Money laundering prevention: the challenge of insurance termination for outlaw biker gangs’ club houses

Petter Gottschalk

Journal of Money Laundering Control, 2024, vol. 27, issue 6, 1040-1050

Abstract: Purpose - The purpose of this paper is to discuss the legal barriers to termination of an insurance arrangement where there is suspicion of money laundering when paying insurance premiums. Design/methodology/approach - Trials in court between insurance firm and outlaw biker gangs regarding insurance of their clubhouses. Findings - Protection of insured seems more important than prevention of money laundering. Research limitations/implications - This is a case study that cannot be generalized. Practical implications - Anti money laundering is difficult when competing with other considerations. Social implications - Accusations of money laundering is not sufficient to terminate an insurance contract. Rather, solid evidence is needed. Originality/value - This is a real case of failing anti-money laundering efforts.

Keywords: CSR; Legal license; Social license; Outlaw bikers; Courtroom; Theater (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-01-2024-0003

DOI: 10.1108/JMLC-01-2024-0003

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