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The European Fight Against the Financing of Terrorism: A study of the European Union's Third AML/CFT Directive

Bloemkolk, Dhr. I.C. (2015) The European Fight Against the Financing of Terrorism: A study of the European Union's Third AML/CFT Directive.

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Abstract:This thesis aims to study the EU’s Third Directive on money laundering and terrorist financing and assess its adequacy for the purpose of combating the financing of terrorism. To carry out this research the thesis will center around the main research question: To what extent is the Third AML/CFT Directive of the European Union adequate in dealing with the financing of terrorism? In order to answer this question this thesis sheds light on the problem of terrorist financing and analysis the adequacy of the Third AML/CFT Directive through the scope of the Situational Crime Prevention approach. This approach argues that crime can be prevented through the usage of ‘situational’ measures aimed at decreasing the opportunities and increasing the efforts for criminals to commit crime. In this light, terrorist financing is seen as the crime, and the criminals are those individuals and organizations who gather and convey funds for terrorism purposes. By looking at the opportunities that enable terrorists to finance their activities an assessment is given on how adequately the Directive is aimed at preventing the process of terrorist financing. This research finds that there are several areas in which the Third AML/CFT Directive is either lacking or inadequate for combating the financing of terrorism. The suitability of the anti-money laundering framework is questionable for the purpose of combating terrorist financing. Furthermore, private sector responsibilities in risk analyses have shown some fundamental flaws in achieving significant results and concerns over the violation of privacy, lack of transparency and accountability have been outlined.
Item Type:Essay (Bachelor)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:88 social and public administration
Programme:European Studies BSc (56627)
Link to this item:http://purl.utwente.nl/essays/66704
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