Billions of dollars are wasted each year trying to prevent ‘dirty money’ entering a financial system that is already awash with it. The authors challenge the global approach, arguing that complacency, self-interest and misunderstanding have now created long-standing absurdities.
International and government policy makers inadvertently facilitate tax evasion, corruption, environmental and organised crime by separating crime from its root cause. The handful of crime-fighters that do exist are starved of resources whilst an army of compliance box-tickers are prevented from truly helping. The authors provide a toolbox of evidence-based solutions to help the frontline tackle financial crime.
Nicholas Gilmour is a consultant, providing expert advice and guidance to various governments and international organisations in fighting financial crime.
Tristram Hicks is an international criminal justice advisor on the operational effectiveness of anti-money laundering regimes. He is a former New Scotland Yard detective superintendent.
Foreword - Phil Mason
1. Global Standards, governance, and the risk-based approach
2. The war on dirty money is mostly being lost in translation
3. How much do we really know about money laundering?
4. The obsession with defining money laundering
5. Money launderers and their super-powers
6. Global watchlists: money laundering risk indicators or something else?
7. Financial intelligence units and data black holes?
8. The ‘fingers crossed’ approach to money laundering prevention
9. Technology: the solution to all our AML/CFT problems
10. SARs – millions and millions of them
11. Information and intelligence sharing
12. Investigating money laundering
13. Prosecuting money laundering
14. Snatching defeat from the jaws of victory. Confiscation
15. Countering the financing of terrorism – money laundering in reverse
16. National security vs. the threat of money laundering
17. Tax avoidance vs tax evasion
18. Corruption. Where did all the good apples go?
19. AML/CFT Supervision or tick list observers?
20. Punishing AML/CFT failures or raising government funds?
21. A future landscape
22. Conclusion: A Call to Arms