CEU Electronic Theses and Dissertations, 2012
| Author | Looney, Sean Patrick |
|---|---|
| Title | Diffusion of the Unproven: The Global Anti-Money Laundering Regime |
| Summary | The Financial Action Task Force’s global anti-money laundering regime has developed and diffused without any evaluation of utility or cost benefit analysis to indicate that individual policies or the regime as whole is effective. Private actors are at the forefront of this regime using compliance requirements to reinforced their position in the market and create market entry barriers for smaller firms. A majority of the countries implementing AML policies, and almost all developing countries, have no say in the AML best practice standards. If developing countries do not implement the policy regime they face restricted access to financial investment and isolation from the global economy. Three policy options are introduced in an attempt to mitigate these negative outgrowths of the anti-money laundering regime. This paper proposes an policy option to develop an independent collective research agenda to develop measure of effectiveness, a policy option to bring about a United Nations anti-money laundering standard, and a policy option to reorient the anti-money laundering policy toward corruption in the developing world. This paper recommends the independent collective research agenda, as it is the most politically feasible, and the most likely to address all of the shortcomings of the regime. |
| Supervisor | Karoly Zoltan Jokay |
| Department | Public Policy MA |
| Full text | https://www.etd.ceu.edu/2012/looney_sean.pdf |
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