Antimoney laundering supervision in the European framework

Abstract

Recent cases of money laundering involving a number of European banks have shown clear links between money laundering and financial stability. These events have raised questions regarding the current structure of prudential supervision and antimoney laundering supervision, questioning the effectiveness of the systems, with particular reference to the profiles of cooperation and exchange of information between competent Authorities which have the task of supervising the correct application of the antimoney laundering regulations and of the fight against the financing of terrorism. The European Union has, therefore, launched a debate on whether and how to improve the structure of the AML/CFT supervisory architecture with the aim of ensuring effective application of the current AML/CFT framework. The aim of this thesis is to analyse the problems and solutions proposed to improve the current supervisory framework. First, the AML/CFT supervisory framework will be presented, examining the concepts of money laundering, the evolution of the AML framework and the regulatory framework for financial supervision in the European Union. Subsequently, through the analysis of some recent cases of money laundering in EU banks, the structural problems and shortcomings of the current system will be presented. Finally, short and long term legislative and non-legislative proposals, assessed at European level to improve the current supervisory framework, will be analysed and evaluated.