Money Laundering and Whistleblowers

ebook

By Giancarlo Spagnolo

cover image of Money Laundering and Whistleblowers

Sign up to save your library

With an OverDrive account, you can save your favorite libraries for at-a-glance information about availability. Find out more about OverDrive accounts.

   Not today
Libby_app_icon.svg

Find this title in Libby, the library reading app by OverDrive.

app-store-button-en.svg play-store-badge-en.svg
LibbyDevices.png

Search for a digital library with this title

Title found at these libraries:

Loading...
Money laundering is estimated to annually amount to between 2 and 5 percent of global GDP. Also, less than 1 percent of proceeds laundered via the financial system are seized and frozen by regulatory and law enforcement agencies. The fight against money laundering has been an international priority for at least thirty years, but the problem seems to be as pertinent as ever. In the report, this is illustrated by describing a number of recent cases of anti-money laundering non-compliance in financial institutions. Globally, the Financial Action Task Force (FATF) is the primary standard setter for combating money laundering and terrorist financing. It has managed to achieve broad compliance among its over 180 member countries. However, research presented in the report calls its "outcome effectiveness" into question. The authors assess one new supervisory and enforcement method: offering financial rewards to whistleblowers who bring particularly valuable information regarding severe cases of anti-money laundering non-compliance in financial institutions to supervisory law enforcement agencies. In doing this, the authors draw on the experience of whistleblowing in the United States and what academic research has shown regarding their effectiveness.
Money Laundering and Whistleblowers