AML Sanctions Framework And Its Relevance

• Year: 2023

Speaker

Chiara Bacci works as a policy officer in the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union. She joined the financial crime unit in 2019 and leads the team dealing with the EU anti-money laundering framework.

Prior to that and since joining the Commission in 2014, Chiara dealt with a number of files relating to the internal market, from consumer protection to antitrust rules. Between 2016 and 2020, she has been involved in the preparation of the UK’s exit from the EU and the negotiation of the Trade and Cooperation agreement. Chiara graduated from the University of Bologna in public, political and social communication and holds a specialised MA in diplomatic studies.

Topic

The e-presentation offers a comprehensive overview of two essential elements in the realm of combating financial crimes: Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) measures and Targeted Financial Sanctions (TFS). It aims to provide a deep understanding of the differences, similarities, and synergies between these frameworks, highlighting their significance in international efforts to combat illicit financial activities. Both AML/CFT and TFS are crucial aspects addressed within the global standards set by the Financial Action Task Force (FATF) and the European Commission's AML/CFT package.

AML/CFT measures are comprehensive strategies and regulations designed to prevent money laundering, the process of making illegally obtained funds appear legitimate, and to combat the financing of terrorism, which involves providing financial support to individuals or organizations engaged in terrorist activities.

In contrast, Targeted Financial Sanctions (TFS) refer to specific measures imposed by governments or international bodies to restrict the financial activities of individuals, entities, or countries associated with terrorism, proliferation of weapons of mass destruction, or other illicit activities.

Although AML/CFT measures and TFS have distinct objectives, they share common goals and synergies in combating financial crimes. Both frameworks aim to protect the integrity of the financial...