Designing the anti-money laundering supervisor: The governance of the financial intelligence units

Bartolozzi, D.; Gara, Mario; Marchetti, Domenico J.; Masciandaro, Donato

doi:10.1016/j.iref.2022.03.009

Cited by 11 publications

(9 citation statements)

References 60 publications

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“…The establishment of a centralized rule set would also increase the levels of cooperation across borders and a centralized EU budget for AMLA could activate economies of scale. Finally, AMLA would combine governance properties as identified by Bartolozzi et al (2022Bartolozzi et al ( , p. 1093, namely, financial and informative powers, law enforcement and investigative powers, independence and accountability.…”

Section: European Union Added Valuementioning

confidence: 99%

A commentary on the EU money laundering reform in light of the subsidiarity principle

Tiemann

2024

JFRC

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Purpose In July 2021, the European Commission has proposed a set of conjunct initiatives to reform the antimoney laundering/countering the financing of terrorism (AML/CFT) regulatory regime in Europe with the main aims to (i) harmonize the AML/CFT regulation and (ii) centralize the authority to a higher degree at European Union (EU) level. This paper aims to assess the reform in light of the EU subsidiarity principle. Design/methodology/approach The paper uses a benchmark approach to compare the proposed EU money laundering reform against Article 5(3) of the Treaty on the Functioning of the European Union. Findings The paper confirms that more centralized decision-making at EU level in this policy area is justified, mainly because (i) the policy area is not an area where the EU has exclusive competence, (ii) EU centralized action is necessary and (iii) it also adds value, for instance, for level playing field and efficiency considerations as long as local information advantage will not be lost. As such, the subsidiarity principle can be applied and is an adequate tool to legitimize EU centralized action in the field of money laundering combat. Originality/value As the EU AML regulatory reform has not yet been sufficiently discussed in light of the subsidiarity principle, the article is of innovative nature.

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Section: European Union Added Valuementioning

confidence: 99%

A commentary on the EU money laundering reform in light of the subsidiarity principle

Tiemann

2024

JFRC

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“…Concerning the FIU coordination and support mechanism, the Council has proposed that the new authority take a central role in supporting FIU analyses and promoting exchanges and capacity building between FIUs and other competent authorities. In this context, it is important that the governance of the coordination and support mechanism involves FIUs and respects their core roles and responsibilities, including operational independence, autonomy and the security and confidentiality of financial intelligence (Bartolozzi et al , 2022). A negative aspect is that the Commission’s proposal on the establishment of AMLA does not seem to improve information exchanges with third countries.…”

Section: From Adversity To Advantage: How the New Amla Can Overcome C...mentioning

confidence: 99%

The birth of the new anti-money laundering authority: harnessing the power of EU-wide supervision

Pavlidis

2023

JFC

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Purpose This paper aims to critically examine the European Union’s legislative initiative to establish an Anti-Money Laundering Authority (AMLA), which will introduce union-level supervision and provide support to national supervisors in the field of anti-money laundering and countering the financing of terrorism (AML/CFT), as well as to financial intelligence units (FIUs) in European Union (EU) member states. The paper discusses why this initiative was deemed necessary, which are the key objectives, rules and principles of AMLA and which challenges and opportunities will emerge as AMLA becomes operational. Design/methodology/approach This paper draws on reports, legislation, legal scholarship and other open-source data on the EU legislative initiative to establish a new AMLA. Findings AMLA will provide a comprehensive framework for EU-level AML/CFT supervision and for cooperation among FIUs. If all organisational challenges are properly addressed, the new authority will significantly enhance the EU’s ability to tackle money laundering and terrorism financing. Originality/value To the best of the author’s knowledge, this study is one of the first to examine the mission, governance and supervision mechanisms of the EU’s AMLA, as well as the challenges and opportunities associated with its functioning.

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“…The committee will design and publish an annual national plan to combat ML. The group will regularly convene to detect crimes, guide the development of laws and regulations, and make recommendations and national strategies to combat ML (Bartolozzi et al, 2022) Article 6 of the ordinance mandates the establishment of an impartial monitoring unit stationed at the State Bank of Pakistan (SBP) or any other place in Pakistan. It will work as a decisionmaking authority with the ability to make daily decisions on problems that fall under its scope.…”

Section: Legislative Historical Backgroundmentioning

confidence: 99%

“…Section 6B was added to allow selected authorities to work with their overseas counterparts and establish reciprocal agreements for sharing, requesting, and receiving information related to AMLA obligations. Section 6C was added to give the Federal Government the authority to appoint and govern self-regulatory bodies (SRBs), which are specific bodies that perform authority and purposes such as prescribing regulations for SRBs, monitored and overseeing SRBs, applying sanctions on SRBs that fail to comply with any provisions of the AMLA (Bartolozzi et al, 2022).…”

Section: Difference In %mentioning

confidence: 99%

“…The FATF expanded the definition of ML unlawful sources by criminalizing revenues derived from other proceeds, including illegal arms sales, insider trading, embezzlement, bribery, and fraud. Since then, the scope of the ML rule has been continually increased to combat this expanding problem, including acts that finance terrorism (Bartolozzi et al, 2022).…”

Section: Introductionmentioning

confidence: 99%

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Money Laundering a Financial Crime: How Pakistan Deals with It?

Ali

Khan

2022

GLSR

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Money laundering (ML) is a worldwide delinquent that needs to be addressed by every state. Its purpose is to hide or promote illicitly. The illegal actions generate financial flows, including diverting resources away from economically productive activities that may influence financial sectors and the external stability of the state. The Financial Action Task Force (FATF) and the other anti-money laundering (AML) programs are one of the strategies to prevent ML, but still, there is a need to know more about the existing laws and regulations to avoid this crime. This research examines the legislative frameworks used to combat ML, how it works, and what modification is required. The qualitative method was used in this study to analyze statutes, local and international protocols. It suggests that the latest amendment creates multiple essential modifications and is carefully prepared to address legal glitches, assuring effective AML legislation and trying to meet international guidelines.

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Designing the anti-money laundering supervisor: The governance of the financial intelligence units

Cited by 11 publications

References 60 publications

A commentary on the EU money laundering reform in light of the subsidiarity principle

A commentary on the EU money laundering reform in light of the subsidiarity principle

The birth of the new anti-money laundering authority: harnessing the power of EU-wide supervision

Money Laundering a Financial Crime: How Pakistan Deals with It?

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