The EU's preventive AML/CFT policy: asymmetrical harmonisation

摘要

Purpose – This article aims to consider the role of the European Union (EU) in the prevention of money laundering and to show that the EU has a lot more to win in this field of policy. Design/methodology/approach – This article is based on a literature study and a thorough analysis of the EU Directives on the prevention of money laundering. Findings – Whereas, the material norms for entities subject to regulation have been harmonised and adjusted to the risk-based approach at European level, the norms regarding the enforcement instruments have mostly been left to the Member States' legislation. As a result, there exists a “patchwork” of enforcement mechanisms throughout the EU. Research limitations/implications – This article focuses on the prevention of money laundering on the level of the EU only; no connection is made to the international or to the national level. Originality/value – This article does not provide a value judgment on the preventive rules at European level as such, but rather it offers an academic perspective on the role of the EU in the prevention of money laundering.