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Money Laundering and Its Regulation

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  • Michael Levi

    (Cardiff University, Wales)

Abstract

This article examines definitions of "money laundering" and the conceptual and actual role its regulation plays in dealing with drug markets. If laundering is prevented, incentives to become major criminals are diminished. It identifies and critiques three aspects of harm arising from laundering: facilitating crime groups' expansion, corroding financial institutions, and extent. After a discussion of laundering techniques used with drug money, including the symbiotic relationship with some otherwise legitimate ordinary businesses, the article examines the history of public- and private-sector antilaundering policies and their implementation in the United States and globally. It concludes that much detected laundering involves the same out-of-place judgments the police use, but though the proportion of routine and suspicious activity reports that yield arrests may be low, they do generate some important enforcement actions. Nevertheless, the impact of antilaundering efforts on enforcement resources, organized crime markets, or drug consumption levels remains modestly understood at present.

Suggested Citation

  • Michael Levi, 2002. "Money Laundering and Its Regulation," The ANNALS of the American Academy of Political and Social Science, , vol. 582(1), pages 181-194, July.
  • Handle: RePEc:sae:anname:v:582:y:2002:i:1:p:181-194
    DOI: 10.1177/000271620258200113
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    Cited by:

    1. Ethem Ilbiz & Christian Kaunert, 2022. "Sharing Economy for Tackling Crypto-Laundering: The Europol Associated ‘Global Conference on Criminal Finances and Cryptocurrencies’," Sustainability, MDPI, vol. 14(11), pages 1-15, May.
    2. Robert MacCoun & Peter Reuter, 2002. "PREFACE The Varieties of Drug Control at the Dawn of the Twenty-First Century," The ANNALS of the American Academy of Political and Social Science, , vol. 582(1), pages 7-19, July.
    3. Ciprian MANEA & Alina PARINCU, 2018. "Reputational Banking Risks through Offshore Transactions: Benefits of Neuro-Management," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 3, pages 143-147.
    4. Lucia Rossel & Brigitte Unger & Joras Ferwerda, 2022. "Shedding light inside the black box of implementation: Tax crimes as a predicate crime for money laundering," Regulation & Governance, John Wiley & Sons, vol. 16(3), pages 781-800, July.
    5. Rainer Hülsse, 2008. "Even clubs can’t do without legitimacy: Why the anti‐money laundering blacklist was suspended," Regulation & Governance, John Wiley & Sons, vol. 2(4), pages 459-479, December.
    6. Tareq Na'el Al-Tawil & Hassan Younies, 2020. "The implications of the Brexit from EU and bitcoin," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 24(1), pages 137-149, July.

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