GCFFC WELCOMES CEPS-ECRI TASKFORCE REPORT ON ANTI-MONEY LAUNDERING IN THE EU

The Global Coalition to Fight Financial Crime welcomes the CEPS-ECRI Task Force report on anti-money laundering in the EU and sees it as an important, timely and useful contribution to the AML reform agenda in the EU.

This report is based on the discussions of a Task Force on anti-money laundering which was set up and held several meetings over the course of 2020.

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.

This report sets out the following key recommendations for a new approach to the fight against money laundering.

Coalition members Europol, Refinitiv and RUSI participated in the Task Force – Refinitiv as a member and Europol and RUSI as observers.

CEPS is an independent think tank based in Brussels. Its mission is to produce sound policy research leading to constructive solutions to the challenges facing Europe and the world. ECRI is a think tank that investigates credit markets and retail finance. It is managed by CEPS.

GCFFC WELCOMES CEPS-ECRI TASKFORCE REPORT ON ANTI-MONEY LAUNDERING IN THE EU

p/o Virginie Gastine Menou

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