Browsing by Subject "rahanpesun estäminen"

Abstract in English Faculty: Faculty of Law Degree programme: Master’s Programme Author: Heidi Kaarto Title: The Fight Against Dirty Money in the European Union: A Legal Analysis of the Impacts of the Establishment of the Anti-Money Laundering Authority Level: Master’s Thesis Month and year: April 2024 Number of pages: 77 Key words: European Union, Anti-money laundering, Countering terrorist financing, Supervision, Competence, Criminal law, European law, Governance Supervisors: Professor Sakari Melander, Professor Päivi Leino-Sandberg Abstract: The recent cross-border cases involving credit institutions have showed how vulnerable the economy and financial system are for money laundering and terrorist financing. As one of the counter measures European Commission in 2021 published its proposal for a regulation for the establishment of the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA). The object of this thesis is to analyse the Commission proposal and, in particular, to answer the following research question: Which legal impacts, if any, the establishment of the AMLA has from the point of view of separation of powers when it comes to the governance of anti-money laundering and countering terrorist financing in the European Union? The thesis will analyse the research question from the point of view of the European union and its member state Finland. The research method used in the thesis involves a combination of a doctrinal method and half-structured interviews conducted for representatives of local Finnish public authorities involved in the local supervisory tasks related to anti-money laundering and countering terrorist financing. The thesis will conclude that the establishment of the AMLA will have an impact on the separation of powers between the European union and the Member States of the European Union by transferring part of the supervisory competences in the field of anti-money laundering and terrorist financing at the level of the Union. The transfer of powers from the national level to the European Union is most significant in case of financial sector obliged entities. In particular, the establishment of the AMLA has been highly welcomed both among the European Union institutions and the local authorities of Finland since the establishment of an European Union-level agency is predicted to unify the current mixed supervisory system. However, the practical legal effects will be seen only after AMLA has started its operation. Consequently, future research could focus on how the AMLA has been able to answer to the challenges recognized to be present in the supervision of actions related to anti-money laundering and countering of terrorist financing.