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Part II Crimes, 10 Money Laundering

From: An Introduction to Transnational Criminal Law (2nd Edition)

Neil Boister

From: Oxford Public International Law (http://opil.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 24 June 2024

Organized crime — Corruption — Drug trafficking

The crime of money laundering is a recent innovation of an unusual kind, in that it involves conduct that occurs after the commission of another, ‘predicate’, offence, and is both dependent upon and independent of that offence. The crime has become increasingly important as a method for suppressing the practice of both money laundering and the predicate offence, and also because it anchors the Anti-Money Laundering (AML) regime that imposes a web of onerous regulatory obligations on financial institutions and provides a substantive basis for asset recovery (discussed in Chapter Nineteen). This chapter discusses the nature of the conduct involved and the reasons for criminalization, as well as the forerunner offences in national law, before analyzing the substantive offence itself from its initial limitation to drug money laundering to ‘all crimes’ laundering. It then briefly examines the importance of the liability of legal persons and comments on the punishment applied to money laundering, before finally turning to the main institution for coordination of the global anti-money laundering regime, the Financial Action Task Force, as a prelude to commenting upon the effectiveness of the criminalization of money laundering.

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