Money laundering – chapter five: The implications of global money laundering laws

Abstract

Purpose

The purpose of this chapter is to look at the implications of the laws which are designed to prevent and forestall money laundering and how they impact upon relevant industry sectors.

Design/methodology/approach

The paper looks specifically at the implications of the word “suspicion” and what they really mean. It examines the context of “suspicious transaction disclosures” and reviews the ways in which the UK Government is seeking to change the terms of engagement into requiring “suspicious activity reporting”. The paper also looks at how potentially suspicious activities can be disguised by the professional money launderer, in ways which spell danger for financial institutions.

Findings

If government wishes to introduce regulatory change, then it should do so openly, transparently and in the full glare of publicity, and provide a full opportunity for the issues to be debated by parliament, and not seek to slide it onto the statute books using underhand methods.

Originality/value

The paper offers insights into the implications of global money laundering laws.

Citation

Bosworth‐Davies, R. (2007), "Money laundering – chapter five: The implications of global money laundering laws", Journal of Money Laundering Control, Vol. 10 No. 2, pp. 189-208. https://doi.org/10.1108/13685200710746893