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The Critical Handbook of Money Laundering

Abstract

In this book we discuss the legislative framework for AML. However, we have not looked at principles and axioms which are the foundations of a rule of law and whether and how these emerged from our database presented in Chapter 2.

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Notes

  1. 1.

    Although it must be noted that some scholars did challenge the ‘war on drugs’ concept (see, for instance, Hindes, 1977) but this was not necessarily in papers focusing on money laundering and / or management of crime proceeds.

  2. 2.

    The key milestones in the history of US AML legislation are: Bank Secrecy Act (1970), Money Laundering Control Act (1986), Anti-Drug Abuse Act (1988), Annunzio-Wylie Anti-Money Laundering Act (1992), Money Laundering Suppression Act (1994), Money Laundering and Financial Crimes Strategy Act (1998), Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act/USA PATRIOT ACT (2001), Intelligence Reform & Terrorism Prevention Act of 2004 (see Fincen’s website: https://www.fincen.gov/history-anti-money-laundering-laws). The 1988 amendment introduced with the Anti-Drug Abuse Act aimed at strengthening the anti-drug abuse enforcement regime by introducing stricter penalties but also by expanding the group of reporting entities (e.g. to include car dealers) and by requiring the verification of identity of purchasers of monetary instruments over $3,000.

  3. 3.

    FATF: Guidance National Money Laundering and Terrorist Financing Risk Assessment, February 2013, p. 8.

  4. 4.

    This is also borne out by the FATF publication on statistics, containing many platitudes and generalities and few technical clarifications in support for the badly needed database building. FATF Guidance AML/CFT data and statistics. Paris 2015.

  5. 5.

    The Law Society at the UK House of Lords hearing in 2008, published 2009.

  6. 6.

    Study on the Cost of Compliance with Selected FSAP Measures. Final report by Europe Economics. London, 5 January 2009.

  7. 7.

    M. Yeandle, M. Mainelli, A. Berendt and B. Heal Anti Laundering Requirements: costs, benefits and perception. City Research Series (no. 6); New Zealand: Assessment of business compliance costs of the indicative anti-money laundering regulatory requirements. Ministry of Justice, July 2008; Global Anti-Money Laundering Survey. KPMG, 2014.

  8. 8.

    In the UK, in addition to filing a SAR, a regulated entity would need to obtain consent from the FIU before proceeding with any transaction which was suspected of involving criminal property. However, there is currently a £250 threshold under which deposit-taking bodies are allowed to continue to operate accounts without the need to seek consent in each case. This does not apply to the duty to make a disclosure in respect of the initial opening of an account or, as the case may be, at the time when the deposit taking body first suspects that the property is criminal property. See: https://www.cps.gov.uk/legal-guidance/proceeds-crime-act-2002-part-7-money-laundering-offences. Accessed 5 August 2018.

  9. 9.

    The newly proposed directive appears to be an acknowledgement that having all these types of conduct under one denominator blurs the picture.

  10. 10.

    See further discussion in Chapter 9 also about the ‘intent’ of the legislation from cross-discipline objective.

  11. 11.

    International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation, The FATF Recommendations, February 2012, p. 12.

  12. 12.

    General Agreement on Tariffs and Trade and General Agreement on Trade in Services.

  13. 13.

    Gallant cites Chesterman (2008) “The United Nations Security Council and the rule of law: The Role of the Security Council in Strengthening a Rules-based International System”, Final Report and Recommendations from the Austrian Initiative, 2004-2008 New York University School of Law, Public Law & Legal Theory Research Paper Series Working Paper No. 08-57, available at: http://ssrn.com/abstract=1279849.

  14. 14.

    The 2001 resolution in response to terrorism Resolution 1373, requires that states take a number of actions regarding terrorist finance: prevent and suppress the financing of terrorist acts; and criminalize acts associated with the financial aspect of terrorism. Available at: http://www.un.org/en/sc/ctc/specialmeetings/2012/docs/United%20Nations%20Security%20Council%20Resolution%201373%20(2001).pdf. Accessed 27 November 2014.

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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

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  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). Legal studies literature. In: The Critical Handbook of Money Laundering. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-52398-3_6

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  • DOI: https://doi.org/10.1057/978-1-137-52398-3_6

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