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It`s all about the money: shifting responsibilities in the fight against money laundering and the financing of terrorism
Dijck, Maarten van

In the past two decades, many new anti-money laundering (AML) and contra-terrorism financing (CTF) regulations have come into existence as the result of a global effort -mainly orchestrated by the FATF- to curb profit driven crime in general and drug crime more specifically. One measure to this objective is the attempt to increase the costs of laundering dirty money. At the same time AML and CTF regulations serves to protect the financial system against abuse by criminals and, thus, to safeguarding the financial system`s integrity. The past decades have shown a shift in division of labor. Tasks, previously typically the responsibility of the state and its agencies are assigned to corporate citizens in their new role as `gate keepers`. To a certain extend, this can be interpreted as a form of `self regulation`: the financial system and satellite services keep their own working environment sound and safe. From a different perspective this shift of responsibilities can be considered as a deliberate outsourcing of a typically governmental task: catching criminals. However, `outsourcing` is a euphemism here, since the private entities involved do not get any reward other than avoiding the fines potentially imposed for insufficient compliance. The cooperation sought for by many gov-ernments is obliged by law rather than voluntary. The effect is that, to an increasing extent, private parties and in particular financial service providers have become part of the law enforcement apparatus fighting money laundering and terrorism financing. This paper explores the boundaries of obligations in the field of corporate compliance. Furthermore, it discusses (potential) conflicts of interests faced by financial service providers when balancing corporate interests, such as the maximization of profit, and client interests against the demands of AML and CTF regulations.

About CCC

The Cross-Border Crime Colloquium is an annual event since 1999. It brings together experts on international organised (economic) crime to discuss the latest developments in empirical research, legislation and law enforcement, with a special geographical focus on Western, Central, and Eastern Europe. The Colloquia aim at building bridges in three respects: between East and West Europe, between scholars and practitioners, and between old and young.
2019Olsztyn, Poland
2021Kongsvinger, Norway (Virtual)
2019Utrecht, the Netherlands
2018Kharkiv, Ukraine
2017Bratislava, Slovakia
2016Newcastle, United Kingdom
2015Prague, Czech Republic
2014Sarajevo, Bosnia and Herzeg.
2013Cambridge, United Kingdom
2012Manchester, United Kingdom
2011Tilburg, The Netherlands
2009Ghent, Belgium
2008Beograd, Serbia
2007Prague, Czech Republic
2006Tallinn, Estonia
2005Sarajevo, Bosnia and Herzeg.
2004Berlin, Germany
2003Ainring, Germany
2002Ljubljana, Slovenia
2001Bratislava, Slovakia
2000Budapest, Hungary
1999Prague, Czech Republic

The 22nd Cross-border Crime Colloquium will be hosted by the The University of Warmia and Mazury in Olsztyn, Poland on 10 and 11 October 2022. We will soon share the agenda and details on how to attend.
For information, please contact
Prof. Dr. Joanna Banach-Gutierrez:
Prof. Dr. Petrus C. van Duyne:

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