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Anti-Money Laundering: An Inquiry Into A Disciplinary Transnational Legal Order, Terence Halliday, Michael Levi, Peter Reuter

UC Irvine Journal of International, Transnational, and Comparative Law

This Article enquires into the case of one of the most comprehensive,

far-reaching, most deeply penetrating, and most punitive of TLOs: antimoney

laundering. Drawing on an intensive study at a moment when its

governing norms and methodologies of implementation were undergoing

revision and expansion, as well as on observation and participation in

AML/CFT activities over three decades, the Article brings rich empirical

evidence to bear on two theoretical issues. First, despite its seemingly

successful institutionalization, the AML TLO exhibits many deficiencies

and imposes extensive costs on the private and public sectors, and harms

upon the public. Why doesn’t it fail? …