8: The ‘fingers crossed’ approach to money laundering prevention in: The War on Dirty Money

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Cover The War on Dirty Money

The War on Dirty Money

Authors:

Nicholas Gilmour

and

Keywords:: Prevention; Fingers crossed; AML compliance; Red flags; Compliance; FATF; IT solutions; MLRO

Global Social Challenges:: Justice, Law and Human Rights

Sustainable Development Goals:: Goal 16: Peace, Justice and Strong Institutions

8: The ‘fingers crossed’ approach to money laundering prevention

Authors:

Nicholas Gilmour

and

Publication Date:: 23 Feb 2023

Pages:: 141–159

DOI:: https://doi.org/10.51952/9781447365143.ch008

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The most cynical person in a room would say that what now exists is a ‘prevention by fingers crossed’ approach to money laundering. This chapter explores this idea and finds it is now extremely difficult to prevent money laundering based on old fashioned ideas and perspectives. If we are to prevent money laundering, we must put aside our beliefs and find the truth behind the transfers and purchases which make up money laundering. No longer is it viable to believe AML compliance can be the main line of defence in preventing money laundering.

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Cover The War on Dirty Money

The War on Dirty Money

Authors:

Nicholas Gilmour

and

Keywords:: Prevention; Fingers crossed; AML compliance; Red flags; Compliance; FATF; IT solutions; MLRO

Global Social Challenges:: Justice, Law and Human Rights

Sustainable Development Goals:: Goal 16: Peace, Justice and Strong Institutions

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