Reexamining the anti-money-laundering framework: a legal critique and new approach to combating money laundering

Paul Michael Gilmour

Journal of Financial Crime, 2022, vol. 30, issue 1, 35-47

Abstract: Purpose - Money laundering poses significant challenges for policymakers and law-enforcement authorities. The money-laundering phenomenon is often acknowledged as a type of “serious and organised crime” yet has traditionally been described as a complicated three-stage process, involving the “placement, layering and integration” of criminal proceeds. This article aims to reexamine the money-laundering concept within the realm of organised crime and critique its legal underpinnings. Design/methodology/approach - This paper explores how criminal actors collude in organised money-laundering schemes to circumvent laws and frustrate the efforts of officials, while advancing the regulatory-spatial paradigms of which organised money launderers operate. In doing so, it reframes the debate towards the “who” and “where” of money laundering. Findings - This paper argues that authorities’ efforts to combat money laundering relies on rigid legal definitions and flawed ideals that fail to address the money-laundering problem. Originality/value - There has been little scholarly debate that questions the fundamental approach to conceptualising money laundering. This paper proposes a new approach to combating money laundering that better incorporates the actors involved in money laundering and the spaces in which it occurs.

Keywords: Money laundering; Organised crime; Three-stage model; AML (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfcpps:jfc-02-2022-0041

DOI: 10.1108/JFC-02-2022-0041

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