Wednesday, August 9, 2017
Leonardo S. Borlini and Francesco Montanaro (Bocconi University, Angelo Sraffa Department of Legal Studies and Université Paris II - Panthéon-Assas, Students) have posted The Evolution of the EU Law Against Criminal Finance: The 'Hardening' of FATF Standards within the EU (Georgetown Journal of International Law, 2017) on SSRN. Here is the abstract:
This Article examines the recent evolution of the EU anti-money laundering (AML) and counter-terrorist financing (CTF) legislative framework, focusing especially on the rela-tionship between the main international standards in the field and the newest EU legislation. It suggests that international soft law norms—in particular the Financial Action Task Force (FATF) Standards—have had a decisive influence on the latest development of legislation at the EU level and within its member states. It further argues that mainly the preventive com-ponent of the AML/CTF legislation will be strengthened by the EU instruments adopted in mid-2015. However, this Article concludes that the adoption of global soft standards has posed significant challenges to the EU legislative framework.