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 27: Prevention of money laundering and terrorist financing from a good governance perspective

Melissa van den Broek and Henk Addink

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

Extract

Since the start of the 1990s, when the first initiatives to combat money laundering began to bite, criminal law has been at the forefront of the fight against money laundering and terrorist financing. Ever since, however, important developments at the international, European and national level have taken place, which have led to a more prominent role for administrative law in anti-money laundering and combating terrorist financing (hereafter: AML/CTF) policy. Currently the fight against money laundering and terrorist financing follows a so-called ‘twin-track approach’ (Stessens 2000). On the one hand this twin-track approach consists of a preventive policy, which aims at the prevention of money laundering through setting identification and reporting obligations for financial institutions, certain non-financial institutions and legal professionals such as lawyers and notaries. The main objective of the preventive policy is to prevent the misuse of institutions by criminals, aiming to launder their proceeds through these institutions.

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