Money laundering: has the Financial Action Task Force made a difference?

Journal of Financial Crime

Volumn 10, Issue 1, 2003, Pages 7-22

  Johnson, Jackie ^a   Desmond Lim, Y C ^a  

^a UNIVERSITY OF WESTERN AUSTRALIA   (Australia)

Author keywords

Banking; Law enforcement; Money laundering

Indexed keywords

EID: 84992979594     PISSN: 13590790     EISSN: 17587239     Source Type: Journal    
DOI: 10.1108/13590790310808556     Document Type: Article

References (28)

1. United States Senate (1989) ‘Subcommittee on Narcotics and Terrorism, Drug Money Laundering, Banks and Foreign Policy’, report to the Foreign Relations Committee, p. 8.
2. United States President's Commission on Organised Crime (1984) ‘The Cash Connection: Organised Crime, Financial Institutions, and Money Laundering’, US Government Printing Office, Washington, p. 3.
3. Flanders S., ‘Cleaning Up the Global Economy’, Financial Times, 26th November, 1996.
4. International Monetary Fund (1998) ‘Money Laundering - The Importance of International Countermeasures’, address by Michel Camdessus, Managing Director of the International Monetary Fund at the Plenary Meeting of the Financial Action Task Force on Money Laundering, http:// www.imf.org/external/np/speeches/1998/021098.HTML, pp.1-4.
5. United Nations (1998) ‘Money Laundering’, UN General Assembly Special Session on the World Drug Problem, http://undep.org/ga/20special/featur/launder.html, 10th June, 1998, pp. 1-6.
6. Ash, M. and Reid, P. (1997) ‘Equity and the Pursuit of Hot Money - A Warning to Banks’, Legal News from A & L Goodbody, http://www.algoodbody.ie/news/971005.html, pp. 1-2.
7. Masciandaro, D. (1995) ‘Money Laundering, Banks and Regulators: An Economic Analysis’, IGIER Working Paper Series, Boconni University, No. 73, pp. 2-3.
8. Bank of International Settlement (1988) ‘Prevention of Criminal Use of the Banking System for the Purpose of Money Laundering’, December.
9. BCCI came to prominence in 1991. Its unique criminal structure was used for the purpose of evading regulation and control by governments by using elaborate structures such as multiple layers of entities, related to each other through an impenetrable series of holding companies, affiliates, subsidiaries etc. The 1992 Senate report found that BCCI's criminality included fraud, money laundering, bribery of foreign officials and a panoply of financial crimes limited only by the imagination of its officers and customers. United States Senate (1992) ‘The BCCI Affair’, report to the Committee on Foreign Relations by Senator John Kerry and Senator Hank Brown, p. 1.
10. ‘Operation Casablanca’ was a three-year undercover operation involving more than 200 customs agents and six countries. Three Mexican banks: Bancomer, Banca Serfin and Banco Confia were indicted for money laundering. The case is ongoing.
11. ‘Private Banking Coming Under Public Scrutiny’, Los Angeles Times, 21st November, 1999, p. 1; ‘Citibank Admits Lapses in Oversight Helped Foreigners Launder Millions’, Los Angeles Times, 10th November, 1999, p. 3.
12. ‘US Banking Faces Clean Sweep Over Money Laundering’, Financial Times, 22nd December, 1999, p. 9; ‘Banks Fail to Stem Money Laundering’, Financial Times, 10th November, 1999, p. 6; ‘US Declares War on Money Laundering -Reports Link Up to 10 Banks with Russian Crime’, National Post, 24th September, 1999.
13. Lasco, F. (1997) ‘Regulatory Policies and Prevention of Organised Crime Infiltration in Legitimate Industries’, University of Trento, Transcrime Working Paper Series, No. 11.
14. United Nations’ Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances, 1988 (Vienna Convention), Art. 3, s. 1(b), http://www.incb.org/e/conv/ 1988/cover.htm.
15. Federal Reserve Board (1998) ‘Testimony of Herbert A. Biern before the Committee on Banking and Financial Services, US House of Representatives’, http://www. federalreserve.gov:80/Board/Docs/Testimony/1998/ 19980611.html, 11th June, 1998, p. 1.
16. Masciandaro, D. (1998) ‘Money Laundering Regulation: The Microeconomics’, Journal of Money Laundering Control, Vol. 2, No. 1, pp. 49-58.
17. Giles, D. E. A. (1998) ‘Measuring the Hidden Economy: Implications for Econometric Modeling’, Econometrics Working Paper, http://sol.uvic.ca/econ/economet_he.html, EWP 9809.
18. Bajada, C. (1997) ‘Estimates of the Underground Economy in Australia’, School of Economics, Discussion Paper, The University of New South Wales.
19. Klovland, J. T. (1984) ‘Tax Evasion and the Demand for Currency in Norway and Sweden. Is There a Hidden Relationship?’, Scandinavian Journal of Economics, Vol. 86, No. 4, pp. 423-439.
20. Giles, D. E. A. and Caragata, P. J. (1998) ‘The Learning Path of the Hidden Economy: Tax and Growth Effects in New Zealand’, revised draft, http://sol.uvic.ca/econ/economet_ he.html.
21. International Monetary Fund (1999) ‘International Financial Statistics’, IMF CD-ROM.
22. Interpol, ‘International Crime Statistics: 1980-1996’, Interpol, St Cloud, France.
23. United Nations’ Surveys of Crime Trends and Operations of Criminal Justice Systems: 1975-86; 1986-90; 1990-94, http://www.uncjin.org/stats/WCTS.
24. Chow, G. C. (1960) ‘Tests of Equality Between Sets of Coefficients in Two Linear Regressions’, Econometrica, Vol. 28, No. 3, pp. 591-605.
25. FATF Annual Report, 1997-98, para. 52.
26. FATF Annual Report 1996-97, paras 45-52.
27. FATF Annual Report, 1997-98.
28. FATF Annual Report, 1998-99.