Table of Contents

Research Handbook on Money Laundering

Research Handbook on Money Laundering

Elgar original reference

Edited by Brigitte Unger and Daan van der Linde

Although the practice of disguising the illicit origins of money dates back thousands of years, the concept of money laundering as a multidisciplinary topic with social, economic, political and regulatory implications has only gained prominence since the 1980s. This groundbreaking volume offers original, state-of-the-art research on the current money laundering debate and provides insightful predictions and recommendations for future developments in the field.

Chapter 19: Crime-money and financial conduct

Petrus C. van Duyne

Subjects: economics and finance, economic crime and corruption, law - academic, corruption and economic crime, politics and public policy, terrorism and security

Extract

The financial crisis has since 2007/8 affected virtually all countries around the globe, and taught us an (old) lesson: there is much psychology and sociology to money. Expectations, beliefs combined with the psychological variable of ‘trust’, seem to be more important than economic models. One can call this perspective the behavioural ‘soft side’ of money, but with ‘hard effects’: the credit crisis has to a large extent been attributed to such behavioural factors: the greed and bonus craving by bankers given too much leeway by their cosily buttered up supervisors (Dorn 2010). If it is proper to approach normal financial issues from a behavioural perspective, it is equally justified to address the criminal variation from this angle: the socio-psychology of crime and money. This approach differs substantially from the usual macro-economic way of addressing crime-money and laundering traditionally furthered by organisations such as the OECD, IMF (Tanzi 1996; Quirk 1996) and World Bank.

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