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dc.contributor.authorSharman, Jasonen_US
dc.date.accessioned2017-04-24T12:53:19Z
dc.date.available2017-04-24T12:53:19Z
dc.date.issued2011en_US
dc.date.modified2012-02-28T04:24:23Z
dc.identifier.isbn9780801450181en_US
dc.identifier.urihttp://hdl.handle.net/10072/43067
dc.description.abstractA generation ago not a single country had laws to counter money laundering; now, more countries have standardized antimoney 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.en_US
dc.description.peerreviewedYesen_US
dc.description.publicationstatusYesen_US
dc.languageEnglishen_US
dc.publisherCornell University Pressen_US
dc.publisher.placeUnited Statesen_US
dc.publisher.urihttp://www.cornellpress.cornell.edu/en_US
dc.relation.ispartofstudentpublicationNen_US
dc.rights.retentionYen_US
dc.subject.fieldofresearchInternational Relationsen_US
dc.subject.fieldofresearchcode160607en_US
dc.titleThe Money Laundry: Regulating Criminal Finance in the Global Economyen_US
dc.typeBooken_US
dc.type.descriptionA1 - Authored Research (HERDC)en_US
dc.type.codeA - Booksen_US
gro.facultyGriffith Business School, School of Government and International Relationsen_US
gro.rights.copyrightSelf-archiving is not yet supported by this publisher. Please refer to the publisher's website or contact the author(s) for more information.en_US
gro.date.issued2011
gro.hasfulltextNo Full Text


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