It is a common misnomer that money laundering “legitimizes the revenues of organized crime” and turns “dirty money into clean” – as anti-money laundering regulators from at least two G20 nations assert.
Policymakers in another G20 country described money laundering as the process by which “money obtained through crime is made legitimate to conceal its criminal origins”.
When regulatory and legislative bodies fall into misconceptions, it is unsurprising that the media repeats them, and they become perceived truths by repetition.
Illicit funds do not become “clean” or “legitimized”, but when criminally acquired money and assets are used in ways that give the appearance of legitimacy, it may become difficult to prove the illicit source.
New AML laws proposed? New reforms, updates, gap-filling? Is this your country? Or do your policymakers, legislators, regulators follow the same logic? AML law making: Evidence-based or driven by theory, belief, and assumption?
The biggest problem with AML. The market for AML is huge. The market for effective AML does not yet exist.
How would you fare? Three interview questions for Police chiefs to ask financial investigators (Part 1 & Part 2)
A practical framework to help your business or government save millions of dollars, possibly billions. Applied outcomes science, an example.