Fighting terror with error: the counter-productive regulation of informal value transfers

This paper challenges the widely shared view that the United States and international frameworks regulating terrorist finance and money laundering (AML/CFT) is productive and effective. Through a careful look at the evidence regarding the formal and informal fund transfer systems, this paper shows t...

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Bibliographic Details
Main Author: Passas, Nikos (Author)
Format: Electronic Article
Language:English
Published: 2006
In: Crime, law and social change
Year: 2006, Volume: 45, Issue: 4/5, Pages: 315-336
Online Access: Volltext (lizenzpflichtig)
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Keywords:
Financial Action Task Force
Money Transfer
Organize Crime
Suspicious Transaction
Transnational Organize Crime
Description
Summary:This paper challenges the widely shared view that the United States and international frameworks regulating terrorist finance and money laundering (AML/CFT) is productive and effective. Through a careful look at the evidence regarding the formal and informal fund transfer systems, this paper shows that security, crime control and economic policy objectives are systematically frustrated by ill-conceived and misapplied rules. US federal and state regulations in particular illustrate how unrealistic, unaffordable and counter-productive are current arrangements. The paper concludes with some suggestions about how to reverse the ongoing fact-free policy making process.
ISSN:1573-0751
DOI:10.1007/s10611-006-9041-5