Money laundering has been an increasingly substantial issue within the EU economy, resulting in hundreds of billions of euros being laundered every year. This issue is amplified by the differing anti-money laundering regulations across borders as well as a general lack of central power to regulate and monitor laundering, making it difficult for authorities to address crime. Methods used by criminals to reintegrate illegally earned money include mortgage fraud, property flipping, business fronts, and taking advantage of the privacy provided by cryptocurrency. The allowance of money laundering creates a society where the majority of criminal organizations make use of it to fund commodities such as drugs and child sex material, while also concealing crime. Delegates must work towards creating possible solutions which may include centralizing anti-money laundering operations and improving asset recovery to mitigate money laundering and its disastrous effects.

The EU is in the process of developing their own central bank digital currency under the European Central Bank. Debates over whether this development should be followed include arguments such as concerns for data privacy, deposit flight from commercial banks, interest rates, accessibility, and cybersecurity. Although a promising innovation, important deliberation must be done when considering aspects of digital currency such as overreach, centralization, accessibility. The Digital Euro should remain in good public favor while still serving as a viable currency option for the public. Delegates should consider all EU residents when deliberating the design of the Digital Euro. 

Akash Arun Kumar Soumya is a sophomore at Maggie Walker and a co-chair of the ECOFIN committee. He is excited to be holding this position of leadership at GSMUN XXVIII! Akash has been doing Model UN for the past five years, having attended and won awards at various conferences. Outside of Model UN, Akash is a squad lead of the Speech and Debate Club and a deputy editor for The Jabberwock. He also enjoys public speaking, programming, and reading in his spare time. Akash is excited to be a part of this year's conference and looks forward to working with the many skilled delegates at GSMUN XXVIII!

Aanchal Patel is a sophomore at Maggie Walker and is very excited to serve as your co-chair of the ECOFIN committee. She has been participating in Model UN for the last four years and has been to countless conferences and won various awards. Outside of Model UN, Aanchal enjoys volunteering at the St. Francis Medical Center and participating in several other healthcare-related clubs at Maggie Walker. She also enjoys going on long walks in the evening and finding time to read. She looks forward to working with the talented delegates at GSMUN!