Stocktake of recent trends in UK financial services regulation, the impact of Brexit on tax evasion and money laundering in the UK & crown dependencies, and possible implications for the EU, including its approach to equivalence.

Brexit poses unique challenges for policymakers in the EU as the most important financial centre in Europe is now outside its regulatory framework.

Director of Florence School of Banking and Finance (FBF) Thorsten Beck together with Assistant Professor at Dublin City University (DCU) Christy Ann Petit, anticipate significant divergence over the medium- to long-term, given recent legislative and regulatory initiatives in the UK, but also developments of the regulatory framework in the EU. However, there seem to be limited concerns about an easing of the tax evasion and Anti-Money Laundering framework in the UK. The authors also expect a limited use of the EU equivalence regime for the UK. 

This study was requested by the Committee on Economic and Monetary Affairs (ECON), and officially presented a the European Parliament on 25 April 2023. Watch the recording.