The Money Laundry : : Regulating Criminal Finance in the Global Economy / / J. C. Sharman.
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...
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Superior document: | Title is part of eBook package: De Gruyter Cornell University Press Backlist 2000-2013 |
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Place / Publishing House: | Ithaca, NY : : Cornell University Press, , [2011] ©2011 |
Year of Publication: | 2011 |
Language: | English |
Series: | Cornell Studies in Political Economy
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Online Access: | |
Physical Description: | 1 online resource (216 p.) :; 1 table |
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100 | 1 | |a Sharman, J. C., |e author. |4 aut |4 http://id.loc.gov/vocabulary/relators/aut | |
245 | 1 | 4 | |a The Money Laundry : |b Regulating Criminal Finance in the Global Economy / |c J. C. Sharman. |
264 | 1 | |a Ithaca, NY : |b Cornell University Press, |c [2011] | |
264 | 4 | |c ©2011 | |
300 | |a 1 online resource (216 p.) : |b 1 table | ||
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505 | 0 | 0 | |t Frontmatter -- |t Contents -- |t Acknowledgments -- |t Introduction: Policy Diffusion and Anti-Money Laundering -- |t 1. Money Laundering and Anti-Money Laundering -- |t Part One. Does Anti-Money Laundering Policy Work? -- |t 2. An Indirect Test of Effectiveness -- |t 3. A Direct Test of Effectiveness -- |t Part Two. Why Has Anti-Money Laundering Policy Diffused? -- |t 4. Blacklisting -- |t 5. Socialization and Competition -- |t Conclusions: Implications for Scholarship and Policy -- |t Bibliography -- |t Index |
506 | 0 | |a restricted access |u http://purl.org/coar/access_right/c_16ec |f online access with authorization |2 star | |
520 | |a 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. | ||
530 | |a Issued also in print. | ||
538 | |a Mode of access: Internet via World Wide Web. | ||
546 | |a In English. | ||
588 | 0 | |a Description based on online resource; title from PDF title page (publisher's Web site, viewed 02. Mrz 2022) | |
650 | 0 | |a Banks and banking, International |x Law and legislation. | |
650 | 0 | |a Money laundering |x Prevention. | |
650 | 4 | |a General Economics. | |
650 | 4 | |a International Studies. | |
650 | 4 | |a Political Science & Political History. | |
650 | 7 | |a POLITICAL SCIENCE / Political Economy. |2 bisacsh | |
773 | 0 | 8 | |i Title is part of eBook package: |d De Gruyter |t Cornell University Press Backlist 2000-2013 |z 9783110536157 |
776 | 0 | |c print |z 9780801450181 | |
856 | 4 | 0 | |u https://doi.org/10.7591/9780801463198 |
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856 | 4 | 2 | |3 Cover |u https://www.degruyter.com/document/cover/isbn/9780801463198/original |
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