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Financial institutions and money laundering: A threatening relationship?

Erin Lawlor-Forsyth () and M. Michelle Gallant ()

Journal of Banking Regulation, 2018, vol. 19, issue 2, 131-148

Abstract: Abstract Money laundering control is a complicated exercise that is not particularly well served by unequivocal assertions about its pernicious impacts. Drawing on the legendary demise of the Bank of Commerce and Credit International and four modern American tales of disciplinary action, this paper examines the threatening relationship between money laundering and financial institutions. Located in the context of the evolution of money laundering regulation, the examination finds that neither of the factual narratives confirm that money laundering necessarily harms banks. Having identified an ambivalent relationship, the paper recommends enhanced focus on individual liability as a locus for the control of money laundering.

Keywords: Money laundering; Banking; Regulation; Criminal liability; Civil liability; Crime; Financial institutions; Collapse; Threat (search for similar items in EconPapers)
Date: 2018
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Handle: RePEc:pal:jbkreg:v:19:y:2018:i:2:d:10.1057_s41261-017-0041-4