Criminal Capital: How the Finance Industry Facilitates Crime - download pdf or read online

By Stephen Platt

ISBN-10: 113733729X

ISBN-13: 9781137337290

Within the first publication to show the position performed by way of the overseas monetary companies in facilitating crime and laundering legal estate, one of many world's top anti-financial crime experts scrutinises the vulnerability of banks, brokerages, belief businesses and funding cash to legal abuse. notice: - How the finance permits corruption, drug trafficking, terrorism, human trafficking, proliferation, piracy and tax evasion - Why severe and hazardous behaviour correlates with the danger taking that toppled the worldwide economic climate in 2008 - What measures may be taken to avoid criminals compromising the legitimacy of the worldwide economic system reading the position of the normal energy condominium monetary centres in addition to offshore centres and speedily rising foreign monetary centres within the heart East, Africa and Asia this hugely informative publication demanding situations the reader to think about even if following the 2008 quandary adequate steps were taken to handle poisonous behaviours in monetary prone or even if radical reform is required.

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Extra info for Criminal Capital: How the Finance Industry Facilitates Crime

Sample text

In fact as we will see in subsequent chapters, the opposite can be true. Criminal money can be very effectively laundered in relatively passive financial arrangements not identified by financial institutions as suspicious because they do not have the characteristics of a ‘typical’ money laundering relationship. The difficulties of perception created by the term ‘money laundering’ have been compounded by attempts by regulators, law enforcement agencies, and industry trade bodies to help the finance industry identify money laundering activity through the provision of guidance that has in its various iterations attempted to describe what money laundering looks like in practice.

The government for the first time effectively press ganged the financial services industry into helping it wage a war on drug trafficking by threatening prosecution and regulatory censure if banks did not play their full part. This was to be the thin end of a very thick wedge. Given the global interconnectivity of financial services, the criminalisation of money laundering in only the US had limited impact, and in 1988 through the vehicle of the UN Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances all signatory states committed to MONEY LAUNDERING MODELS 23 implement a range of measures including the criminalisation of behaviour that came universally to be referred to as ‘money laundering’.

Meyer Lansky, known as the ‘Mob’s accountant’, developed a significant gambling empire that stretched across the US to Cuba. He was able to successfully utilise casinos and race tracks to place and launder criminal money for the Mob. More sophisticated methods involving financial institutions subsequently evolved as the financial services industry grew and globalised. The criminalisation of money laundering occurred some decades later, again in the US. In an effort to shore up support from the American middle classes horrified at the devastation caused by drugs in the towns and cities across America, Ronald Reagan sponsored legislation in 1986 that made money laundering a federal crime.

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Criminal Capital: How the Finance Industry Facilitates Crime by Stephen Platt


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