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

Kern Alexander

Working Papers from Centre for Business Research, University of Cambridge

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.

Keywords: money laundering; financial crime; international banking; law (search for similar items in EconPapers)
JEL-codes: F42 G15 G21 K14 K33 (search for similar items in EconPapers)
Date: 2000-09
New Economics Papers: this item is included in nep-law
Note: PRO-1
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Persistent link: https://EconPapers.repec.org/RePEc:cbr:cbrwps:wp177

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