by Peter Reuter, Edwin M. Truman
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Product Description
Originally developed to reduce drug trafficking, national and international efforts to reduce money laundering have broadened over the years to address other crimes, and most recently, terrorism. These efforts now constitute a formidable regime applied to financial institutions and transactions throughout much of the world. Yet few assessments of either the achievements or consequences of this regime have been made. Reuter and Truman (1) explore what is know about the scale and characteristics of money laundering, (2) describe the current anti–money laundering regime, (3) develop a framework for assessing the effectiveness of the regime, and (4) use that framework to assess how well the current system works and make proposals for its improvement.
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Average Customer Review:
5 of 5 people found the following review helpful:
 The Dark Side of International Capital Mobility, 2006-04-05
At a time when a swarm of new books on illicit transactions and dirty money are vying for readers' attention, it is worthwhile to come back to this authoritative study that was published in December 2004 under the auspices of the Institute for International Economics. This book provides the first comprehensive effort to assess the effectiveness of the anti-money laundering (AML) regime, initially put in place to protect the integrity of financial institutions against the abuse of drug lords and criminal traffickers, and which was extended after 9/11 to include the combating of terrorism financing (the whole endeavor now runs under the acronym AML/CFT).
The authors define money laundering as "the conversion of criminal incomes into assets that cannot be tracked back to the underlying crime." Their aim is to begin the task of evaluating the effectiveness of the global anti-money laundering regime. The study describes the phenomenon of money laundering itself, to the extend that the available fragments of information allow, as well as the status of the current AML regime.
This is followed by an analysis of its effectiveness in achieving three goals: reducing crime, protecting the integrity of the core financial system, and controlling three types of global "public bads"--terrorism, corruption, and failed states. The study concludes with recommendations, directed particularly toward the US, on how the AML system and analysis of its effectiveness could both be improved. Unsurprisingly, the authors underscore the dearth of data on the subject, and they end up with a plea that "more research is needed."
The book could have included an analysis of the political economy factors that played a role in the emergence and consolidation of a global anti-money laundering regime. The authors are heavily focused on the US, to which they attribute a leadership role, but they could have mentioned that other countries, such as France, were also instrumental in gathering support for a stronger involvement of the international financial institutions on the prevention side. It is also interesting to note that the banking sector initially resisted increased government interference in its relationship with clients, but that it has since learned how to accommodate AML requirements in ways that impose relatively modest costs and inconveniences on both banks and their customers.
Little has happened since the book was published. As foreseen by the authors, the pace of expansion of the AML regime has slowed and the focus has now shifted to improving global implementation of the current regime. For its part, the US has yet to ratify the UN Convention Against Corruption and to submit itself to a full IMF / World Bank assessment of its financial sector, including regulations affecting money laundering and terrorism financing. The answer to the question: how much money is laundered remains a big question mark.
12 of 13 people found the following review helpful:
 A discussion of methodologies used to hide revenues, 2005-04-11
Written by a senior economist and criminology professor along with a former director of the Division of International Finance of the Board of Governors of the Federal Reserve System, Chasing Dirty Money: The Fight Against Money Laundering is a no-nonsense discussion of methodologies used to hide revenues gained from a wide variety of crimes and how to block such assets from being transferred and perpetuated. Chapters clarify laundering mechanisms, from simiply smuggling cash out of the country to using casinos, lotteries, and horse races to lose a little betting but receive clean payoff in issued checks, to taking out single premium insurance policies for which the premium is paid in an upfront lump sum rather than annual installments - then later redeeming these policies at a discount. Further chapters discuss protecting the integrity of financial systems, combating predicate crimes connected to money laundering, confronting such global evils as terrorism and kleptocracy or corruption that rely heavily on money laundering, and much more. A sober, serious-minded resource, an absolute must-read for all economic students and professionals, and an eye-opening revelation for lay readers.
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