While Anti-Money Laundering instruments are ever increasing in scope and complexity, policymakers have often lost sight of the objectives pursued. As a consequence, legislation is, in many cases, shaped by unrealistic political expectations and inconsistent design. Against this backdrop, this book explains key deficiencies of existing law and develops policy proposals to enhance both effectiveness and respect for fundamental rights. To this end, it thoroughly examines the interplay between criminal justice, regulatory law and information sharing rules in Germany, Italy, Spain, Switzerland and the United Kingdom, and contrasts these findings with the frameworks of the Financial Action Task Force and of the European Union.
The conclusions emphasise the need to approach Anti-Money Laundering as a complex architecture that consists of numerous diverse but highly interdependent areas of law. Reform debates must therefore overcome a fragmented vision, in particular as regards the function of Financial Intelligence Units and financial transparency. Only then does one learn from past mistakes and avoid ill-conceived remedies that ultimately fail to adapt supranational standards to the institutional and constitutional reality of countries’ domestic legal order.
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