Challenges Faced by FIUs in Investigating Money Laundering

• Jurisdiction: European Union
• Year: 2024

Speaker

Stanislaw Tosza is an Associate Professor in Compliance and Law Enforcement at the University of Luxembourg. He specializes in teaching and researching comparative and European criminal law, white-collar crime, and the intersection of criminal law and emerging technologies.

He serves as an advisor to the EU Commission as a member of the Innovation Friendly Regulations Advisory Group (IFRAG). Additionally, Stanislaw holds the position of Secretary General of the International Association of Penal Law (AIDP). His research focuses particularly on the role of tech companies in law enforcement and the application of technology in compliance.

Topic

Prof. Dr. Stanislaw Tosza provides a comprehensive update and outlook on the new Anti Money-Laundering Authority (AMLA). It covers the current legal framework governing Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT), highlighting both substantive and supervisory rules, including the AML Directive and the EBA Regulation. Prof. Dr. Tosza reviews policy developments leading to the proposed reform package of July 20, 2021, aimed at harmonizing the AML/CFT regime across the EU.

AMLA's tasks include supervising AML/CFT compliance, coordinating with national authorities, and facilitating investigations by Financial Intelligence Units (FIUs). The organization and governance of AMLA involve a General Board, an Executive Board, and an Administrative Board of Review, with a specific structure for decision-making and supervisory roles.

The supervision scope covers "selected obliged entities" and involves a two-step process for determining high-risk entities, including prior assessment and listing based on inherent risk profiles. AMLA has the authority to impose supervisory measures and pecuniary sanctions, ensuring entities comply with AML/CFT requirements. Additionally, AMLA will interact with national criminal enforcement authorities, referring cases for prosecution when necessary and ensuring no overlap with national judicial decisions. The overall goal is significant harmonization of AML/CFT standards across the EU, impacting both directly supervised and non-supervised entities.

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