Three ways to bolster flawed AML/CFT in the EU
EU must address significant weaknesses if it wants to combat illicit money flows, write Panicos Demetriades and Radosveta Vassileva
A raft of major money-laundering scandals, including the controversy with Danske Bank’s Estonian subsidiary, have helped expose significant weaknesses in the European Union’s anti-money laundering and combating the financing of terrorism (AML/CFT) framework. It is by now widely accepted that these weaknesses emanate from: 1) variations in AML/CFT implementation and enforcement, which remains the responsibility of member states; and 2) inadequate co-ordination between AML/CFT bodies across member
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