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5.0 out of 5 stars The AML Machine and Political Economy, 27 Mar. 2012
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This review is from: The Money Laundry: Regulating Criminal Finance in the Global Economy (Cornell Studies in Political Economy) (Hardcover)
"There can be few if any participants in global financial services unfamiliar with the widespread adoption of anti money laundering measures and the fight against financial crime. In his new book 'The Money Laundry' Professor Jason Sharman chronicles the fight against financial crime and evaluates the effectiveness of the Global AML 'machine', through the radically new approach of 'Direct Testing'. The outcome is that the large rich countries who set the AML parameters through the FATF, by and large do not comply effectively with their own rules, despite receiving positive peer 'evaluations'. Small and often poor countries on the other hand are coerced into full compliance adopting an expensive system that they cannot really afford. Through the use of unconventional and audacious new research methods, the book demonstrates that the imposition of AML methodologies is doing very little to combat corruption, the main cause of financial crime in less developed countries. The compelling evidence revealed in this book suggests very strongly that the approach currently adopted by the global community is ineffective and needs to be re evaluated. Reading this book will benefit policy makers, AML specialists and commercial firms, and I strongly recommend it.
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