What Went Wrong With Money Laundering Law?
This book surveys the development of laws surrounding the crime of money laundering and the associated changes in the anti-money laundering (AML) industry. The policy of attempting to deal with crime by attacking its financial products started i
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Peter Alldridge
What Went Wrong With Money Laundering Law?
Peter Alldridge
What Went Wrong With Money Laundering Law?
Peter Alldridge Department of Law Queen Mary University of London London, United Kingdom
ISBN 978-1-137-52535-2 ISBN 978-1-137-52536-9 DOI 10.1057/978-1-137-52536-9
(eBook)
Library of Congress Control Number: 2016939221 © The Editor(s) (if applicable) and The Author(s) 2016 The author(s) has/have asserted their right(s) to be identified as the author(s) of this work in accordance with the Copyright, Designs and Patents Act 1988. This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Macmillan Publishers Ltd. London
PREFACE
In 2003 I published a book entitled Money Laundering Law.1 This is not the second edition, and I doubt if a second edition ever will be completed. Since 2003 money laundering law has burgeoned. There has been much law, in the form of international instruments, statutes, statutory instruments, and cases.2 Dealing as it does with the power of the State to appropriate the property of the subject, like tax statutes, money laundering law necessarily involves highly technical law. The vast and intricate body of law with a wide range of sources raises many perplexing problems, and they are dealt in a number of excellent expository texts. The purpose of this book is rather different: it is to stand back a little way, to ask what has happened. It is not a comprehensive account but one which selects the areas that have given rise to the greatest impact and controversy. There are remediable technical flaws in the laundering law of England and Wales. The Proceeds of Crime Act 2002 has been to the highest courts numerous times. It would have been better had a restitutionary perspective been incorporated. It would have been better to revive and deploy the distinction between victimless and non-victimless crime.
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