National and International Anti-Money Laundering Law

This book is complemented by a free, interactive version available on IntersentiaOnline.

While Anti-Money Laundering instruments are ever increasing in scope and complexity, policymakers have often lost sight of the objectives pursued. As a consequence, legislation is, in many cases, shaped by unrealistic political expectations and inconsistent design. Against this backdrop, this book explains key deficiencies of existing law and develops policy proposals to enhance both effectiveness and respect for fundamental rights. To this end, it thoroughly examines the interplay between criminal justice, regulatory law and data protection rules in Germany, Italy, Spain, Switzerland and the United Kingdom, and contrasts these findings with the frameworks of the Financial Action Task Force and of the European Union.

The results of this collaborative research project emphasise the need to approach Anti-Money Laundering as a complex architecture that consists of numerous diverse but highly interdependent areas of law. Reform debates must therefore overcome a fragmented vision, in particular as regards the shape of criminal proceedings, the function of Financial Intelligence Units and supervisory authorities, the aims of private sector involvement and the scope of public-private information sharing. Only then does one learn from past mistakes and avoid ill-conceived remedies that ultimately fail to adapt supranational standards to the institutional and constitutional reality of countries’ domestic legal order.

With contributions by Giovanna Amato (Max Planck Institute), Ana Carolina Carlos de Oliveira (Max Planck Institute), Liliya Gelemerova (University of Manchester), Michael Levi (Cardiff University), Jean-Baptiste Maillart (Max Planck Institute) and Benjamin Vogel (Max Planck Institute).