The Evolution of Legal Foundations of the European Union in the Field of Combating Legalization (Laundering) of Proceeds from Crime and Financing of Terrorism: Current Trends and Prospects

Abstract

Currently, the European Union has a developed regime for counteracting the legalization (laundering) of proceeds from crime and the financing of terrorism. Over the nearly 30 years of its existence, this regime has proven to be effective in achieving its goals thanks to the comprehensive nature of regulation and compliance with international achievements in the field of combating money laundering and the financing of terrorism, primarily the recommendations of the Financial Action Task Force on Money Laundering (FATF). The AML / CFT regime developed by the European legislator has become an effective tool for combating money laundering in conditions when this problem turned to be acute due to the widespread tightening of counter-terrorism measures, including international ones. It is for this reason that the European AML / CFT regime has served as a guideline in the development of “anti-laundering” measures of many states that are not members of the European Union, including the Russian Federation. The paper discusses the content of current trends in the legal regulation of the European Union in the field of combating money laundering and the financing of terrorism, as well as an overview of the main development prospects and directions.