HOW WILL THE MONEY LAUNDERING REGULATIONS WORK?

Abstract

This paper looks at how the new money laundering regulations are likely to work, not in the light of the stringent penalties for failing to observe them, but of the practicalities of implementation. These include the traditional concern with speed and discretion in banking transactions, the lack of capacity of the reporting authority the National Criminal Intelligence Service (NCIS), and of the supervisory authority the Bank of England, the risk of regulatory arbitrage and the feasibility of sanctioning individual bank employees for lax observation of the regulations. Finally the implications of partial success of the regime are evaluated in terms of the increased pressure upon launderers to find an outlet for their money.

Citation

CLARKE, M. (1995), "HOW WILL THE MONEY LAUNDERING REGULATIONS WORK?", Journal of Financial Regulation and Compliance, Vol. 3 No. 1, pp. 36-42. https://doi.org/10.1108/eb024825