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The Legalization Of The International Anti-Money Laundering Regime: The Role Of The Financial Action Task Force

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  • Kern Alexander

Abstract

The 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.

Suggested Citation

  • Kern Alexander, 2000. "The Legalization Of The International Anti-Money Laundering Regime: The Role Of The Financial Action Task Force," Working Papers wp177, Centre for Business Research, University of Cambridge.
  • Handle: RePEc:cbr:cbrwps:wp177
    Note: PRO-1
    as

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    More about this item

    Keywords

    money laundering; financial crime; international banking; law;

    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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