Corruption and Anti-Money Laundering Systems: Putting a Luxury Good to Work

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Title Corruption and Anti-Money Laundering Systems: Putting a Luxury Good to Work
Author Sharman, Jason Campbell; Chaikin, David
Journal Name Governance
Year Published 2009
Place of publication United States
Publisher Wiley-Blackwell Publishing
Abstract Systems of laws, regulations, and institutions developed to counter money laundering provide powerful tools for fighting corruption. Currently, however, the potential benefits anti-money-laundering (AML) systems can provide in fighting corruption go largely unrealized, especially in developing countries. This mismatch poses a puzzle: Why are developing countries failing to best capitalize on their expensive AML systems by using them to fight corruption? The article is built on three core claims. The first claim is that it is logical to use AML systems for anti-corruption purposes because of a pronounced overlap in the standards required for each and the rising costs of the former. The second section demonstrates specifically how AML systems could significantly augment anti-corruption efforts, focusing on the importance of financial intelligence, asset confiscation, and international cooperation. Finally, although powerful outsiders have successfully diffused AML systems among developing countries, a lack of "ownership" in the latter explains why these systems are often established only as tokens to enhance international legitimacy and reputations.
Peer Reviewed Yes
Published Yes
Publisher URI http://www3.interscience.wiley.com/journal/118497136/home
Alternative URI http://dx.doi.org/10.1111/j.1468-0491.2008.01420.x
Volume 22
Issue Number 1
Page from 27
Page to 45
ISSN 1468-0491
Date Accessioned 2009-08-05
Language en_AU
Research Centre Centre for Governance and Public Policy
Faculty Griffith Business School
Subject Comparative Government and Politics
URI http://hdl.handle.net/10072/28590
Publication Type Journal Articles (Refereed Article)
Publication Type Code c1

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