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Great expectations but little evidence: policing money laundering

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Abstract
Purpose - The purpose of this paper is to map anti-money laundering policy and its impact on money laundering. The AML system is discussed from the perspective of the compliance officer, who is responsible for translating AML law into practice in Belgian banks. Design/methodology/approach - Literature review, based largely on a PhD study (2009) that involved a survey and interviews. Additionally, 12 compliance officers were interviewed in 2015. Findings - The global AML system impacts significantly on issues of privacy and due process but has not yet been evaluated. The system's preventive effect is difficult to measure because of a lack of (cross-border) information. The way in which Risks are currently managed in diverse ways. Research limitations/implications - Results from the first study in 2009 (based on interviews in 20072008) were potentially outdated. This recent update (2015) confirms that compliance officers are still dealing with the same issues. Practical implications - The study clarifies the ways in which compliance and AML is dealt with and mapped, providing insights into an often closed setting. Social implications - The battle against money laundering is very costly and intrusive, making the need for stringent evaluation more pressing. Originality/value - The study is both original and valuable because compliance officers have rarely been the subject of research. The study discloses useful information about their role.
Keywords
compliance, money laundering, policing

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Please use this url to cite or link to this publication:

MLA
Verhage, Antoinette. “Great Expectations but Little Evidence: Policing Money Laundering.” INTERNATIONAL JOURNAL OF SOCIOLOGY AND SOCIAL POLICY 37.7-8 (2017): 477–490. Print.
APA
Verhage, A. (2017). Great expectations but little evidence: policing money laundering. INTERNATIONAL JOURNAL OF SOCIOLOGY AND SOCIAL POLICY, 37(7-8), 477–490.
Chicago author-date
Verhage, Antoinette. 2017. “Great Expectations but Little Evidence: Policing Money Laundering.” International Journal of Sociology and Social Policy 37 (7-8): 477–490.
Chicago author-date (all authors)
Verhage, Antoinette. 2017. “Great Expectations but Little Evidence: Policing Money Laundering.” International Journal of Sociology and Social Policy 37 (7-8): 477–490.
Vancouver
1.
Verhage A. Great expectations but little evidence: policing money laundering. INTERNATIONAL JOURNAL OF SOCIOLOGY AND SOCIAL POLICY. Emerald; 2017;37(7-8):477–90.
IEEE
[1]
A. Verhage, “Great expectations but little evidence: policing money laundering,” INTERNATIONAL JOURNAL OF SOCIOLOGY AND SOCIAL POLICY, vol. 37, no. 7–8, pp. 477–490, 2017.
@article{8059888,
  abstract     = {Purpose - The purpose of this paper is to map anti-money laundering policy and its impact on money laundering. The AML system is discussed from the perspective of the compliance officer, who is responsible for translating AML law into practice in Belgian banks. 

Design/methodology/approach - Literature review, based largely on a PhD study (2009) that involved a survey and interviews. Additionally, 12 compliance officers were interviewed in 2015. 

Findings - The global AML system impacts significantly on issues of privacy and due process but has not yet been evaluated. The system's preventive effect is difficult to measure because of a lack of (cross-border) information. The way in which Risks are currently managed in diverse ways. 

Research limitations/implications - Results from the first study in 2009 (based on interviews in 20072008) were potentially outdated. This recent update (2015) confirms that compliance officers are still dealing with the same issues. 

Practical implications - The study clarifies the ways in which compliance and AML is dealt with and mapped, providing insights into an often closed setting. 

Social implications - The battle against money laundering is very costly and intrusive, making the need for stringent evaluation more pressing. 

Originality/value - The study is both original and valuable because compliance officers have rarely been the subject of research. The study discloses useful information about their role.},
  author       = {Verhage, Antoinette},
  issn         = {0144-333X},
  journal      = {INTERNATIONAL JOURNAL OF SOCIOLOGY AND SOCIAL POLICY},
  keywords     = {compliance,money laundering,policing},
  language     = {eng},
  number       = {7-8},
  pages        = {477--490},
  publisher    = {Emerald},
  title        = {Great expectations but little evidence: policing money laundering},
  url          = {http://dx.doi.org/10.1108/IJSSP-06-2016-0076},
  volume       = {37},
  year         = {2017},
}

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