An analysis of the changes in AML and CFT directive : proactive or reactive?

Abstract

This thesis studies the current anti-money laundering and terrorist financing legal framework by looking at the evolution of the framework and the plans for future changes. The study tries to shed light on whether changes in the framework may be considered proactive in anticipation of future risks or reactive to previously experienced failures. Over the years, the European Union has made substantial efforts to enhance the legal framework which creates numerous processes to mitigate the risks that the European financial system being abused by criminals. This thesis will look at a number of these changes.