Evaluating anti-money laundering policies: where are we?

Vettori, Barbara

doi:10.4337/9780857934000.00047

Cited by 6 publications

(5 citation statements)

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“…Notwithstanding various anecdotes, 'there is still very little scientific knowledge about the effectiveness and efficiency of the countermeasures adopted to combat the phenomenon'. 238 Indeed, 'a huge amount of money (we do not know how much) is now being spent on a global surveillance and reporting system, and we do not know whether and to what extent the system works or not'. 239 Moreover, the AML regime 'exhibits many deficiencies and imposes extensive costs on the private and public sectors, and harms upon the public'.…”

Section: Designing Future Aml Initiatives In the Uk Real Estate Market: Key Insights From The Sectormentioning

confidence: 99%

The Challenges of Implementing Anti‐Money Laundering Regulation: An Empirical Analysis

Zavoli¹,

King

2021

Modern Law Review

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For over three decades, money laundering has been an area of concern for policymakers and law enforcement, with significant efforts undertaken at national and international levels to combat it. Recently, laundering of criminal proceeds using real property has attracted increased attention amongst policymakers. Various efforts are now being undertaken to tackle money laundering in the UK property market, but there are still significant difficulties in its practical implementation. Drawing upon semi-structured interviews with estate agents and compliance officials, this study identifies critical aspects of AML compliance that are particularly problematic for those involved in it. In so doing, this article delivers a new perspective, by analysing data gathered with the first empirical study on the implementation of AML obligations in practice (in the UK property market) since the introduction of the 2017 Money Laundering Regulations.

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Section: Designing Future Aml Initiatives In the Uk Real Estate Market: Key Insights From The Sectormentioning

confidence: 99%

The Challenges of Implementing Anti‐Money Laundering Regulation: An Empirical Analysis

Zavoli¹,

King

2021

Modern Law Review

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“…Perhaps for this reason, intergovernmental assessments of antimoney laundering controls have tended to focus on the "volume of activities undertaken by competent authorities," even though these measures say little "about the real impact of such actions on the criminal problem itself." 25 Finally, even high-income countries would seem reluctant to prosecute foreign bribe payers and/or confiscate and return illicit wealth laundered through their financial centers. 26 This weakens any general deterrent effect of international anticorruption measures for it sends an inconsistent message to individuals (and corporations) about the likelihood that wrongdoing will be detected, investigated, and punished.…”

Section: Effectivenessmentioning

confidence: 99%

Corruption Gone Wild: Transnational Criminal Law and the International Trade in Endangered Species

Ivory

2017

AJIL Unbound

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The goal of this essay is to sketch how, and with what effect, the problems of corruption and endangered animal trafficking have been linked in international law. To that end, I first compare and contrast the “hard law” legal frameworks on corruption and on animal trafficking. After that, I illustrate how those two regimes have been related in international reports, “soft” (nonbinding) international instruments, and UN Security Council resolutions. Finally, I caution against an automatic merger of these areas of law and agendas for global law reform. Like other transnational criminal laws, the anticorruption treaties have practical limitations, ideological biases, and potentials for unintended consequences. These features qualify their utility as “tools” in the fight for animal welfare. They may also mask the ways in which efforts to prevent and suppress wildlife trafficking are both anthropocentric and sources of human insecurity.

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“…Accordingly, international development of AML strategies has pursued two distinct strategies: prohibitory and preventative (Durrieu, 2013; Vettori, 2013). This has been achieved through enactment of conventions[1] and establishing specific organizations[2].…”

Section: Introductionmentioning

confidence: 99%

“…This has been achieved through enactment of conventions[1] and establishing specific organizations[2]. Prohibitory measures are the criminalization of money laundering, by identifying and categorizing predicate offences from whence laundered funds are sourced (Vettori, 2013). Preventative measures are aimed at financial institutions and designated non-financial businesses and professions (DNFBPs).…”

Section: Introductionmentioning

confidence: 99%

Detection mechanisms under Kenya’s anti-money laundering regime: omissions and loopholes

Gikonyo

2018

JMLC

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Purpose This paper aims to detect the methods that facilitate the identification of potential money laundering activities in Kenya. Kenya is a transit point for international drug traffickers and trade-based money laundering. Hence, it is vulnerable to money laundering and consequently, it is necessary to examine the potency of its first lines of defence and its weaknesses. Design/methodology/approach The research is secondary in nature. It is based on reviewing relevant literature and analyzing the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA) and the Proceeds of Crime and Anti-Money Laundering Regulations (POCAMLR). Both form the core of Kenya’s anti-money laundering regime. Findings Generally, the identified methods can facilitate identification of proceeds of crime and possible laundering activity. However, there are challenges in the provisions that could reduce effectiveness. These include intrinsic loopholes and implementation challenges, in the provisions relating to accountants, precious stone and metal dealers and the hawala system. Additionally, there is the key omission of car dealers and legal professionals from the mechanisms for detecting money laundering. Originality/value Given Kenya’s money laundering susceptibility, it is necessary and prudent to critically examine its mechanisms for detecting money laundering. The paper seeks to make a practical and scholarly contribution in filling this extant gap. This paper can trigger further discussions as well as the necessary legislative and policy changes. This would positively enhance the success of Kenya’s anti-money laundering regime in detecting money laundering activities.

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Evaluating anti-money laundering policies: where are we?

Cited by 6 publications

References 0 publications

The Challenges of Implementing Anti‐Money Laundering Regulation: An Empirical Analysis

The Challenges of Implementing Anti‐Money Laundering Regulation: An Empirical Analysis

Corruption Gone Wild: Transnational Criminal Law and the International Trade in Endangered Species

Detection mechanisms under Kenya’s anti-money laundering regime: omissions and loopholes

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