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Money Finds A Way: Increasing Aml Regulation Garners Diminishing Returns And Increases Demand For Dark Financing, Jacquelyn B. Lewis
Money Finds A Way: Increasing Aml Regulation Garners Diminishing Returns And Increases Demand For Dark Financing, Jacquelyn B. Lewis
Vanderbilt Journal of Transnational Law
The cost of anti-money laundering regulations has grown to many billions of dollars, and countries worldwide are increasingly complying with international standards for financial regulation. Yet, the interception rate for criminal proceeds remains under 1 percent. Banks in the United States, United Kingdom, and France continue to engage in unsafe practices, undeterred by legal penalties. Recent US legislation will narrow, but not eliminate, regulatory gaps. The cost of regulation has become so great that banks accept litigation as a cost of doing business or reduce legal exposure by ending relationships in areas of perceived high risk for money laundering; this …
Financing Cr-Isis: The Efficacy Of Mutual Legal Assistance Treaties In The Context Of Money Laundering And Terror Finance, Michaelene K. Wright
Financing Cr-Isis: The Efficacy Of Mutual Legal Assistance Treaties In The Context Of Money Laundering And Terror Finance, Michaelene K. Wright
Vanderbilt Journal of Transnational Law
Technological development throughout the past fifty years has created a world in which information can be communicated across the globe in no time at all. International law enforcement tools like mutual legal assistance (MLA), on the other hand, have not changed with nearly the same pace. Unfortunately, criminal activity rarely stops at international borders, necessitating international cooperation for any sort of effective enforcement. As this Note will discuss, the problems attendant in the current mutual legal assistance scheme, such as extensive delay and incompatibility with electronic data, have led to global tension over extraterritorial action and conflict between regulatory bodies. …
Sovereign Display And Fiscal Techniques, Magnus Hornqvist
Sovereign Display And Fiscal Techniques, Magnus Hornqvist
Vanderbilt Journal of Transnational Law
Over recent decades, the state has come to increasingly rearticulate sovereignty at the very center of society. To support the thesis of a migration of sovereignty from the periphery to the center, from the punishment of marginalized groups to the regulation of economic transactions, this Article sketches the development of rules, monitoring, and sanctions--the three phases of regulation in the strict sense--with respect to first tax evasion and undeclared work and then organized crime, money laundering, and terrorist financing. Unbounded reasons of state, symbolic authority, and conflicts with formidable foes are found to be expressed in the economic sphere, which …
Recent Developments In Anti-Money Laundering And Related Litigation Traps For The Unwary In International Trust Matters, Bruce Zagaris
Recent Developments In Anti-Money Laundering And Related Litigation Traps For The Unwary In International Trust Matters, Bruce Zagaris
Vanderbilt Journal of Transnational Law
In 1998, governments and international organizations continued their active efforts to increase regulatory and criminal enforcement of various laws to stem the tide of transnational crime. These efforts were reflected in the criminalization of various business and financial transactions, the imposition of new due diligence measures on the private sector and the concomitant weakening of privacy and confidentiality laws, strengthened penalties for non-compliance with regulatory efforts, and new law enforcement techniques, such as undercover sting operations, wiretapping, expanded powers to search homes and businesses, and controlled deliveries. So obtrusive are many of the law enforcement techniques and the privatization of …