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Joshua Kirschenbaum and Nicolas Véron



Articles by Joshua Kirschenbaum and Nicolas Véron

War in Europe: the financial front

March 7, 2022

[unable to retrieve full-text content]Russia is reeling from massive financial sanctions, while Ukraine’s financial system is battered but remains functional, and the EU and global financial systems have rather easily absorbed the initial shock.

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The European Union must change its supervisory architecture to fight money laundering

February 26, 2019

Money laundering scandals at EU banks have become pervasive. The authors here detail the weaknesses the current AML architecture’s fundamental weaknesses and propose a new framework.

Money laundering scandals at EU banks, often linked to Russia, have become pervasive. Reform of anti–money laundering (AML) supervision is urgent. Illicit actors have repeatedly moved billions of dollars through individual banks. This flow sustains the Kremlin’s patronage system at home by serving as an outlet for elites while it simultaneously corrodes institutions, commerce, and politics in Europe.  
The current system, which leaves AML enforcement to national authorities, is broken. As we explained in a recent paper, a new EU agency tasked solely with AML supervision is the antidote. Without dramatic

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A better European Union architecture to fight money laundering

October 25, 2018

A series of banking scandals in multiple EU countries has underlined the shortcomings of Europe’s anti-money laundering regime. The impact of these shortcomings has been further underlined by changing geopolitics and by the new reality of European banking union. The imperative of establishing sound supervisory incentives to fight illicit finance effectively demands a stronger EU-level role in anti-money laundering supervision. The authors here detail their plan for a new European unitary architecture, centred on a new European anti-money laundering authority that would work on the basis of deep relationships with national authorities.

A series of banking scandals in multiple European Union countries including Cyprus, Denmark, Estonia, Latvia, Malta, the Netherlands and the

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