Anti-Money Laundering in the EU: Time to get serious

CEPS Task Force Report

57 Pages Posted: 22 Mar 2021

See all articles by Centre for European Policy Studies

Centre for European Policy Studies

Centre for European Policy Studies (CEPS)

Richard Parlour

affiliation not provided to SSRN

Karel Lannoo

affiliation not provided to SSRN

Date Written: January 28, 2021

Abstract

Between 2 and 5% of global GDP is thought to be laundered every year, whereas only 1.1% is recovered. Anti-money laundering encompasses combating tax avoidance, the financing of terrorism, human (and human organ) trafficking, state-sponsored and corporate bribery, and the proceeds from drug-trafficking and other illegal activities.
Banks and other ‘obliged entities’ complete thousands of suspicious transactions reports on a daily basis yet only a handful are followed up on by financial intelligence units (FIUs). This could be due to lack of capability, capacity or even political direction. Meanwhile, the breadth and means to launder money have also increased, facilitated by technological progress. Unfortunately, the current anti-money laundering regulations have brought little success.

Keywords: money laundering, tax avoidance

Suggested Citation

Policy Studies, Centre for European and Parlour, Richard and Lannoo, Karel, Anti-Money Laundering in the EU: Time to get serious (January 28, 2021). CEPS Task Force Report, Available at SSRN: https://ssrn.com/abstract=3805607

Centre for European Policy Studies (Contact Author)

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Richard Parlour

affiliation not provided to SSRN

Karel Lannoo

affiliation not provided to SSRN

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