Evolution of the Legal Foundations of the European Union in the Field of Combating Legalization (Laundering) of Proceeds from Crime: Historical Review
https://doi.org/10.17803/1994-1471.2020.113.4.164-175
Abstract
To date, the European Union has formed a regime to counteract against legalization (laundering) of proceeds from crime and financing of terrorism. During the first years of its development (from 1991 to 2005), the legal regulation of the European Union in the field of counteracting the legalization (laundering) of proceeds from crime has proved to be effective in achieving its goals. It was due to the comprehensive nature of regulation and compliance with world achievements in AML / CFT, primarily the recommendations of the Group for the Development of Financial Measures against Money Laundering (FATF). For this reason, the European AML / CFT regime served as a guideline in the development of “anti-laundering” measures for many states that are not members of the European Union, including the Russian Federation. This paper provides a historical overview of the content of EU legal regulation in the field of combating money laundering in the early stages of its evolution, when the European legislator, based on the 1990 Convention on the Laundering, Detection, Seizure and Confiscation of the Proceeds of Crime and the FATF Recommendations, made the first independent attempt to regulate AML / CFT.
About the Author
M. E. Sadomovskaya
Kutafin Moscow State Law University (MSAL)
Russian Federation
Russian Federation
Postgraduate Student
ul. Sadovaya-Kudrinskaya, d. 9, Moscow, Russia, 125993
References
1. Pikurov N. I. Nalogovye prestupleniya kak predikatnye v otnoshenii legalizacii prestupnyx doxodov: podxody k realizacii mezhdunarodnyx standartov. — M. : MUMCzFM, 2014.
2. Borlini L. and Montanaro F. The Evolution of the EU law against criminal finance: the «hardening» of FATF Standards within EU // Georgetown Journal of International Law. — 2017. — Bocconi Legal Studies Research Paper No. 3010099.
3. Alexander R. EU The EC Money Laundering Directive // Journal of Money Laundering Control. — 1998. — Vol. 2 (1).
4. Mitsilegas V. Money laundering counter-measures in the European Union. A new paradigm of security
5. governance versus fundamental legal principles. — The Hague/London/New York : Kluwer Law International, 2003.
6. Sideek M. Legal instruments to combat money laundering in the EU financial market // Journal of Money Laundering Control. — 2003. — Vol. 6 (1).
7. Gilmore W. C. Dirty money: the evolution of international measures to counter money laundering and the financing of terrorism. — 3rd ed. — Council of Europe Publishing, 2004.
Review
For citations:
Sadomovskaya M.E. Evolution of the Legal Foundations of the European Union in the Field of Combating Legalization (Laundering) of Proceeds from Crime: Historical Review. Actual Problems of Russian Law. 2020;15(4):164-175. (In Russ.) https://doi.org/10.17803/1994-1471.2020.113.4.164-175
Views:
639
Email this article 