Money laundering has devastating consequences for economy and society. It is critical to ensure that the fight against money laundering is effective.
This publication presents recommendations on how to build a more effective anti-money laundering/combating the financing of terrorism (AML/CFT) ecosystem across Europe. Our recommendations aim to better implement the existing AML/CFT legislation. This aligns with the European Commission (EC) intentions for its upcoming proposals: to ensure that the current legislative environment works effectively.
To this end, we propose upgrading the role of: i) non-financial obliged entities – including accountants – ii) supervisors and policy makers. Some of our key recommendations are:
- obliged entities need to:
- change from reactive to proactive AML risk management
- integrate AML into their governance
- supervisors and policy makers should promote cooperation between Member States and between the public and private sector