The International Regulation of Money Laundering

Global Governance

Volumn 9, Issue 4, 2003, Pages 433-439

  Serrano, Mónica ^a,b   Kenny, Paul ^c  

^a EL COLEGIO DE MÉXICO   (Mexico)

^b UNIVERSITY OF OXFORD   (United Kingdom)

^c KING'S COLLEGE LONDON   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0344253665     PISSN: 10752846     EISSN: None     Source Type: Journal    
DOI: 10.1163/19426720-00904004     Document Type: Review

References (20)

1. William Cobbett, Rural Rides (London: Penguin, 1983), p.153.
2. Michael Levi, "Money Laundering and Its Regulation," special issue, "International Aspects of Drug Policy," Peter Reuter and Robert MacCoun, eds., ANNALS American Academy of Political and Social Science, 582 (July 2002): 18.
3. While some experts see money laundering as intrinsic to the running of criminal enterprises, others consider it as a surplus, which does not include running costs and extravagant life-styles. See ibid.; Mark P. Hampton and Michael Levi, "Recent Developments in Money Laundering Policies and Offshore Finance Centres," University of Portsmouth, Department of Economics, Discussion Paper No. 126, April 1999; Peter Reuter, ed., Transnational Organized Crime; Summary of a Workshop (Washington D.C.: National Press Academy, 1999), and R. T. Naylor, Wages of Crime; Black Markets, Illegal Finance and the Underworld Economy (Ithaca and London, Cornell University Press, 2002).
4. While some experts see money laundering as intrinsic to the running of criminal enterprises, others consider it as a surplus, which does not include running costs and extravagant life-styles. See ibid.; Mark P. Hampton and Michael Levi, "Recent Developments in Money Laundering Policies and Offshore Finance Centres," University of Portsmouth, Department of Economics, Discussion Paper No. 126, April 1999; Peter Reuter, ed., Transnational Organized Crime; Summary of a Workshop (Washington D.C.: National Press Academy, 1999), and R. T. Naylor, Wages of Crime; Black Markets, Illegal Finance and the Underworld Economy (Ithaca and London, Cornell University Press, 2002).
5. While some experts see money laundering as intrinsic to the running of criminal enterprises, others consider it as a surplus, which does not include running costs and extravagant life-styles. See ibid.; Mark P. Hampton and Michael Levi, "Recent Developments in Money Laundering Policies and Offshore Finance Centres," University of Portsmouth, Department of Economics, Discussion Paper No. 126, April 1999; Peter Reuter, ed., Transnational Organized Crime; Summary of a Workshop (Washington D.C.: National Press Academy, 1999), and R. T. Naylor, Wages of Crime; Black Markets, Illegal Finance and the Underworld Economy (Ithaca and London, Cornell University Press, 2002).
6. While some experts see money laundering as intrinsic to the running of criminal enterprises, others consider it as a surplus, which does not include running costs and extravagant life-styles. See ibid.; Mark P. Hampton and Michael Levi, "Recent Developments in Money Laundering Policies and Offshore Finance Centres," University of Portsmouth, Department of Economics, Discussion Paper No. 126, April 1999; Peter Reuter, ed., Transnational Organized Crime; Summary of a Workshop (Washington D.C.: National Press Academy, 1999), and R. T. Naylor, Wages of Crime; Black Markets, Illegal Finance and the Underworld Economy (Ithaca and London, Cornell University Press, 2002).
7. William Gaddis, JR (London: Penguin Books, 1985), p.109
8. According to Levi, "Levels of visible enforcement of anti-laundering provisions (prosecutions of financial and professional intermediaries for money laundering) have been "extremely modest" (author's emphasis). See Levi, "Money Laundering and Its Regulation," p. 189.
9. Reuter, Transnational Organized Crime, p. 26
10. United Nations Office for Drug Control and Crime Prevention, Financial Havens, Banking Secrecy and Money Laundering (New York: United Nations, 1998). In 1997, The Office of Drug Control and Crime Prevention in Vienna launched a Global Programme against Money-Laundering. At the special session of the General Assembly on the world drug problem held on 8-10 June 1998, a draft political declaration called for the GA to condemn the laundering of money derived from illicit drug trafficking and related crimes.
11. Marie-Claude Smouts, "The Proper Use of Governance in International Relations," International Social Science Journal 50, no. 1 (March 1998): 87.
12. Levi, "Money Laundering and Its Regulation"; and Winer, "How to Clean Up the Dirty Money."
13. Levi, "Money Laundering and Its Regulation"; and Winer, "How to Clean Up the Dirty Money."
14. David Cay Johnston, "Key Company Assets Moving Offshore," New York Times, 4 November 2002.
15. Based on IMF figures, Guilhem Fabre estimates illicit funds between U.S.$800 million and U.S.$2 trillion or 2-5 percent of the world GDP. The global drug trade, estimated at around U.S.$400-500 billion has been considered a major component of this illicit money flow. However, global drug trade figures produced by the UNDCP have been challenged by Reuter who estimates a global total of around U.S.$150 billion. The report produced by the Rand Commission suggested in turn that the value of the U.S. drug market might be as low as $20 billion. See Guilhem Fabre, "Prospering in Crime: Money Laundering and Financial Crisis," paper presented at the International Conference on Drug Control Policies, Secretaría de Relaciones Exteriores, Mexico D.F., 28-29 October 2002; Reuter, Transnational Organized Crime, p. 25, and Naylor, Wages of Crime, p. 33.
16. Based on IMF figures, Guilhem Fabre estimates illicit funds between U.S.$800 million and U.S.$2 trillion or 2-5 percent of the world GDP. The global drug trade, estimated at around U.S.$400-500 billion has been considered a major component of this illicit money flow. However, global drug trade figures produced by the UNDCP have been challenged by Reuter who estimates a global total of around U.S.$150 billion. The report produced by the Rand Commission suggested in turn that the value of the U.S. drug market might be as low as $20 billion. See Guilhem Fabre, "Prospering in Crime: Money Laundering and Financial Crisis," paper presented at the International Conference on Drug Control Policies, Secretaría de Relaciones Exteriores, Mexico D.F., 28-29 October 2002; Reuter, Transnational Organized Crime, p. 25, and Naylor, Wages of Crime, p. 33.
17. Based on IMF figures, Guilhem Fabre estimates illicit funds between U.S.$800 million and U.S.$2 trillion or 2-5 percent of the world GDP. The global drug trade, estimated at around U.S.$400-500 billion has been considered a major component of this illicit money flow. However, global drug trade figures produced by the UNDCP have been challenged by Reuter who estimates a global total of around U.S.$150 billion. The report produced by the Rand Commission suggested in turn that the value of the U.S. drug market might be as low as $20 billion. See Guilhem Fabre, "Prospering in Crime: Money Laundering and Financial Crisis," paper presented at the International Conference on Drug Control Policies, Secretaría de Relaciones Exteriores, Mexico D.F., 28-29 October 2002; Reuter, Transnational Organized Crime, p. 25, and Naylor, Wages of Crime, p. 33.
18. See Stephen E. Flynn in "Report of the Workshop on Money Laundering" of the Resource Committee on Transnational Crime of the International Scientific and Professional Advisory Council (ISPAC), Courmayeur, Italy, 23-24 March, 1992. In 1991, for example, the Clearing House Interbank Payment System handled some 37 billion transactions worth U.S.$222 trillion. Even Jonathan M. Winer, an enthusiastic advocate of a "white list" of banks, reluctantly acknowledges the technical difficulties of current money laundering regulations. See J. M. Winer "How to Clean Up the Dirty Money," Financial Times, 22 March 2002.
19. See Stephen E. Flynn in "Report of the Workshop on Money Laundering" of the Resource Committee on Transnational Crime of the International Scientific and Professional Advisory Council (ISPAC), Courmayeur, Italy, 23-24 March, 1992. In 1991, for example, the Clearing House Interbank Payment System handled some 37 billion transactions worth U.S.$222 trillion. Even Jonathan M. Winer, an enthusiastic advocate of a "white list" of banks, reluctantly acknowledges the technical difficulties of current money laundering regulations. See J. M. Winer "How to Clean Up the Dirty Money," Financial Times, 22 March 2002.
20. Erich Lichtblau, "New Hiding Place for Drug Profits: Insurance Policies," New York Times, 6 December 2002. The story concerns Colombian traffickers buying insurance policies to launder over U.S.$80 million.