THE ROLE OF THE EUROPEAN CENTRAL BANK IN THE SUPPRESSION OF FINANCIAL CRIME

Marko B. Dimitrijević, Srdjan Golubović

DOI Number
https://doi.org/10.22190/TEME240520035D
First page
515
Last page
529

Abstract


The subject of analysis in this paper is to identify the role and the formal position of the European Central Bank (ECB) in suppressing financial crime by reviewing its place in the criminal law policy framework, because central bank legislation is in an unquestionable process of evolutionary derogation, which in monetary nomotechnics refers to some new tasks and activities not always related to monetary conduct. The new wave in the development of ECB law is more complex, rich, and intense than ever before in monetary history and, although at first glance it may seem that monetary stability (as its the main task) has no direct connection with the crime suppression policy, the fact is that the central bank, as a government fiscal agent and supreme supervisor of the banking system must provide an appropriate contribution in its suppression and control. In the following text, special attention is paid to identifying and reviewing the potential legal mandate of ECB in this process, where a lack of hard law solution is retrieved by hard coordination with national criminal law authorities. We believe, in our analysis, that the role of the ECB is indirect, but that does not diminish the factual importance of its contribution to the established optimal multiagency framework preventing financial crime and protecting monetary stability as an important public good.

Keywords

European Central Bank, financial crime, monetary law, monetary stability, financial supervision.

Full Text:

PDF

References


Achim, M. V. (2023). Economic and Financial Crime, Sustainability and Good Governance. Munich: Springer.

Adeoyé Leslie, D. (2014). Legal Principles for Combatting Cyber Laundering. Munich: Springer.

Allegrezza, S. (2020). Information Exchange Between Administrative and Criminal Enforcement, Eucrim, 1(4), 302-310.

Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions, OJ L 287/63, 29.10.2013, p. 63–89.

Demetriades, P. O., Vassileva, R. (2020). Money Laundering and Central Bank Governance in the European Union. Journal of International Economic Law. 23 (2), 509-533.

Dimitrijević, M. (2018). International Monetary Law Institution (Institucije međunarodnog monetarnog prava). Niš: Centar za publikacije i izadavštvo Pravnog fakulteta.

Dimitrijević, M. (2023). Law of The European Central Bank (Pravo Evropske centralne banke). Niš: Centar za publikacije i izdavštvo Pravnog fakulteta..

Dimitrijević, M., Golubović, S. (2020). Аbout the Legal Responsibility of the Central Bank in Monetary Law. TEME XLVI (1), 1-13.

Dimovski, D. (2023). Cryptocurrency and Crime. TEME XLVII (4). 975-990.

Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the Prevention of the Use of the Financial System for money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (Text with EEA relevance).

Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU (Text with EEA relevance), PE/72/2017/REV/1, OJ L 156, 19.6.2018.

Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019 amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures (Text with EEA relevance) PE/16/2019/REV/1, OJ L 150, 7.6.2019, p. 253–29.

Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC Text with EEA relevance, OJ L 176, 27.6.2013, p. 338–436.

ECB (2019), Gearing up to fight money laundering. https://www.bankingsupervision.europa.eu/press/publications/newsletter/2019/html/ssm.nl190515.ehhtml

ECB Banking Supervision role in AML/CFT, ECB Banking Supervision, Elisabet Mccaul, 9 June 2022.

European Court of Auditor, Special report, EU Efforts to Fight Money Laundering in the Banking Sector are Fragmented and Implementation is Insufficient, Luxembourg, 2021.

Final Guidelines in Cooperation and Information Exchange for Directive (EU) 2015/849 between competent authorities supervising credit and financial institutions, JC 2019 81, EBA, 16 December 2019.

Fortes, R., Guenedel, L. (2020). Tracking ECB’s Communication: Perspectives and Implications for Financial Markets. MPRA Paper No. 108746. https://mpra.ub.uni-muenchen.de/108746/pdf.

Golubović, S., Dimitrijević, M. (2022). Monetary and Banking Finances for Lawyers (Poslovne i bankarske finansije za pravnike). Centar za publikacije i izadavštvo Pravnog fakulteta.

Gortsos, K. (2020). European Central Banking Law: The Role of the European Central Bank and National Central Banks under European Law. Palgrave Macmillan Studies in Banking and Financial Institutions.

Ligeti, K., Frannssen, V. (2017). Challenges in the Field of Economic and Financial Crime in Europe and the US. Oxford Hart Publishing.

OLAF and the European Central Bank stepped up their cooperation, Press Release No 12/2016 16 June 2016.https://anti-fraud.ec.europa.eu/media-corner/news/olaf-and-european-central-bank-step-theircooperation-2016-06-16_en.

Regulation EU No 1093/2010 of the European Parliament and the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority) amending Decisison Mo 716/2009/EC and repealing Commission Decisison 2009/78/EC, OJ L 331, 15.12.2010, p. 12.

Reuter, P. (2017). Illicit Financial Flows and Governance: The Importance of Disaggregation. World Bank Press.

Sands, P. et al., (2016). Making it Harder for the Bad Guys: The Case for Eliminating High Denomination Notes. RCBG Associate Working Paper Series No. 52.

Siena, F. A. (2022). The European Anti-Money Laundering Framework - At a Turning Point? The Role of Financial Intelligence Units. New Journal of European Criminal Law. 13(2), 216-246.




DOI: https://doi.org/10.22190/TEME240520035D

Refbacks

  • There are currently no refbacks.


© University of Niš, Serbia
Creative Commons licence CC BY-NC-ND
Print ISSN: 0353-7919
Online ISSN: 1820-7804