Cost-benefit analysis
Joras Ferwerda
Chapter 12 in The Economic and Legal Effectiveness of the European Union’s Anti-Money Laundering Policy, 2014, pp iii-iii from Edward Elgar Publishing
Abstract:
The lack of hard data makes any country-by-country cost-benefit analysis of AML policy impossible at the moment. But by using the estimates that are available, and correcting these estimates for the price level and size of the countries, the chapter is able to estimate almost all cost components and some benefits for each EU Member State. This study estimates that the total costs of the 27 EU Member States are about 2 billion Euros, together with an immeasurable reduction in privacy and some inefficiency in the operation of society. Since most of the benefits of AML/CTF policy are hard or impossible to estimate, the cost benefit dilemma is basically reduced to the question: Does the EU want to spent about 2 billion Euros to obtain potential benefits, which include an unquantifiable reduction in money laundering, less crime in general, a reduced damage effect on the real economy and less risk for the financial sector?
Keywords: Economics and Finance; Law - Academic (search for similar items in EconPapers)
Date: 2014
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