FATF Fourth Round of AML/CFT Mutual Evaluations, updated October 2019 [Electronic resource] / FATF, Paris, France. 2019. Mode of access: http:// www.fatf-gafi.org/publications/ mutualevaluations/ documents/4th-round-procedures.html.