56,230
Views
24
CrossRef citations to date
0
Altmetric
Articles

Anti-money laundering: The world's least effective policy experiment? Together, we can fix it

ORCID Icon
Pages 73-94 | Received 01 Dec 2018, Accepted 21 Jan 2020, Published online: 25 Feb 2020

References

  • Anand, A. 2011. “Combating Terrorist Financing: Is Canada’s Legal Regime Effective?” University of Toronto Law Journal 61 (1): 59–71. doi:10.3138/utlj.61.1.059.
  • Balani, H. 2019. Over $352.5 Million of Fines Handed Out Globally in Last Four Months. https://bit.ly/2M32qwR.
  • Bovens, M. A. P. 2010. “A Comment on Marsh and McConnell: Towards a Framework for Establishing Policy Success.” Public Administration 88 (2): 584–585. doi:10.1111/j.1467-9299.2009.01804.x.
  • Bovens, M. A. P., and P. ‘T Hart. 1996. Understanding Policy Fiascoes. 1st ed. New Brunswick: Transaction Publishers.
  • Bovens, M. A. P., P. ‘T Hart, and B. G. Peters. 2001. Success and Failure in Public Governance: A Comparative Analysis. Cheltenham: Edward Elgar.
  • Brzoska, M. 2016. “Consequences of Assessments of Effectiveness for Counterterrorist Financing Policy.” Administration & Society 48 (8): 911–930. doi:10.1177/0095399714532272.
  • Burns, C. 2019. Analysis from Encompass Shows 2019 Set to be Year of Record AML Fines. https://bit.ly/34uu5gv.
  • Burns, C. 2020. $8.14 billion of AML Fines Handed Out in 2019, with USA and UK Leading The Charge. https://bit.ly/36QoRO1.
  • Cassara, J. 2017. Modernizing AML laws to Combat Money Laundering and Terrorist Financing. US Senate Testimony. Washington DC, citing author. https://bit.ly/2SqYecC.
  • Chaikin, D. 2009. “How Effective Are Suspicious Transaction Reporting Systems?” Journal of Money Laundering Control 12 (3): 238–253. doi:10.1108/13685200910973628.
  • Cochrane, J. H. 2014. “Cost-Benefit Analysis as a Framework for Financial Regulation.” SSRN. http://dx.doi.org/10.2139/ssrn.2425885.
  • de Koker, L. 2011. “Aligning Anti-Money Laundering, Combating of Financing of Terror and Financial Inclusion.” Journal of Financial Crime 18 (4): 361–386. doi:10.1108/13590791111173704.
  • de Koker, L. 2014. “The FATF’s Customer Identification Framework: Fit for Purpose?” Journal of Money Laundering Control 17 (3): 281–295. doi:10.1108/JMLC-01-2014-0003.
  • de Koker, L. 2018. “Editorial: ML/FT Risk and Financial Inclusion of the Poor.” Journal of Money Laundering Control 21 (3): 250–252. doi:10.1108/JMLC-05-2018-0038.
  • de Koker, L. 2019. “Westpac’s Panicked Response To Its Money-Laundering Scandal Looks Ill-Considered.” The Conversation, 26 November. https://bit.ly/2XNcI8X.
  • de Koker, L., and M. Turkington. 2015. “Anti-Money Laundering and the Effectiveness Question.” In Research Handbook on International Financial Crime, edited by B. A. K. Rider, 520–531. Cheltenham: Edward Elgar.
  • de Oliveira, I. S. 2018. “The Governance of the Financial Action Task Force: An Analysis of Power and Influence throughout the Years.” Crime, Law and Social Change 69 (2): 153–172. doi:10.1007/s10611-017-9749-4.
  • Den Boer, M., et al. 2017. European Union Serious and Organised Crime Threat Assessment 2017: Comment by Academic Advisors. The Hague: Europol. https://bit.ly/2n78auo.
  • Department of Justice. 2017. FY2017 Asset Forfeiture Fund Reports to Congress. Washington DC: Department of Justice. https://bit.ly/2KukcXz.
  • Department of Justice. 2019a. 10-yr Summary of Financial Report Data. Washington DC: Department of Justice. https://bit.ly/2KE96k5.
  • Department of Justice. 2019b. Asset Forfeiture Program. Washington DC: Department of Justice. https://www.justice.gov/afp.
  • Ebikake, E. 2016. “Money Laundering: An Assessment of Soft Law as a Technique for Repressive and Preventive AML Control.” Journal of Money Laundering Control 19 (4): 346–375. doi:10.1108/JMLC-07-2015-0029.
  • European Commission. 2018. State of the Union 2018: Stronger Anti-Money Laundering Supervision for a Stable Banking and Financial Sector [press release]. https://bit.ly/2OgSLBV.
  • European Commission. 2019a. Commission Assesses Risks and Implementation Shortcomings in Fight Against Money Laundering and Terrorist Financing: Questions and Answers. Brussels: European Commission. https://bit.ly/2S434xL.
  • European Commission. 2019b. Fight Against Money Laundering and Terrorist Financing: Commission Assesses Risks and Calls for Better Implementation of the Rules [Press release]. Brussels: European Commission. https://bit.ly/2YYGXtW.
  • European Commission. 2019c. Report Assessing the Framework For FIUs Cooperation With Third Countries and Obstacles and Opportunities to Enhance Cooperation Between FIUs Within the EU. Brussels: European Commission. https://bit.ly/35oV3Y2.
  • Europol. 2016. Does Crime Still Pay? Criminal Asset Recovery in the EU. The Hague: Europol. https://bit.ly/2jMSuca.
  • Europol. 2017. Serious and Organised Crime Threat Assessment 2017. The Hague: Europol. https://bit.ly/2n78auo.
  • FATF. 2013a. Methodology for Assessing Compliance with the FATF Recommendations and the Effectiveness of AML/CFT Systems. December 2013. Paris: FATF.
  • FATF 2013b. Methodology for Assessing Compliance with the FATF Recommendations and the Effectiveness of AML/CFT Systems. Updated October 2019. Paris: FATF. https://bit.ly/36Kitr8.
  • FATF 2013c. Procedures for the FATF Fourth Round of AML/CFT Mutual Evaluations. Paris: FATF. https://bit.ly/2KM934u.
  • FATF 2019a. An Effective System to Combat Money Laundering and Terrorist Financing. Paris: FATF. https://bit.ly/23u1ArQ.
  • FATF 2019b. FATF 30 years (1989-2019). Paris: FATF. https://bit.ly/2kWampb.
  • FATF. 2019c. Outcomes FATF Plenary, 16–18 October 2019 [Press release]. Paris: FATF. https://bit.ly/2J5fr7k.
  • FATF and APG. 2016. Mutual evaluation report: Canada. Paris: FATF. https://bit.ly/2d0pJo1.
  • Ferwerda, J. 2009. “The Economics of Crime and Money Laundering: Does anti-Money Laundering Policy Reduce Crime?” Review of Law & Economics 5 (2): 903–929. doi:10.2202/1555-5879.1421.
  • Findley, M. G., D. L. Nielson, and J. C. Sharman. 2014. Global Shell Games: Experiments in Transnational Relations, Crime, and Terrorism. Cambridge: Cambridge University Press.
  • G7. 1989. Communiqué: Economic Declaration. Paris. https://bit.ly/2QaHrJN.
  • Greaves, H., and W. MacAskill. 2019. The Case for Strong Longtermism. Oxford. https://bit.ly/2rLgiox.
  • Halliday, T. C., M. Levi, and P. Reuter. 2014. Global Surveillance of Dirty Money: Assessing Assessments of Regimes to Control Money-Laundering and Combat the Financing of Terrorism. Champaign. https://bit.ly/2ROrfwE.
  • Harvey, J. 2008. “Just How Effective Is Money Laundering Legislation?” Security Journal 21 (3): 189–211. doi:10.1057/palgrave.sj.8350054.
  • Howlett, M. 2011. Designing Public Policies: Principles and Instruments. Oxford: Routledge.
  • Howlett, M. 2012. “The Lessons of Failure: Learning and Blame Avoidance in Public Policy-Making.” International Political Science Review 33 (5): 539–555. doi:10.1177/0192512112453603.
  • Howlett, M. 2019. “Moving Policy Implementation Theory Forward: A Multiple Streams/Critical Juncture Approach.” Public Policy and Administration 34 (4): 405–430. doi:10.1177/0952076718775791.
  • Howlett, M., M. Ramesh, and X. Wu. 2015. “Understanding the Persistence of Policy Failures: The Role of Politics, Governance and Uncertainty.” Public Policy and Administration 30 (3–4): 209–220. doi:10.1177/0952076715593139.
  • ILO. 2014. Profits and Poverty: The Economics of Forced Labour. Geneva. https://bit.ly/R32CfM.
  • Jones, T., J. Blaustein, and T. Newburn. 2020. “Researching Cross-National Policy Mobilities in Crime Control.” Criminology & Criminal Justice. doi:10.1177/1748895819864627.
  • King, A., and I. Crewe. 2013. The Blunders of Our Governments London: Oneworld.
  • Levi, M. 2002. “Money Laundering and Its Regulation.” The Annals of the American Academy of Political and Social Science 582 (1): 181–194. doi:10.1177/000271620258200113.
  • Levi, M. 2012. “How Well Do Anti-Money Laundering Controls Work in Developing Countries?” In Draining Development? Controlling Flows of Illicit Funds from Developing Countries, edited by P. Reuter, 373–413. Washington, DC: World Bank.
  • Levi, M. 2016. “The Impacts of Organised Crime in the EU: Some Preliminary Thoughts on Measurement Difficulties.” Contemporary Social Science 11 (4): 392–402. doi:10.1080/21582041.2015.1090802.
  • Levi, M., and M. Maguire. 2004. “Reducing and Preventing Organised Crime: An Evidence-Based Critique.” Crime, Law and Social Change 41 (5): 397–469. doi:10.1023/B:CRIS.0000039600.88691.af.
  • Levi, M., and P. Reuter. 2006. “Money Laundering.” Crime and Justice 34 (1): 289–375. doi:10.1086/501508.
  • Levi, M., and P. Reuter. 2009. “Money Laundering.” In The Oxford Handbook of Crime and Public Policy, edited by M. Tonry. Oxford: Oxford University Press.
  • Levi, M., P. Reuter, and T. Halliday. 2018. “Can the AML System Be Evaluated Without Better Data?” Crime, Law and Social Change 69 (2): 307–328. doi:10.1007/s10611-017-9757-4.
  • Lewis, D. 2019. “Remarks by FATF Executive Secretary.” Paper presented at the RUSI meeting on the Financial Action Task Force Strategic Review, Whitehall. https://bit.ly/2OyWifU.
  • LexisNexis. 2017. The True Cost of Anti-Money Laundering Compliance. European edition. https://bit.ly/38fGkQQ
  • LexisNexis. 2018a. Anti-Money Laundering Compliance Costs South African Financial Services Companies $2.05 billion a year [Press release]. https://bit.ly/2zbg2zn.
  • LexisNexis. 2018b. True Cost of AML Compliance Study: US Edition. https://bit.ly/2tqGght.
  • Marsh, D., and A. McConnell. 2010a. “Towards a Framework for Establishing Policy Success.” Public Administration 88 (2): 564–583. doi:10.1111/j.1467-9299.2009.01803.x.
  • Marsh, D., and A. McConnell. 2010b. “Towards a Framework for Establishing Policy Success: A Reply to Bovens.” Public Administration 88 (2): 586–587. doi:10.1111/j.1467-9299.2009.01805.x.
  • McConnell, A. 2010a. “Policy Success, Policy Failure and Grey Areas in-between.” Journal of Public Policy 30 (3): 345–362. doi:10.1017/S0143814X10000152.
  • McConnell, A. 2010b. Understanding Policy Success: Rethinking Public Policy. Basingstoke: Palgrave Macmillan.
  • McConnell, A. 2011. “Success? Failure? Something In-Between? A Framework for Evaluating Crisis Management.” Policy and Society 30 (2): 63–76. doi:10.1016/j.polsoc.2011.03.002.
  • McConnell, A. 2015. “What is Policy Failure? A Primer to Help Navigate the Maze.” Public Policy and Administration 30 (3-4): 221–242. doi:10.1177/0952076714565416.
  • McConnell, A. 2018. “Hidden Agendas: Shining a Light on the Dark Side of Public Policy.” Journal of European Public Policy 25 (12): 1739–1758. doi:10.1080/13501763.2017.1382555.
  • Naylor, R. T. 2005. Wages of Crime: Black Markets, Illegal Finance and the Underworld Economy. Ithaca, NY: Cornell University Press.
  • Newman, J., and B. W. Head. 2015. “Categories of Failure in Climate Change Mitigation Policy in Australia.” Public Policy and Administration 30 (3-4): 342–358. doi:10.1177/0952076714565832.
  • Peters, B. G. 2015. “State Failure, Governance Failure and Policy Failure: Exploring the Linkages.” Public Policy and Administration 30 (3–4): 261–276. doi:10.1177/0952076715581540.
  • Pol, R. F. 2018a. “Anti-Money Laundering Effectiveness: Assessing Outcomes or Ticking Boxes?” Journal of Money Laundering Control 21 (2): 215–230. doi:10.1108/JMLC-07-2017-0029.
  • Pol, R. F. 2018b. “Uncomfortable Truths? ML = BS and AML = BS2.” Journal of Financial Crime 25 (2): 294–308. doi:10.1108/JFC-08-2017-0071.
  • Pol, R. F. 2019a. “Anti-Money Laundering Ratings: Uncovering Evidence Hidden in Plain Sight.” Journal of Money Laundering Control 22 (4): 836–857. doi:10.1108/JMLC-01-2019-0006.
  • Pol, R. F. 2019b. “The Global War on Money Laundering Is a Failed Experiment.” The Conversation, 21 October. https://bit.ly/34oiJLI.
  • Pol, R. F. 2019c. “Westpac Ticking Every Anti-Money Laundering Box Wouldn’t Make Much Difference to Criminals.” The Conversation, 3 December. https://bit.ly/33Jc0L0.
  • Pol, R. F. 2020. “Response to Money Laundering Scandal: Evidence-Informed or Perception-Driven?” Journal of Money Laundering Control (1): 23. doi:10.1108/JMLC-01-2019-0007.
  • Reuter, P. 1984. “The (Continued) Vitality of Mythical Numbers.” The Public Interest 75: 135–147.
  • Reuter, P., and E. M. Truman. 2004. Chasing Dirty Money: The Fight against Money Laundering. Washington, DC: Peterson Institute.
  • Rider, B. A. K. 2002a. “The Weapons of War: The Use of Anti-Money Laundering Laws Against Terrorist and Criminal Enterprises(1).” Journal of Banking Regulation 4 (1): 13–31. doi:10.1057/palgrave.jbr.2340128.
  • Rider, B. A. K. 2002b. “The Weapons of War: The Use of Anti-Money Laundering Laws Against Terrorist and Criminal Enterprises(2).” Journal of Banking Regulation 4 (2): 145–161. doi:10.1057/palgrave.jbr.2340136.
  • Rider, B. A. K. 2004. “The War on Terror and Crime and the Offshore Centres: The ‘New’ Perspective?” In Global Financial Crime: Terrorism, Money Laundering and Offshore Centres, edited by D. Masciandaro. Aldershot: Ashgate.
  • Savona, E. U., and M. Riccardi. 2015. From Illegal Markets to Legitimate Businesses: The Portfolio of Organised Crime in Europe. Trento. https://bit.ly/1Dli7W1.
  • Sharman, J. C. 2008. “Power and Discourse in Policy Diffusion: Anti-Money Laundering in Developing States.” International Studies Quarterly 52 (3): 635–656. doi:10.1111/j.1468-2478.2008.00518.x.
  • Sharman, J. C. 2011. The Money Laundry: Regulating Criminal Finance in the Global Economy. Ithaca, NY: Cornell University Press.
  • Singer, M. 1971. “The Vitality of Mythical Numbers.” The Public Interest 23: 3–9.
  • Thomson Reuters. 2018. Revealing the True Cost of Financial Crime. https://tmsnrt.rs/2DE3Ef9.
  • UN. 1985. Seventh United Nations Congress on the Prevention of Crime and the Treatment of Offenders: Resolution. New York. http://www.un.org/documents/ga/res/40/a40r032.htm.
  • UN. 1988. United Nations Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (Vienna Convention).
  • UNODC. 2011. Estimating Illicit Financial Flows Resulting from Drug Trafficking and Other Transnational Organized Crimes. Vienna. https://bit.ly/1vb26h8.
  • US Treasury. 2017. Treasury Forfeiture Fund Accountability Report. Washington DC. https://bit.ly/2K6ocgT.
  • US Treasury. 2019. Treasury Executive Office for Asset Forfeiture. https://bit.ly/2KEG6sx.
  • van Duyne, P. C. 2003. “Money Laundering Policy: Fears and Facts.” In Criminal Finances and Organising Crime in Europe, edited by P. van Duyne, K. von Lampe, and J. L. Newell. Nijmegen: Wolf Legal.
  • van Duyne, P. C. 2011. “Transnational Organised Crime, Laundering and the Congregation of the Gullible.” Paper presented at the Professor van Duyne valedictory, Tilburg.
  • Verhage, A. 2017. “Great Expectations but Little Evidence: Policing Money Laundering.” International Journal of Sociology and Social Policy 37 (7/8): 477–490. doi:10.1108/IJSSP-06-2016-0076.
  • Wolfsberg Group. 2019. Statement on Effectiveness. Geneva. https://bit.ly/2Uvr6mF
  • World Bank 2017. GDP (Current $US), 2017. https://bit.ly/1Cd8EkQ.
  • Zoppei, V. 2017. Anti-Money Laundering Law: Socio-Legal Perspectives on the Effectiveness of German Practices. The Hague: Springer.