quora
webinr-icon

“A Fintech’s Path to Rapid Growth with 100% KYC/KYB Compliance” - 7th November

Register Here

Money Laundering Cases Doubled in the Past Six Years – Eurojust Report

n-img-money-double

Eurojust has recorded around 3000 cases of cross-border money laundering over the last six years. In 2021, the Agency received over 600 cases, which is more than twice as many as were reported in 2016.

Money laundering is a major problem on a global scale, yet it is challenging to evaluate due to its hidden nature. According to the UNODC, 2 -5% of the world’s GDP, or more than 1.87 trillion Euros, is estimated to be laundered annually. This is in accordance with Eurojust’s case stats, which indicate that money laundering cases made up over 15% of all reported cases to the Agency from 2016- 2021.

Finding the beneficial owner of illegal assets is a big challenge in several money laundering scenarios. Cryptocurrencies, which criminals are increasingly using to conceal their illicit income, provide an additional obstacle for cases involving money laundering because it is challenging to keep hold of the assets owned by anyone under investigation.

The experience of Eurojust reveals additional basic challenges, such as how to establish who qualifies as a victim in a specific nation and how to guarantee equitable compensation for the victims when the amounts frozen are insufficient. In certain circumstances, it may be beneficial to clarify via Eurojust the legal justification for the freezing of funds allocated for victim compensation.                            

The tracing of transactions within the EU can, in some situations, be done very easily. However, when assistance is needed from outside the EU, things get more challenging, and occasionally authorities give up trying to get that help. Again, Eurojust’s extensive network of Contact Points and Liaison Prosecutors has shown to be quite beneficial in judicial collaboration with other countries.

France, In the last six years, Eurojust handled cases involving international money laundering from every EU member state, and the majority of them came from Italy, Spain, Germany, France, and the Netherlands. Switzerland, the UK, the US, and Ukraine have been the non-EU states mainly active among the more than 60 third countries that were also affected. The money laundering cases handled by Eurojust demonstrate how the Agency’s both practical and legal assistance has greatly aided practitioners in coming up with solutions.

The latest proposal for an AML package, which was published in 2021, is just one example of how much attention lawmakers have given to money laundering in recent times. Eurojust will keep a close eye on advancements in this field and assist professionals who are working to prosecute money launderers.

Suggested Read: Money Laundering Becomes Another Cause of Poverty, Says UN

Related Posts

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

UK Parliament Legislates New Digital Identity Verification Services Bill Taiwan and Singapore St...

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Read More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

At the same time, trade bodies and digital identity service providers have consulted with the gov...

UK Parliament Legislates New Digital Identity Verification Services Bill Read More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

According to the recently passed amendments, overseas crypto platforms are obliged to set up loca...

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Read More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

For the CSPs, the law mandates that they must ensure that the arranged nominees are “fit and prop...

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Read More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

In addition to these shortcomings, the watchdog discovered that the country’s banking, constructi...

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Read More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

These suspicious transactions amounted to more than $300 million and were conducted between 2002 ...

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Read More

News

Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

Mohammad Shahid Ahmed, the Chief of Staff at NFIU, has been appointed as the Vice Chairman of the...

Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Read More

News

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

In addition to this, the spokesperson also stated that the company failed to comply with due dili...

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Read More

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

UK Parliament Legislates New Digital Identity Verification Services Bill Taiwan and Singapore St...

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Read More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

At the same time, trade bodies and digital identity service providers have consulted with the gov...

UK Parliament Legislates New Digital Identity Verification Services Bill Read More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

According to the recently passed amendments, overseas crypto platforms are obliged to set up loca...

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Read More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

For the CSPs, the law mandates that they must ensure that the arranged nominees are “fit and prop...

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Read More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

In addition to these shortcomings, the watchdog discovered that the country’s banking, constructi...

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Read More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

These suspicious transactions amounted to more than $300 million and were conducted between 2002 ...

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Read More

News

Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

Mohammad Shahid Ahmed, the Chief of Staff at NFIU, has been appointed as the Vice Chairman of the...

Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Read More

News

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

In addition to this, the spokesperson also stated that the company failed to comply with due dili...

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Read More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started