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Official government policies against money laundering in the EU
have been in place for roughly 25 years, after much concerted
effort and a great deal of time and money invested. This volume
examines the anti-money laundering policy of the EU Member States
in connection to the threat of money laundering they face. During a
three-year study the authors analyzed the policies in-depth by
traveling to 27 Member States to interview over a hundred people
involved in the fight against money laundering. The analysis
includes an inquiry into the national supervisory architectures, a
comparison of the definitions of money laundering used in practice,
a breakdown of the role of Financial Intelligence Units and a
cost-benefit analysis of anti-money laundering policy. Skillfully
assessing the economic and legal effectiveness of anti-money
laundering efforts in the EU, this comprehensive study will appeal
to students, scholars and practitioners working in economics,
banking, finance and law. Contents: 1. Introduction and
Operationalization 2. Threat of Money Laundering 3. Harmonization
of Substantive Norms in Preventative AML 4. Implementing
International Conventions and the Third EU Directive 5. Supervisory
Architectures in the Preventive AML Policy 6. Definitions of Money
Laundering in Practice 7. FIU's in the European Union - Facts and
Figures, Functions and Facilities 8. Information Flows and
Repressive Enforcement 9. International Cooperation 10. Collection
of Statistics 11. Effectiveness: Threat and Corresponding Policy
Response 12. Cost Benefit Analysis 13. Summary and Conclusions
Money laundering is criminalised virtually all around the world and
has been a law enforcement priority since the early 1990s. The
international nature of money laundering, combined with estimations
on the scope and the distorting effects it may bring about, make it
a grave danger to national and international financial markets. At
the same time monehy laundering is considred to be a danger to
society due to its strong interaction with organised drugs and
white-collar crime. Over the years a 'twin-track approach'has been
developed, aiming at the prevention of money laundering on the one
hand, and punishing the money launderers on the other. This book
analyses the effectiveness of the anti-money laundering supervision
of banks, real estate agents and accountants in the Netherlands,
Spain, Sweden and the United Kingdom. It thoroughly analyses the
legislation, the institutional settings and competences of
anti-money laundering supervisors, as well as the application of
these competences in practice. Based on this analysis, a number of
recommendations for the EU legislators and the national legislators
are formulated in order to strengthen and increase the
effectiveness of anti-money laundering supervision.
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