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Behaviour and impact ‘on the ground’

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The Critical Handbook of Money Laundering

Abstract

A book on the subject of money laundering would not be complete without consideration of the impact of the AML framework on those that are subject to its rules. Indeed, any critical inter-disciplinary study within the social sciences would remain incomplete without such discussion. The purpose of this review of literature, identified through the search strategy described in Chapter 2, aims to address that broader impact by examining publications from the fields of regulation, criminology and sociology.

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Notes

  1. 1.

    The Asian financial crisis saw a series of currency devaluations that started with the de-pegging of the Thai Bhat from the US dollar that spread through the Asian markets during the summer of 1997. The large currency declines in turn caused stock market falls and reduced import revenues and required IMF and World Bank intervention to stem the contagion.

  2. 2.

    Van Koningsveld (2015) took stock of the many definitions of ‘off-shore’ to conclude that there is little discipline in providing a precise delineation to this concept.

  3. 3.

    International Monetary Fund (2011) Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) – Report on the Review of the Effectiveness of the Program Prepared by the Legal Department (in consultation with other departments). Approved by Sean Hagan, 11 May 2011.

  4. 4.

    Reports on the Observance of Standards and Codes.

  5. 5.

    Data taken from FATF website page ‘Assessments Calendar’ available at: http://www.fatf-gafi.org/calendar/assessmentcalendar/?hf=10&b=10&s=asc(document_lastmodifieddate)&table=1. Accessed 22 September 2017.

  6. 6.

    Australia, Belgium, Czech Republic, France, Guatemala, Honduras, Iceland, Ireland, Italy, Jamaica, Luxembourg, Norway, Portugal Samoa, Sri Lanka, Spain, Sweden, Switzerland, the USA and Venezuela.

  7. 7.

    Australia, Austria, Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, the UK and the USA.

  8. 8.

    Australia, Belgium, China, Denmark, Greece, Iceland, Ireland, Italy, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, the UK and the USA.

  9. 9.

    Sharman also usefully includes estimates of the cost of compliance for these countries ranging from $10 m p.a. for Barbados and Mauritius to $1.5 m p.a. for Vanuatu for the period 2002-05.

  10. 10.

    FATF (2013b) ‘Procedures for the FATF Fourth Round of AML/CTF Mutual Evaluations’ October and updated June 2014.

  11. 11.

    FATF (2013c) ‘Methodology for assessing technical compliance with the FATF recommendations and the effectiveness of the AML/CFT systems’, as updated by FATF (2017), ‘Consolidated Processes and Procedures for Mutual Evaluations and Follow-Up “Universal Procedures”’, February 2017.

  12. 12.

    Procedures for the FATF Fourth Round Of AML/CFT Mutual Evaluations, updated June 2017 p. 20. Available at: http://www.fatf-gafi.org/media/fatf/documents/methodology/FATF-4th-Round-Procedures.pdf. Accessed 22 September 2017.

  13. 13.

    However as detailed in section 8.4 they ultimately conclude that there is no support for this hypothesis.

  14. 14.

    In its consultation paper, DP22 “Reducing money laundering risk: know your customer and AML monitoring”, 2003, the FSA discussed the practical application of the then proposed risk based approach to AML, noting that without its adoption “firms’ costs will be disproportionate” (section 2.6 p. 7).

  15. 15.

    Value at Risk (VaR) is a measure of market risk that estimates, for a given probability, the largest loss likely to be suffered on a position over a given period.

  16. 16.

    Frank Knight (1921) formalised a distinction between risk and uncertainty in his book: Risk, Uncertainty, and Profit. Hart, Schaffner, and Marx Prize Essays, no. 31. Boston and New York: Houghton Mifflin.

  17. 17.

    The Economist (2017) ‘Financial de-risking “Forget Whiter than White” Leader pp. 8–9 and ‘Financial derisking: The great unbanking’, pp. 53–54, Print edition 8 July. Within the industrialised countries there is the “postcode exclusion”: mortgage applicants from ‘risky’ neighbourhoods are deemed too big a mortgage risk.

  18. 18.

    Creating the scale of 0=not applicable; 1=not compliant; 2=partially compliant; 3= largely compliant; and 4=compliant.

  19. 19.

    In simple terms imagine a box comprised on four quadrants with likelihood on one access and impact on the other. Rationally a bank will focus AML resources on the quadrant where there is maximum likelihood of a risk being realised and that when such realisation occurs, it will have the most negative impact on the organisation.

  20. 20.

    A. Kahneman and D. Tversky (1984) ‘Choices, values and frames’ American Psychologist, 39 (3): 341–350.

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Author information

Authors and Affiliations

  1. Department of Penal Law, Tilburg University, Tilburg, The Netherlands

    Petrus C. van Duyne

  2. Newcastle Business School, Northumbria University, Newcastle upon Tyne, UK

    Jackie H. Harvey

  3. University of Manchester, Manchester, UK

    Liliya Y. Gelemerova

Authors
  1. Petrus C. van Duyne
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  2. Jackie H. Harvey
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  3. Liliya Y. Gelemerova
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Correspondence to Petrus C. van Duyne .

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van Duyne, P.C., Harvey, J.H., Gelemerova, L.Y. (2018). Behaviour and impact ‘on the ground’. In: The Critical Handbook of Money Laundering. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-52398-3_8

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  • DOI: https://doi.org/10.1057/978-1-137-52398-3_8

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  • Publisher Name: Palgrave Macmillan, London

  • Print ISBN: 978-1-137-52397-6

  • Online ISBN: 978-1-137-52398-3

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