Abstract
This paper compares European Union anti-money laundering (AML) efforts with international efforts in scope and intensity through an analysis of the timeline of AML cooperation in Europe from 1980 to 2012, showing the creation or adoption date for relevant organizations and legislation, referred to as actions. The actors include United Nations bodies, the Financial Action Task Force, the Council of Europe, and European Union bodies. This paper also comments on the utility of different European Union (EU) integration theories in explaining the patterns in cooperation. The key finding of this paper is that international AML cooperation operates in waves, with the EU riding, instead of leading, each wave. The realist proposition that cooperation among the member states of the EU is limited to low-risk and high-gain projects best explains this pattern. However, the EU rear-guard position may be due to other factors, such as specific and lengthy legislative processes.
Highlights
Money laundering has important external and internal security implications for states because it aids criminals, benefits terrorists, and drains public and private funds that could otherwise be used for defense or under-funded programs
This paper aims to analyze antimoney laundering institutions in Europe and to contribute to the discourse on European Union integration
We would expect to see cooperation among integrated states due to the transnational nature of money laundering, but this paper finds that the European Union (EU) follows cues from international actors
Summary
Money laundering has important external and internal security implications for states because it aids criminals, benefits terrorists, and drains public and private funds that could otherwise be used for defense or under-funded programs. We would expect to see cooperation among integrated states due to the transnational nature of money laundering, but this paper finds that the EU follows cues from international actors. Mapping out anti-money laundering cooperation in Europe could help determine which European Union integration theories are most useful as tools for explaining EU member state action in this area.
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