The Legalization Of The International Anti-Money Laundering Regime: The Role Of The Financial Action Task Force
AbstractThe emergence of an international regime of soft law principles and rules to prohibit money laundering by financial institutions and other intermediaries is an important step in reducing systemic risk in the international financial system. This paper analyses the various international instruments and principles adopted by leading states at the international level to combat money laundering by financial institutions. It argues that these multilateral initiatives have facilitated the development of effective international principles and rules that have been adopted as binding national legislation in many leading states. This has had a major impact in reducing international financial crime, and thereby reducing systemic risk in the international financial system.
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Bibliographic InfoPaper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp177.
Date of creation: Sep 2000
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Web page: http://www.cbr.cam.ac.uk/
money laundering; financial crime; international banking; law;
Find related papers by JEL classification:
- K14 - Law and Economics - - Basic Areas of Law - - - Criminal Law
- K33 - Law and Economics - - Other Substantive Areas of Law - - - International Law
- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
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