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.