Prevention of Money Laundering

Considering the complexity of the issues relating to prevention of money laundering and terrorism financing and inter‐relations among negotiating chapters, the PLAC II project provided support to the Administration for Prevention of Money Laundering (APML) in this area. The assistance focused on improving the understanding of the intentions of the Fourth AML (anti‐money laundering) Directive and implications of further liberalisation of short‐term capital movements on the system for prevention of money laundering and terrorism financing.

The participants of the workshop “Prevention of Money Laundering in Legal and Practical Terms” organised on 28 April, were familiarised  with  legal  and  practical  aspects  of  prevention  of  money  laundering  and  terrorism  financing  with the assistance of two PLAC II project experts. Talking about the need for preventative money laundering legislation, Paul Barnes presented the forms and effects of money laundering, as well as the impact of anti-money laundering regulation. Pavlos Masouros focused on examples of experiences of EU Member States in transposing the Fourth AML Directive, as well as on cross-cutting issues: AML/CFT (counter‐financing of terrorism) in the negotiating chapters.

Relevant EU legislation:

• The Fourth AML Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (Directive 2015/849)