Billions of dollars are wasted each year trying to prevent ‘dirty money’ entering a financial system that is already awash with it. The authors challenge the global approach, arguing that complacency, self-interest and misunderstanding have now created long-standing absurdities.
International and government policy makers inadvertently facilitate tax evasion, corruption, environmental and organised crime by separating crime from its root cause. The handful of crime-fighters that do exist are starved of resources whilst an army of compliance box-tickers are prevented from truly helping. The authors provide a toolbox of evidence-based solutions to help the frontline tackle financial crime.
From corporate corruption and the facilitation of money laundering, to food fraud and labour exploitation, European citizens continue to be confronted by serious corporate and white-collar crimes.
Presenting an original series of provocative essays, this book offers a European framing of white-collar crime. Experts from different countries foreground what is unique, innovative or different about white-collar and corporate crimes that are so strongly connected to Europe, including the tensions that exist within and between the nation-states of Europe, and within the institutions of the European region.
This European voice provides an original contribution to discourses surrounding a form of crime which is underrepresented in current criminological literature.
This original and topical book tells the untold stories of migrants’ experiences of, and responses to, financial exclusion in London. Breaking important new ground, it offers an insight into migrants’ lives which is often overlooked, yet is increasingly vital for their broader integration into advanced financialised societies.
Adopting a holistic focus, Migrants and their Money investigates migrants’ complex financial lives which extend far beyond remittance sending, exploring their banking, saving, credit and debt related practices. It highlights how migrants negotiate the complex financial landscape they encounter and the diverse formal and informal ways in which they manage their money in the financial capital of the world. Drawing upon a rich evidence base, this book will be of particular interest to academics, local authorities, policy makers and the financial services industry.
tell you if a country’s system was working effectively. Now that the ‘New’ Methodology approach has been tested on well over a hundred countries (since 2012), it may be time to reconsider the value of the checklist. What are the FATF Recommendations really for? The old logic was that compliance with the Recommendations would prevent money laundering, but now that we can directly evaluate operational effectiveness this logic is called into question. To put it another way, for which we will probably be burned as heretics, we question if the compliance industry
‘Europeanness’ of the anti-money laundering framework for legal professionals working within countries of the European Union (EU), 1 asking if there is a particularly European nature to this framework (that is, in comparison with the rest of the world) and whether it is experienced as such by those working in individual nation-states. The anti-money laundering framework within Europe is shaped primarily by the EU Anti-Money Laundering Directives, which are themselves shaped by global standards such as the Financial Action Task Force (FATF) Recommendations on money laundering
at the time also in the spotlight for various reasons, some creating embarrassment and the shaking of heads. You may be aware of some of these reasons through the media reporting, but would you believe Malta is one of only five countries having been assessed by the FATF to be largely or fully compliant with all 40 FATF Recommendations? Still, the Panama Papers, the assassination of anti-corruption journalist Daphne Galizia, Malta’s alleged money laundering through its gaming sector, links to foreign high net worth individuals nevertheless was enough to encourage or
the relevance of what the FATF determines to be necessary in a specific country. Is this a case of many sheep following a single sheep without what many would see as obligatory reasoning? It may certainly be obvious there is a need to introduce certain measures to prevent money laundering and terrorism financing, but how and why are the FATF recommendations always so right for the job over and above the previous consultations between members which led to its creation? With the authors having consulted internationally on this very point, questions have been
,700 tons in 2018. 12 We cannot do much about how drug seizures are reported. But we could, and really should, be able to know how much property is seized and confiscated from how many people each year. This has been the subject of an FATF Recommendation for over 30 years and we still do not know these simple statistics nationally and globally. There is, quite simply, no excuse for this. The significance of ‘seizure’ is worth discussion. As the bluffer’s guide explains, if something is seized the criminal does not have the use of it anymore (unlike something
analysing instead of passing the intelligence on for use by the end-user. This is something that the FATF could address. An FATF Recommendation that SARs should be passed on unless there is a compelling reason not to do so would tilt the balance of usefulness in the right way. Additionally, despite the massive investment that has been made globally to computerise SARs being delivered to FIUs, this still only generates half a needle. Meanwhile, the police generating the other half of the needle, the information about crime and criminals, may lack computers altogether
guidance explained that ‘ML and TF activity also causes damage to a country’s national security and reputation and has both direct and indirect impact on a nation’s economy’. The guidance also listed a series of examples of consequences of money laundering from a 2006 resource. Yet, despite the ten-year period between 2003 and 2013 when there was no specific requirement for an NRA, the guidance managed to provide enough evidence to still push the FATF recommendations within many states’ domestic policy. It seemed right then, that the box was then ticked, meaning there
