Skip to main content Accessibility help
×
Home
Hostname: page-component-59b7f5684b-qn7h5 Total loading time: 0.58 Render date: 2022-09-24T20:44:44.490Z Has data issue: true Feature Flags: { "shouldUseShareProductTool": true, "shouldUseHypothesis": true, "isUnsiloEnabled": true, "useRatesEcommerce": false, "displayNetworkTab": true, "displayNetworkMapGraph": false, "useSa": true } hasContentIssue true

3 - The EU's anti-money laundering agenda: Built on risks?

Published online by Cambridge University Press:  01 June 2011

Ester Herlin-Karnell
Affiliation:
Vrije Universiteit Amsterdam
Christina Eckes
Affiliation:
Universiteit van Amsterdam
Theodore Konstadinides
Affiliation:
University of Surrey
Get access

Summary

INTRODUCTION

The Third Money Laundering Directive introduces not only a risk-based approach to the fight against dirty money but also includes the financing of terrorism within its scope. The legal basis for such inclusion is Article 95 TEC (now Article 114 TFEU) and Article 47(2) TEC (now Article 53 TFEU) and the establishment and functioning of the internal market. This contribution aims to explore the implications of EC risk assessment in the area of the EU's anti-money laundering and terrorism financing regulation. In doing so, this chapter examines whether there are different notions of ‘risk’ at stake, i.e. within the traditional context of EU risk regulation and the sphere of money laundering/terrorism financing respectively. Moreover, the chapter addresses the cross-pillar overlap as well as the implications of the Lisbon Treaty in the present area.

This chapter is structured as follows. Firstly, a brief introduction is given of the EU's fight against money laundering and terrorist financing, and thereby in particular the Third Money Laundering Directive. Secondly, the notion of risk assessment in EC legislation is introduced in order to clarify the meaning of the catchword ‘risk’ as justification for EU involvement in the present area. Thereafter this chapter aims to discuss the implications of risk regulation in the framework of EU criminal law more specifically. In particular, it asks whether one could envisage an analogy with the EC law doctrine in this area where the focus is on how to link the notion of risk assessment with the general aim of crime prevention at the EU level.

Type
Chapter
Information
Crime within the Area of Freedom, Security and Justice
A European Public Order
, pp. 76 - 96
Publisher: Cambridge University Press
Print publication year: 2011

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Peers, S., EU Justice and Home Affairs (Oxford University Press, 2006) ch. 2Google Scholar
Wallace, S. Lavenex and W.et al., ‘Justice and Home Affairs’, in H. Wallace . (eds), Policy-Making in the European Union (Oxford University Press, 2005) ch. 18Google Scholar
Mitsilegas, V., Money Laundering Counter-Measures in the EU: A New Paradigm of Security Governance versus Fundamental Legal Principles (Kluwer, 2003)Google Scholar
Herlin-Karnell, E., ‘Is there More to It than the Fight against “Dirty Money”? Art 95 EC and the Criminal Law19 European Business Law Review (2008) 558Google Scholar
Kaye, N., ‘Freezing and Confiscation of criminal proceeds77 Revue internationale de droit pénal (2006) 326CrossRefGoogle Scholar
Gilmore, W., Money Laundering (Council of Europe, 2004) 161Google Scholar
Alexander, R., Insider Dealing and Money Laundering in the EU: Law and Regulation (Ashgate, 2007) 146–7Google Scholar
Mitsilegas, V., EU Criminal law (Hart Publishing, 2009)Google Scholar
Mitsilegas, V. and Gilmore, B., ‘The EU Legislative Framework against Money Laundering and Terrorist Finance: A Critical Analysis in the Light of Evolving Global StandardsInternational and Comparative Law Quarterly 56 (2007) 119CrossRefGoogle Scholar
Peers, E.g. S., ‘EU Responses to Terrorism52 International and Comparative Law Quarterly (2003) 227CrossRefGoogle Scholar
Husabo, E. Johannes, ‘The Implementation of New Rules on Terrorism through the Pillars of the European Union’, in J. Husabo and A. Strandbakken, Harmonization of Criminal Law in Europe (Intersentia, 2005) 58Google Scholar
Kersten, A., ‘Financing of Terrorism – A Predicate Offence to Money Laundering?’, in M. Pieth (ed.), Financing Terrorism (Kluwer, 2002) 49Google Scholar
Kilchling, M.et al., ‘Financial Counterterrorism initiatives in Europe’, in C. Fijnaut (eds.), Legal Instruments in the Fight Against International Terrorism (Martin Nijhoff, 2004) 203Google Scholar
Alexander, R., Insider Dealing and Money Laundering in the EU: Law and Regulation (Ashgate, 2007)Google Scholar
Bantekas, I. and Nash, S., International Criminal Law (Cavendish, 2003) ch. 3Google Scholar
Odeby, A., ‘The European Union and Money Laundering’, in I. Bantekas and G. Keramides (eds.), International and European Financial Criminal Law (Butterworths, 2006) 305Google Scholar
Meuwese, A., Impact Assessment in EU Lawmaking (Kluwer, 2008)Google Scholar
Weatherill, S. (ed.), Better Regulation (Hart Publishing, 2007)Google Scholar
Albrecht, H. and Kilchling, M., ‘Crime Risk Assessment, Legislation, and the Prevention of Serious Crime – Comparative Perspectives10 European Journal of Crime, Criminal Law and Criminal Justice (2002) 23CrossRefGoogle Scholar
Fisher, L., Risk Regulation and Administrative Constitutionalism (Hart, 2007) ch. 6Google Scholar
Meuwese, A., Impact Assessment in EU Lawmaking (Kluwer, 2008) 87Google Scholar
Torriti, J., ‘Impact Assessment in the EU: A Tool for Better Regulation, Less Regulation or Less Bad Regulation10 Journal of Risk Research (2007) 239, at 245CrossRefGoogle Scholar
Meuwese, A., Impact Assessment in EU Lawmaking (Kluwer, 2008) 87Google Scholar
Lee, M., EU Environmental Law (Hart Publishing, 2005) 80–1Google Scholar
Fisher, L., Risk Regulation and Administrative Constitutionalism (Hart Publishing, 2007) ch. 6Google Scholar
Majone, E.g. G., ‘What Price Safety? The Precautionary Principle and its Policy ImplicationsJournal of Common Market Studies 40 (2002) 89CrossRefGoogle Scholar
Demetis, D. and Angell, O., ‘The Risk-based Approach to AML: Representation, Paradox and the 3rd Directive10 Journal of Money Laundering Control (2007) 412CrossRefGoogle Scholar
Fisher, L., Risk Regulation and Administrative Constitutionalism (Hart Publishing, 2007) ch. 6Google Scholar
Ryder, N, ‘A False Sense of Security? An Analysis of Legislative Approaches towards the Prevention of Terrorist Finance in the United States and the United KingdomJournal of Business Law (2007) 821–50Google Scholar
Maguire, M.et al., The Oxford Handbook of Criminology (Oxford University Press, 2007)Google Scholar
Zedner, L, ‘The Concept of Security: An Agenda for Comparative Analysis23 Legal Studies (2003) 153CrossRefGoogle Scholar
Jareborg, N., Allmän kriminalrätt (Iustus, 2001)Google Scholar
Lacey, Net al., Reconstructing Criminal Law (Butterworths, 2003) ch. 3Google Scholar
Tadros, V., ‘Crimes and Security71 Modern Law Review (2008) 940CrossRefGoogle Scholar
Herlin-Karnell, E., ‘The Lisbon Treaty and the Criminal Law: Anything New Under the Sun?10 European Journal of Law Reform (2008) 321Google Scholar
Baratta, A., ‘Droits de l'homme et politique criminelle23 Déviance et Société (1999) 246CrossRefGoogle Scholar
Mitsilegas, V., Money Laundering Counter-Measures in the EU: A New Paradigm of Security Governance versus Fundamental Legal Principles (Kluwer, 2003)Google Scholar
1
Cited by

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×