Table of Contents

Research Handbook on International Financial Crime

Research Handbook on International Financial Crime

Research Handbooks in Financial Law series

Edited by Barry Rider

A significant proportion of serious crime is economically motivated. Almost all financial crimes will be either motivated by greed, or the desire to cover up misconduct. This Handbook addresses financial crimes such as fraud, corruption and money laundering, and highlights both the risks presented by these crimes, as well as their impact on the economy. The contributors cover the practical issues on the topic on a transnational level, both in terms of the crimes and the steps taken to control them. They place an emphasis on the prevention, disruption and control of financial crime. They discuss, in eight parts, the nature and characteristics of economic and financial crime, the enterprise of crime, business crime, the financial sector at risk, fraud, corruption, the proceeds of financial and economic crime, and enforcement and control.

Chapter 43: AML: maintaining the balance between controlling serious crime and human rights

M. Michelle Gallant

Subjects: economics and finance, financial economics and regulation, law - academic, corruption and economic crime, finance and banking law

Extract

Anti-money laundering (AML) regulation is arguably a great protector of rights: the right to be free from the corrosive influence of serious crime, the rights of citizens to the return of property illegally appropriated by dictators, the freedom to rely on the financial system without fear that criminal earnings might induce its collapse or the right of a society to taxation revenues that might otherwise flee jurisdictional boundaries under the guise of laundered funds. In offering a measure of resistance to forces that would undermine civil society, the AML strategy champions the broad shared right to a reasonably stable social order. Axiomatically, to protect the parameters of civil society, AML regulation must, in its own right, adhere to established principles of justice. To suppress serious crime by dismissing rights, fractures the ideal of a civil society and makes those who insist on pursuing the strategy indistinguishable from the very evils they so vehemently desire to control. Canvassing a range of jurisdictions, this chapter explores three recurrent themes of tension between the regulation of criminal finance and rights. The first theme explores conflicts provoked by the reporting requirements of AML law and concepts of privacy or confidentiality. The second deals with interferences that emerge from the merging of the criminal and the civil law, a feature that chiefly relates to the confiscation or forfeiture elements of AML regulation. The third section investigates conflicts between the regulation of terrorist finance and rights.

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