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  • Author: Chris Raggett
  • Publication Date: 03-2020
  • Content Type: Policy Brief
  • Institution: European Council On Foreign Relations
  • Abstract: European governments have failed to prevent corrupt actors from laundering hundreds of billions of dollars through the international financial system and their own economies. This breakdown in the rule of law empowers kleptocratic regimes across the globe, which capitalise on the political culture underpinning Europe’s approach to globalisation. Western governments create a negative feedback loop that hinders their foreign policy initiatives when they treat corruption in other countries as an inherent part of the local culture. European policymakers should aim to catch up with, and overtake, their US counterparts on anti-money laundering regulation and enforcement. European countries should create national institutions – and an international coalition of Western states – that are dedicated to countering kleptocrats.
  • Topic: Foreign Policy, Corruption, European Union, Rule of Law, Financial Crimes, Impunity
  • Political Geography: Europe