About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

32 Swiss. Rev. Int'l & Eur. L. 23 (2022)
The Global Fight against Money Laundering: Informal Synergies between the FATF and the EU Listing of High-Risk Third Countries

handle is hein.journals/sriel32 and id is 25 raw text is: The Global Fight against Money Laundering: Informal Synergies between the FATF and the EU Listing of High-Risk Third Countries Georgios Pavlidis* The rise of informality in the area ofAnti-Money Laundering/Combating the Financing of Terrorism (AML/ CFT) has been evident since the 1990s and the establishment of the Financial Action Task Force (FATF), which employs a model of informal governance and law-making and clearly escapes the narrow confines of the traditional norm-building process in international law. The European Union (EU) and its Member States contribute to the elaboration of FATF's informal standards; not only do they implement them in the internal legal order, but they also export them in their external relations by developing further informal synergies, as in the case of the identification of high-risk third countries. This study revisits the EU policy on high-risk third countries, to elucidate these informal arrangements and synergies with the FATF listing process. Keywords: money laundering - Financial Action Task Force - high-risk countries - European Union - in- formality Table of contents I. Introduction II. The Interdependence between the Internal and External Dimensions of the AML/CFT Strategy III. Informality in the External Dimension of the AFJS IV. The Rise of Informality in AML/CFT: The FATF as a Laboratory of Informal Law-Making V. Informal Interactions between the EU and the FATF: The EU Policy on High-Risk Third Countries VI. Conclusions I. Introduction The policies and instruments of the European Union (EU) in the Area of Justice, Freedom and Security (AFJS) aim to address security risks that habitually have both an internal and an external dimension. As early as 2003, the European Security Strat- egy recognised that «distant threats may be as much a concern as those that are near * Jean Monnet Chair, Associate Professor of International and EU Law, Neapolis University Pafos (Cyprus), g.pavlidis@nup.ac.cy. 32 SRIEL (2022) 23

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most