Evolution of Banking Sector Money Laundering Regulations in European Union from 2010 to 2019

This research is the analysis of the anti-money laundering regulations of the European Union in 2010-2019 period. The money laundering is a threat to the stability of the banking sector, as the authorities cannot detect the illegal origins of money and cannot prevent the tax evasion. The laundered money penetrate the economies of different states and destabilize the global financial sector. The European Union's banks participated in the largest money laundering scandals of the 21st century. This is why I focused on the European region in this research. I have compared the main official documents from the Financial Action Task Force (FATF) and the Eropean Union to demonstrate which trend occured in the observed period in field of anti-money laundering (AML). Analysing the reasons and the consequences of the recent money laundering scandals I came to the conclusion that the innovations in the anti-money laundering regulations were not sufficient enought to prevent these scandals. The provided in this research evidence of systematic failure of different institutions has the theoretical significance for the further researches. The regulatory weaknesses were used by the banks to avoid some of the AML policices, because of the conflict of interest between the government and the banks. This research may help us to reveal the best practices that should be the example for other states, and the weakest points that should be revised in the future.