Skip to main content Accessibility help
×
Home
  • Print publication year: 2010
  • Online publication date: June 2012

3 - Money Laundering and Counterterrorism Financial Enforcement

Summary

International Politics of Anti-Money Laundering Regulations and Enforcement

One way to view the web of international agreements and arrangements governing anti-money laundering (AML) regulations is to consider the international political overlay. This is best done by considering the international regulatory and enforcement agreements and arrangements on the universal and regional levels developed to construct AML regulatory and enforcement regimes.

Universal Organizations

Universal organizations refer to international organizations whose membership is universally based.

The United Nations

The United Nations pioneered international AML cooperation with the 1988 Vienna Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances, which requires signatories to criminalize money laundering and immobilize the assets of persons involved in illegal narcotics trafficking. Because this convention was an initial effort and the participating governments were so diverse, there are differences in each country's criminalization of money laundering, extent of scienter required, enforcement methods, number of convictions, and range of punishments. Nevertheless, subsequent efforts have drawn from the Vienna Convention and wherever possible use the same terminology and systematic approach.

The 1999 International Convention for the Suppression of the Financing of Terrorism prohibits direct involvement or complicity in the international and unlawful provision or collection of funds, attempted or actual, with the intent or knowledge that any part of the funds may be used to carry out any of the offenses described in the convention, such as acts intended to cause death or serious bodily injury to any person not actively involved in armed conflict in order to intimidate a population, and any act intended to compel a government or international organization to take action or abstain from taking action.

Related content

Powered by UNSILO
Additional Reading
Books
Stefan, D Cassella, Asset Forfeiture Law in the United States (JurisNet, LLC, 2007).
Dee, R Edgeworth, Asset Forfeiture Practice and Procedure in State and Federal Courts (ABA Criminal Justice Section, 2d ed. 2008).
William, C Gilmore, Dirty Money: The Evolution of Money Laundering Counter-measures (Council of Europe Press, 1995).
Gurulé, Jimmy, Unfunding Terror: The Legal Response to the Funding of Global Terrorism (Edward Elgar 2008).
,IMF, Suppressing the Financing of Terrorism: A Handbook of Legislative Drafting (2003).
,IMF/World Bank Group, Financial Intelligence Units: An Overview (2004).
Jeffrey Robinson, the laundrymen: Inside money laundering, the World's Third Largest Business (Arcade Publishing, 1996).
Robert, E. Powis, the Money Launderers: Lessons from the Drug Wars – How Billions of Illegal Dollars are Washed through Banks and Business (Probus Publishing Co., 1992).
Reuter, Peter & Truman, Edwin M., Chasing Dirty Money: The Fight against Money Laundering (Institute for International Economics 2004).
,Paul,Allan Schott, Reference Guide to Anti-Money Laundering and Combating the Financing of Terrorism III-3, III-4 (2002).
,Guy,Stessens, Money Laundering: A New International Law Enforcement Model (Cambridge Univ. Press 2000).
Ingo, Walter, The Secret Money Market: Inside the Dark World of Tax Evasion, Financial Fraud, Insider Trading, Money Laundering, and Capital Flight (Harper & Row, 1990).
Articles
Edward, J Krauland & Stephane Lagonico, Lawyers and Anti-Money Laundering: The Gatekeeper Initiative, 31 Int'l. Law News (Fall 2002).
Kevin, L Shepherd, USA PATRIOT Act and the Gatekeeper Initiative: Surprising Implications for Transactional Lawyers, Section of Real Property, Probate, and Trust Law PROBATE & PROPERTY (September/October 2002).
Zagaris, Bruce, Gatekeepers Initiative: Seeking Middle Ground between Client and Government, 18 Crim. Justice Mag. (Winter 2002).
Zagaris, Bruce, The Gatekeeper Initiative: An Emerging Challenge for International Financial Advisors, 2001 Worldwide Tax Daily 82–2, 22 Tax Notes Int'l 2293–98 (May 7, 2001).
Zagaris, Bruce & Sheila, M. Castilla, Constructing an International Financial Enforcement Regime: The Implementation of Anti-Money-Laundering Policy, 19 Brook. J. Int'l L. 871 (1993).