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Losing The War Against Dirty Money: Rethinking Global Standards On Preventing Money Laundering And Terrorism Financing, Richard K. Gordon
Losing The War Against Dirty Money: Rethinking Global Standards On Preventing Money Laundering And Terrorism Financing, Richard K. Gordon
Richard K Gordon
Global standards for preventing money laundering and terrorism financing are among the most widely observed standards in the world today. Unfortunately there is substantial evidence that they do not work. A main reason is that the division of responsibility for gathering and evaluating information about criminal finances is misaligned. Private sector parties are asked to do more than they reasonably can do given their expertise, access to key data, and incentives. At the same time, public law enforcement agencies are being asked to do too little. This Article argues that the way governments have divided tasks between the private and …
Rethinking Preventive Measures For Money Laundering And Terrorism Financing, Richard K. Gordon
Rethinking Preventive Measures For Money Laundering And Terrorism Financing, Richard K. Gordon
Richard K Gordon
Preventive measures for money laundering and terrorism financing are among the most widely accepted and observed global standards. However, there is substantial evidence that they do not work well. A main reason is that private sector parties, mostly financial institutions but including few others, are tasked with duties for which they are ill suited, while too little is required of the public sector . While they are required to monitor client transactions and reporting those that raise suspicion of money laundering or terrorism financing, they do not have sufficient expertise or data access to do so. Also, as suggested by …
On The Use And Abuse Of Standards For Law: Global Governance And Offshore Financial Centers, Richard K. Gordon
On The Use And Abuse Of Standards For Law: Global Governance And Offshore Financial Centers, Richard K. Gordon
Richard K Gordon
Current trends in international legal scholarship have shifted from a paradigm of state actors working within recognized sources of international law to one that includes transnational regulatory networks working within generally accepted standards. The new paradigm can be seen in operation in the efforts by onshore countries to restrict the activities of offshore financial centers. Onshore countries have attempted to use regulatory networks to advance new standards for income taxation, prudential regulation, and money laundering. In part because of the way in which the IMF participated in the process, onshore centers have largely succeeded in securing compliance with financial regulatory …