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European White-Collar CrimeExploring the Nature of European Realities$
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Nicholas Lord, Éva Inzelt, Wim Huisman, and Rita Faria

Print publication date: 2021

Print ISBN-13: 9781529212327

Published to Policy Press Scholarship Online: January 2022

DOI: 10.1332/policypress/9781529212327.001.0001

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PRINTED FROM POLICY PRESS SCHOLARSHIP ONLINE (www.policypress.universitypressscholarship.com). (c) Copyright Policy Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PPSO for personal use.date: 30 June 2022

Responding to Money Laundering across Europe: What We Know and What We Risk

Responding to Money Laundering across Europe: What We Know and What We Risk

Chapter:
(p.103) 7 Responding to Money Laundering across Europe: What We Know and What We Risk
Source:
European White-Collar Crime
Author(s):

Karin van Wingerde

Anna Merz

Publisher:
Policy Press
DOI:10.1332/policypress/9781529212327.003.0007

European and global financial institutions appear to be increasingly involved in and punished for facilitating money laundering. The need to respond to these cases effectively has been a priority for national, supranational and international organisations for many years now. Despite several attempts to harmonize enforcement in Europe, previous research indicates that the interpretation, implementation, and enforcement of AML/CTF regulation across EU Member States differ significantly. This essay maps similarities and differences in responses to money laundering cases against banks in Europe for 47 cases between January 2015 and January 2020. While most cases still result in regulatory sanctions, a trend towards a more stringent and aggressive enforcement paradigm is seen. Reflecting on implications for the effectiveness and legitimacy of anti-money laundering efforts in the global financial system, the essay argues to be mindful of the adverse effects of such an aggressive approach for the legitimacy of the global AML regime.

Keywords:   Money laundering, AML enforcement, Banks, Gatekeepers, Responsibilisation

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