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Europe—A Money Launderer’s Dream or Paradise Lost

In: The Next Wave of Global Anti-Money Laundering Enforcement

Author

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  • Sven Stumbauer

Abstract

The European Union (EU) has been plagued by a significant uptick in money laundering scandals and enforcement actions, to a great extent initiated by US regulatory bodies. The EU has also taken significant steps implementing a new transnational AML-enforcement framework, including the establishment of a transnational EU Anti-Money Laundering Authority, operational by 2024. While the EU is certainly making legislative progress in enhancing its AML supervision framework, the day-to-day implications for financial institutions operating across the EU will remain largely focused on horizon scanning and their own risk management processes, most likely still predominantly focusing on meeting national regulatory requirements until the EU-wide framework develops with a single AML supervisory body, and its effectiveness is proven in practicality. The UK's implementation of 5AMLD, its decision to opt out of 6AMLD, and its ongoing commitment to strong AML measures reflect a complex yet proactive approach to financial regulation in a post-Brexit landscape.

Suggested Citation

  • Sven Stumbauer, 2025. "Europe—A Money Launderer’s Dream or Paradise Lost," Springer Books, in: The Next Wave of Global Anti-Money Laundering Enforcement, chapter 0, pages 57-63, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-05824-0_8
    DOI: 10.1007/978-3-031-05824-0_8
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