The only site about anti-money laundering effectiveness curated by someone with a PhD in policy effectiveness, outcomes and AML and quoted in The Economist, Forbes, Politico, Reuters, and elsewhere – including US Senate testimony describing the modern anti-money laundering experiment arguably the least effective anti-crime measure, anywhere, ever.
However, profound failure signals opportunity for profound value: an order of magnitude reduction in the immense social and economic harms from serious profit-motivated crime and other financially indicated crime, including terrorism, and a massive reduction in regulatory risk and compliance costs.
Flipping from almost zero impact on criminal finances into the 99 percent zone invisible to current hide-bound systems signals a paradigm shift benefiting billions of people, millions of businesses, and all countries.
Unfortunately, the global standard-setter, the Paris-based Financial Action Task Force (FATF), continues to shun fundamental issues, and recently declared the policy prescription is “more of the same”, locking in a fourth decade of failure. As outlined in The biggest problem with AML, this means that current systems and software will continue not to find most crime, and that compliance costs and regulatory risk (bizarrely, based on breaking rules with no proven material impact on crime, functionally impossible to comply with, and irrespective any evidence of money laundering or crime) will keep escalating.
Despite the absence of any discernible global or regional leadership for outcomes (beyond well-meaning rhetoric and apparent belief that doing much the same thing will produce different results), the latest applied research joining effectiveness and outcomes science to anti-money laundering (a surprisingly rare combination) is beginning to reveal new ways for visionary leaders in individual countries, national law enforcement agencies, or banks, to dramatically improve their own outcomes – and, potentially, act as catalysts enabling a paradigm shift for substantially better outcomes.
Join a conversation to bring effectiveness and outcomes science to the siloed strictures of anti-money laundering thinking, and unlock practical, risk-free adjustments for any bank, law enforcement agency, or country to achieve demonstrably better results, risk-free (ie without affecting “the FATF tick” or regulatory relations) with substantially, demonstrably, sustainably less harm, less regulatory risk, and less compliance cost, not more.
It no longer needs to be a negative sum game.