The Money Laundry

The Money Laundry
Author :
Publisher : Cornell University Press
Total Pages : 215
Release :
ISBN-10 : 9780801463198
ISBN-13 : 080146319X
Rating : 4/5 (98 Downloads)

Book Synopsis The Money Laundry by : J. C. Sharman

Download or read book The Money Laundry written by J. C. Sharman and published by Cornell University Press. This book was released on 2011-10-15 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: A generation ago not a single country had laws to counter money laundering; now, more countries have standardized anti–money laundering (AML) policies than have armed forces. In The Money Laundry, J. C. Sharman investigates whether AML policy works, and why it has spread so rapidly to so many states with so little in common. Sharman asserts that there are few benefits to such policies but high costs, which fall especially heavily on poor countries. Sharman tests the effectiveness of AML laws by soliciting offers for just the kind of untraceable shell companies that are expressly forbidden by global standards. In practice these are readily available, and the author had no difficulty in buying the services of such companies. After dealing with providers in countries ranging from the Seychelles and Somalia to the United States and Britain, Sharman demonstrates that it is easier to form untraceable companies in large rich states than in small poor ones; the United States is the worst offender. Despite its ineffectiveness, AML policy has spread via three paths. The Financial Action Task Force, the key standard-setter and enforcer in this area, has successfully implemented a strategy of blacklisting to promote compliance. Publicly identified as noncompliant, targeted states suffered damage to their reputation. Subsequently, officials from poor countries became socialized within transnational policy networks. Finally, international banks began using the presence of AML policy as a proxy for general country risk. Developing states have responded by adopting this policy as a functionally useless but symbolically valuable way of reassuring powerful outsiders. Since the financial crisis of 2008, the G20 has used the successful methods of coercive policy diffusion pioneered in the AML realm as a model for other global governance initiatives.


The Money Laundry Related Books

The Money Laundry
Language: en
Pages: 215
Authors: J. C. Sharman
Categories: Political Science
Type: BOOK - Published: 2011-10-15 - Publisher: Cornell University Press

DOWNLOAD EBOOK

A generation ago not a single country had laws to counter money laundering; now, more countries have standardized anti–money laundering (AML) policies than ha
The Money Laundry
Language: en
Pages: 200
Authors: Jason Campbell Sharman
Categories: Business & Economics
Type: BOOK - Published: 2011 - Publisher: Cornell Studies in Political Economy

DOWNLOAD EBOOK

In The Money Laundry, J. C. Sharman investigates whether anti–money laundering policy works, and why it has spread so rapidly to so many states with so little
Money Laundering
Language: en
Pages: 433
Authors: John Madinger
Categories: Business & Economics
Type: BOOK - Published: 2011-12-14 - Publisher: CRC Press

DOWNLOAD EBOOK

Many changes have occurred in the twenty-five years that have passed since the enactment of the Money Laundering Control Act of 1986. The law has been amended,
Money Laundering Control
Language: en
Pages: 444
Authors: University of London. Institute of Advanced Legal Studies
Categories: Banking law
Type: BOOK - Published: 1996 - Publisher:

DOWNLOAD EBOOK

The Laundry Man
Language: en
Pages: 0
Authors: Kenneth Rijock
Categories: Criminals
Type: BOOK - Published: 2013 - Publisher: Penguin Global

DOWNLOAD EBOOK

Meet Ken Rijock, decorated Vietnam veteran, high flying lawyer, and one of the world's biggest money launderers. In 1980s Miami, he was the middle man between t