Mardigian Library
Ask a QuestionMy Library Account
Search Library Catalog - Books, DVDs & More
Limit to available
More Searches
   
Limit results to available items
Find more results:
Search MelCat
More Information
  
Sharman, J. C. (Jason Campbell), 1973-
The money laundry : regulating criminal finance in the global economy / J.C. Sharman
Ithaca : Cornell University Press, c2011
book jacket
Location Call Number Status
 3rd Floor  HV6768 .S53 2011    AVAILABLE
Subject(s) Money laundering -- Prevention
Banks and banking, International -- Law and legislation
Physical Description xi, 200 p. ; 25 cm
Note Includes bibliographical references (p. 185-196) and index
Contents Introduction : policy diffusion and anti-money laundering -- 1: Does anti-money laundering policy work? -- Money laundering and anti-money laundering -- An indirect test of effectiveness -- A direct test of effectiveness -- 2: Why has anti-money laundering policy diffused? -- Blacklisting -- Socialization and competition -- Conclusions : implications for scholarship and policy
Summary "A generation ago not a single country had laws to counter money laundering; now, more countries have standardized anti-money laundering (AML) policies than have armed forces. In The Money Laundry, J. C. Sharman investigates whether AML policy works, and why it has spread so rapidly to so many states with so little in common. Sharman asserts that there are few benefits to such policies but high costs, which fall especially heavily on poor countries. Sharman tests the effectiveness of AML laws by soliciting offers for just the kind of untraceable shell companies that are expressly forbidden by global standards. In practice these are readily available, and the author had no difficulty in buying the services of such companies. After dealing with providers in countries ranging from the Seychelles and Somalia to the United States and Britain, Sharman demonstrates that it is easier to form untraceable companies in large rich states than in small poor ones; the United States is the worst offender. Despite its ineffectiveness, AML policy has spread via three paths. The Financial Action Task Force, the key standard-setter and enforcer in this area, has successfully implemented a strategy of blacklisting to promote compliance. Publicly identified as noncompliant, targeted states suffered damage to their reputation. Subsequently, officials from poor countries became socialized within transnational policy networks. Finally, international banks began using the presence of AML policy as a proxy for general country risk. Developing states have responded by adopting this policy as a functionally useless but symbolically valuable way of reassuring powerful outsiders. Since the financial crisis of 2008, the G20 has used the successful methods of coercive policy diffusion pioneered in the AML realm as a model for other global governance initiatives."--Publisher's website
Series Cornell studies in political economy

Mardigian Library, 4901 Evergreen Rd.
Dearborn, MI 48128-1491 313-593-5400 fax 313-593-5561
ask-a-question@umd.umich.edu
The Regents of the University of Michigan | Non-Discrimination Policy
Copyright © The University of Michigan - Dearborn • 4901 Evergreen Road • Dearborn, Michigan 48128 • 313-593-5000
The University of Michigan - Ann Arbor | The University of Michigan - Flint | SITEMAP | DIRECTORY | CONTACT