Just how effective is money laundering legislation?

Harvey, Jackie (2008) Just how effective is money laundering legislation? Security Journal, 21 (3). pp. 189-211. ISSN 0955-1662

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Official URL: http://dx.doi.org/10.1057/palgrave.sj.8350054


While much is made of the risks associated with money laundering, little in-depth work has been undertaken to understand the true extent of the problem. Money laundering is difficult to measure. However, there is the implicit assumption among the regulatory authorities that amounts involved are huge; posing a significant threat to the integrity of the financial system and the reputation of domestic financial institutions. This paper draws attention to problems that the author believes arise from the current focus of money laundering legislation on financial sector compliance, by examining the validity of “second best” indicators of effectiveness. A preliminary attempt is also made to evaluate the association between money laundering and reputation looking for evidence of a “virtuous circle of compliance”. It draws from a pilot questionnaire and interviews carried out with financial institutions as well as from statistical data made available to the author by the U.K. Home Office.

Item Type: Article
Uncontrolled Keywords: money laundering, compliance, reputation
Subjects: L300 Sociology
Department: Faculties > Business and Law > Newcastle Business School
Depositing User: EPrint Services
Date Deposited: 25 Jan 2010 12:16
Last Modified: 19 Nov 2019 09:05
URI: http://nrl.northumbria.ac.uk/id/eprint/2577

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