EU keeps trying to figure out how to deal with money laundering

Following the many scandals, reports, analysis and studies, one thing has proven to be clear: EU is not efficient and tackling money laundering.

Several reports have been produced by the commission calling for further and faster cooperation between FIUs, harmonised approach to aml supervision, homogenous list of predicated offences, and the list continues.

New products such as crypto assets and a variety of new actors (FINTECH and Regtechs) make supervision requirements more technical and put technology in the centre of the aml debate.

The response so far is quite limited, fines, some banks have lost their licence, but in all, no holistic approach has been reached.
The new apparent solution is to bring supervision to EU level to prevent economically oriented supervision.

It has been reported that the EU recognise the deficiencies in effectiveness as structural and the supervision as lacking effectiveness.



Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.

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