Time to get serious on AML policy in Europe

It is estimated that 2-5% of global GDP is laundered annually, with an overall recovery rate of illicit assets at just 1.1% in Europe, according to Europol. Tackling money laundering is a longstanding policy priority, but one pursued with limited success. In the meantime, crime proliferates, citizens see that rule of law does not work and the foundation of civil societies is degraded. The EU Commission is announcing an AML action plan in July, but a new approach is needed. 

Karel Lannoo is CEO of CEPS and General Manager of ECRI