Past Event

Does Europe’s anti-money laundering framework need a regime change?

Proposal for a more efficient fight against money laundering.

Date: November 15, 2018, 1:00 pm Topic: Finance & Financial Regulation

Video & AUDIO RECORDINGS


SUMMARY

A series of banking scandals in multiple EU countries has underlined the shortcomings of Europe’s anti-money laundering regime. The impact of these shortcomings has been further underlined by changing geopolitics and by the new reality of European banking union. The imperative of establishing sound supervisory incentives to fight illicit finance effectively demands a stronger EU-level role in anti-money laundering supervision.

The event will discuss a new proposal sketched in a recent paper by Nicolas Veron and Joshua Kirschenbaum for a new European unitary architecture, centered on a new European anti-money laundering authority that would work on the basis of deep relationships with national authorities. You can also listen to one of the authors, Mr Nicolas Veron, expand on the proposal in a ‘Deep Focus’ episode of our podcast, The Sound of Economics.

EVENT MATERIALS

Presentation by Joshua Kirschenbaum & Nicolas Veron

Schedule

Nov 15, 2018

13:00-13:30

Check-in and lunch

13:30-13:45

Presentation

Joshua Kirschenbaum, Senior Fellow at the German Marshall Fund and a former US Treasury official at the Financial Crimes Enforcement Network (FinCEN)

13:45-14:30

Panel discussion

Chair: Nicolas Véron, Senior Fellow

Raluca Alexandra Pruna, Head of Unit, European Commission DG JUST

Joshua Kirschenbaum, Senior Fellow at the German Marshall Fund and a former US Treasury official at the Financial Crimes Enforcement Network (FinCEN)

Tobias Mackie, Administrator, Banking and Financial Conglomerates, European Commission DG FISMA

Olaf Rachstein, Policy Advisor, Prevention of terrorism financing and money laundering, Federal Finance Ministry of Germany

14:30-15:00

Q&A

15:00

End

Speakers

Raluca Alexandra Pruna

Head of Unit, European Commission DG JUST

Joshua Kirschenbaum

Senior Fellow at the German Marshall Fund and a former US Treasury official at the Financial Crimes Enforcement Network (FinCEN)

Tobias Mackie

Administrator, Banking and Financial Conglomerates, European Commission DG FISMA

Olaf Rachstein

Policy Advisor, Prevention of terrorism financing and money laundering, Federal Finance Ministry of Germany

Nicolas Véron

Senior Fellow

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Katja Knezevic

katja.knezevic@bruegel.org

Read article More on this topic More by this author

Podcast

Podcast

Deep Focus: How to improve anti-money laundering efforts in Europe

In this episode, Bruegel senior fellow Nicolas Véron joins Sean Gibson to discuss the recent Policy Contribution on how to better the European Union anti-money laundering (AML) regime, a paper he has co-written with Joshua Kirschenbaum.

By: The Sound of Economics Topic: European Macroeconomics & Governance Date: October 30, 2018
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Policy Contribution

A better European Union architecture to fight money laundering

A series of banking scandals in multiple EU countries has underlined the shortcomings of Europe's anti-money laundering regime. The impact of these shortcomings has been further underlined by changing geopolitics and by the new reality of European banking union. The imperative of establishing sound supervisory incentives to fight illicit finance effectively demands a stronger EU-level role in anti-money laundering supervision. The authors here detail their plan for a new European unitary architecture, centred on a new European anti-money laundering authority that would work on the basis of deep relationships with national authorities.

By: Joshua Kirschenbaum and Nicolas Véron Topic: European Macroeconomics & Governance Date: October 25, 2018
Read article More on this topic More by this author

Blog Post

Criteria for entry into the ERMII and the banking union: the precedent from Bulgaria

In its bid to join the single currency Bulgaria has made commitments on financial supervision but also wider structural reform which set a precedent for future applicants for participation in the exchange rate mechanism ERMII. Most conditions, though not all, are justified by the additional demands of the banking union. But the envisaged timeline seems ambitious, and verification will not be straightforward.

By: Alexander Lehmann Topic: European Macroeconomics & Governance Date: August 29, 2018