Preventing Money Laundering : A Legal Study on the Effectiveness of Supervision in the European Union

Money laundering is criminalized virtually all around the world and has been a law enforcement priority since the early 1990s. The international nature of money laundering, combined with estimations on the scope and the distorting effects it may bring about, makes it a grave danger to national and international financial markets. At the same time, money laundering is considered to be a danger to society due to its strong interaction with organized drugs and white-collar crime. Over the years, a 'twin-track approach' has been developed, aimed at the prevention of money laundering on the one hand, while punishing the money launderers on the other. This book analyzes the effectiveness of EU anti-money laundering supervision of banks, real estate agents, and accountants in the Netherlands, Spain, Sweden, and the UK. It thoroughly examines the legislation, the institutional settings, and competences of anti-money laundering supervisors, as well as the application of these competences in practice. Based on this analysis, a number of recommendations for EU legislators and national legislators are formulated in order to strengthen and increase the effectiveness of anti-money laundering supervision. [Subject: Money Laundering Law, EU Law, International Law, Comparative Law, Criminal Law]