Product Description
Originally developed to reduce drug trafficking, national and international efforts to reduce money laundering have broadened over the years to address other crimes, and most recently, terrorism. These efforts now constitute a formidable regime applied to financial institutions and transactions throughout much of the world. Yet few assessments of either the achievements or consequences of this regime have been made. Reuter and Truman (1) explore what is know about the scale and characteristics of money laundering, (2) describe the current anti–money laundering regime, (3) develop a framework for assessing the effectiveness of the regime, and (4) use that framework to assess how well the current system works and make proposals for its improvement.
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Chasing Dirty Money: Progress on Anti-Money Laundering
At a time when a swarm of new books on illegal operations and dirty money are vying for readers’ attention, it is useful to return to this authoritative study was published in December 2004 under the Institute for International Economics. This book provides the first global effort to assess the effectiveness of the fight against money laundering (AML) regime, originally established to protect the integrity of financial institutions against abuse of drug lords and criminal traffickers, and has extended after 9 / 11 to include combating terrorist financing (the entire company now operates under the acronym of AML / CFT) Money laundering. The authors define as “the conversion of criminal incomes into assets that can not be traced to the underlying crime.” His goal is to begin the task of evaluating the effectiveness of the AML world. The study describes the phenomenon of money laundering itself, to extend the permission bits of information, and the current state of AML.Il is followed by an analysis of its effectiveness in achieving three goals: reducing crime, protect the integrity of core financial system, and control of three types of global public bads – terrorism, corruption and failed states. The study concludes with recommendations aimed specifically at the United States, on how the fight against money laundering and analysis of its effectiveness can be improved. Not surprisingly, the authors highlight the paucity of data on the subject, and end with a plea that the investigation “is needed.” The book might have included an analysis of political economy factors that played a role in the emergence and consolidation of a global regime against money laundering. The authors are highly concentrated in the United States, which they attribute to a leadership role, but could have mentioned that other countries such as France, have also played a role in gathering support for greater involvement of international financial institutions in the prevention. It is also interesting to note that the banking industry opposed most government intervention in their relationships with customers, but has since learned to adapt to AML to impose relatively modest costs and disadvantages for banks and have things their clients.Peu happened since the publication of the book. As predicted by the authors, the pace of expansion slowed MRI and the emphasis is on improving the overall implementation of the current regime. For its part, the U.S. has not ratified the United Nations Convention against Corruption and undergo a full assessment of the sector at the IMF / World Bank Financial, including regulations relating to money laundering and terrorist financing. The answer to the question: how much money washing remains a major question mark. Rating: four fifths
Written by an economist and professor of criminology with a former director of the Division of International Finance, Board of Governors of the Federal Reserve System, Chasing Dirty Money: The fight against money laundering is a nonsensical discussion of the methods used to conceal income from a wide range of offenses and the assets are transferred and perpetuate block. Chapters clarify the mechanisms of money laundering, smuggling of cash out of the country simiply use of casinos, lotteries, horse racing and spend a little of Paris, but receive gain in any of the checks issued to individual policies premium insurance premium is paid in a lump sum instead of annual installments – and later the purchase of these policies at a discount. The following chapters discuss the protection of the integrity of the financial system, the fight against crime of money laundering, combating the evils of global terrorism and corruption or kleptocracy that depend heavily on the money money, and more . A resource sober, serious, an absolute must-read for all students and professionals in the economy, and a revelation opened the eyes of readers laïcs.Note: 5 / 5