University of Twente Student Theses
Money Laundering through Cryptocurrencies : An Analysis of the Anti-Money Laundering Framework of the European Union and the Legislative Process Leading to the Adoption of the AMLD6
Schulte-Buskase, Max (2022) Money Laundering through Cryptocurrencies : An Analysis of the Anti-Money Laundering Framework of the European Union and the Legislative Process Leading to the Adoption of the AMLD6.
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| Abstract: | As cryptocurrencies allow for anonymous transactions between users, they are well suited for criminal activities such as money laundering. The EU is currently adopting new legislation on the prevention of money laundering. This thesis aims to answer the question: How fit for purpose is the EU's AML framework regarding the prevention of criminal activity through cryptocurrencies? Firstly the effectiveness of the current and proposed legislation will be evaluated. While the current framework cannot sufficiently prevent money laundering through cryptocurrencies the new legislation will effectively close these loopholes. Secondly, based on theories of European integration, the method of process tracing will be used to analyze whether the adoption process of the new legislation rather follows a neo-functional or intergovernmental dynamic and how that affected the outcome of the negotiations. The results indicate that while the negotiations are mostly driven by neo-functional dynamics with the European Commission in a central role, final decisions are still subject to intergovernmental dynamics as member states try to preserve their interests and autonomy. Subsequently, the effectiveness of the new legislative framework will depend on whether member states are willing to give competences to the EU to fight money laundering on a supranational level. |
| Item Type: | Essay (Bachelor) |
| Faculty: | BMS: Behavioural, Management and Social Sciences |
| Subject: | 88 social and public administration |
| Programme: | Management Society and Technology BSc (56654) |
| Link to this item: | https://purl.utwente.nl/essays/91914 |
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