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The Prevention of Money Laundering: A Comparative Analysis

The Prevention of Money Laundering: A Comparative Analysis 159 Mark Pieth1 The Prevention of Money Laundering: A Comparative Analysis 1. INTRODUCTION Whenever lawyers resort to popular imagery to describe their concepts, caution is required. Even though 'money laundering' may be a highly evocative term with the media, it is - as the wide range of legal definitions fitting under this broad hat indicates - a very vague con- cept. Maybe this lack of precision is intended. This serious suspicion was expressed by a for- mer member of the Financial Action Task Force on Money Laundering. Of course we are all familiar with the official rationale of the criminalization of money laundering and the recent expansion of forfeiture rules: 'Get organized crime and especially drug dealers where it hurts them most: hit their financial resources'. Since, however, they do not exactly advertise the whereabouts of their funds, the main emphasis of anti-money-laun- dering concepts is on securing documentation of financial transactions (the famous paper trail) on the one hand and the critical analysis of financial flows on the other. The fight against money laundering entirely depends on the co-operation of the financial sector with law enforcement. Mobilising professional know-how and awareness of non-criminal oper- ators is the http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png European Journal of Crime, Criminal Law and Criminal Justice Brill

The Prevention of Money Laundering: A Comparative Analysis

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Publisher
Brill
Copyright
© 1998 Koninklijke Brill NV, Leiden, The Netherlands
ISSN
0928-9569
eISSN
1571-8174
DOI
10.1163/157181798X00166
Publisher site
See Article on Publisher Site

Abstract

159 Mark Pieth1 The Prevention of Money Laundering: A Comparative Analysis 1. INTRODUCTION Whenever lawyers resort to popular imagery to describe their concepts, caution is required. Even though 'money laundering' may be a highly evocative term with the media, it is - as the wide range of legal definitions fitting under this broad hat indicates - a very vague con- cept. Maybe this lack of precision is intended. This serious suspicion was expressed by a for- mer member of the Financial Action Task Force on Money Laundering. Of course we are all familiar with the official rationale of the criminalization of money laundering and the recent expansion of forfeiture rules: 'Get organized crime and especially drug dealers where it hurts them most: hit their financial resources'. Since, however, they do not exactly advertise the whereabouts of their funds, the main emphasis of anti-money-laun- dering concepts is on securing documentation of financial transactions (the famous paper trail) on the one hand and the critical analysis of financial flows on the other. The fight against money laundering entirely depends on the co-operation of the financial sector with law enforcement. Mobilising professional know-how and awareness of non-criminal oper- ators is the

Journal

European Journal of Crime, Criminal Law and Criminal JusticeBrill

Published: Jan 1, 1998

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