A commentary on the EU money laundering reform in light of the subsidiarity principle

IF 2 Q2 BUSINESS, FINANCE Journal of Financial Regulation and Compliance Pub Date : 2024-04-16 DOI:10.1108/jfrc-10-2023-0172

Markus Tiemann

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引用次数: 0

Abstract

Purpose

In July 2021, the European Commission has proposed a set of conjunct initiatives to reform the antimoney laundering/countering the financing of terrorism (AML/CFT) regulatory regime in Europe with the main aims to (i) harmonize the AML/CFT regulation and (ii) centralize the authority to a higher degree at European Union (EU) level. This paper aims to assess the reform in light of the EU subsidiarity principle.

Design/methodology/approach

The paper uses a benchmark approach to compare the proposed EU money laundering reform against Article 5(3) of the Treaty on the Functioning of the European Union.

Findings

The paper confirms that more centralized decision-making at EU level in this policy area is justified, mainly because (i) the policy area is not an area where the EU has exclusive competence, (ii) EU centralized action is necessary and (iii) it also adds value, for instance, for level playing field and efficiency considerations as long as local information advantage will not be lost. As such, the subsidiarity principle can be applied and is an adequate tool to legitimize EU centralized action in the field of money laundering combat.

Originality/value

As the EU AML regulatory reform has not yet been sufficiently discussed in light of the subsidiarity principle, the article is of innovative nature.

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根据辅助原则对欧盟洗钱改革的评论

目的 2021 年 7 月，欧盟委员会提出了一套改革欧洲反洗钱/打击资助恐怖主义行为（AML/CFT）监管制度的联合举措，主要目的是：(i) 统一反洗钱/打击资助恐怖主义行为的监管；(ii) 在更大程度上将权力集中在欧盟（EU）层面。本文旨在根据欧盟的辅助性原则对改革进行评估。本文采用基准方法，将拟议的欧盟反洗钱改革与《欧盟运作条约》第 5(3)条进行比较。研究结果本文证实，在这一政策领域，在欧盟层面进行更集中的决策是合理的，这主要是因为：(i) 该政策领域不是欧盟拥有专属权限的领域；(ii) 欧盟的集中行动是必要的；(iii) 只要当地的信息优势不会丧失，集中行动也会增加价值，例如，出于公平竞争和效率的考虑。因此，在反洗钱领域可以适用辅助原则，并将其作为使欧盟集中行动合法化的适当工具。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Regulation and Compliance BUSINESS, FINANCE-

CiteScore

2.60

自引率

11.10%

发文量

期刊介绍： Since its inception in 1992, the Journal of Financial Regulation and Compliance has provided an authoritative and scholarly platform for international research in financial regulation and compliance. The journal is at the intersection between academic research and the practice of financial regulation, with distinguished past authors including senior regulators, central bankers and even a Prime Minister. Financial crises, predatory practices, internationalization and integration, the increased use of technology and financial innovation are just some of the changes and issues that contemporary financial regulators are grappling with. These challenges and changes hold profound implications for regulation and compliance, ranging from macro-prudential to consumer protection policies. The journal seeks to illuminate these issues, is pluralistic in approach and invites scholarly papers using any appropriate methodology. Accordingly, the journal welcomes submissions from finance, law, economics and interdisciplinary perspectives. A broad spectrum of research styles, sources of information and topics (e.g. banking laws and regulations, stock market and cross border regulation, risk assessment and management, training and competence, competition law, case law, compliance and regulatory updates and guidelines) are appropriate. All submissions are double-blind refereed and judged on academic rigour, originality, quality of exposition and relevance to policy and practice. Once accepted, individual articles are typeset, proofed and published online as the Version of Record within an average of 32 days, so that articles can be downloaded and cited earlier.