The Role of the Czech National Bank in Combating Money Laundering and Terrorist Financing

The Role of the Czech National Bank in Combating Money Laundering and Terrorist Financing Abstract Until the adoption of the AML package, the AML/CFT area at European level was regulated by a directive based on the principle of minimum harmonization, which led to significant differences across Member States in the application and enforcement of measures to combat money laundering and terrorist financing. For the EU, the fight against money laundering and terrorist financing is one of its main long-term priorities, which is why EU legislators decided to respond to the situation of fragmented national legislation by adopting four harmonizing regulations forming the so-called AML package. For the first time in history the AML/CFT requirements for obliged entities are governed by regulation and the first supranational body with direct supervisory powers over selected obliged entities is being established. It can be expected that the creation of such a specific authority with a wide range of powers in the field of AML/CFT will raise a number of questions and challenges, at least in its early stages. The aim of this thesis is to analyze and critically evaluate parts of the new EU legislation in the field of AML/CFT relevant to the activities of national supervisory authorities. The thesis assesses the benefits,...