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Harmonisation of the EU AML Framework

Whilst the EU’s anti-money laundering (AML) directive has been in existence since 1991, the framework has continued to evolve over the past 30 years. The European Commission has implemented the Financial Action Task Force (FATF) recommendations whilst increasingly adopting its own standards and best practices to meet the political and economic requirements of its 27 member states. In recent years, however, the EU has recognised the limitation of implementing anti-money laundering/combatting the financing of terrorism (AML/CFT) standards through directives that vary with legal frameworks based on the sovereignty of each member state, leaving the EU vulnerable to cross-border crimes.

Jennifer Hanley-Giersch, Managing Partner at Berlin Risk Advisors GmbH, Chairwoman at All AML GmbH as well as founding member and Board member of the ACAMS chapter in Germany shed a light on the evolution of the EU’s AML / CFT framework on the newly published ACAMS Today.

Read the article “Harmonisation of the EU AML Framework” (free access to ACAMS Members).