How governments can enable the anti-money laundering system to have a real impact on serious, profit-motivated crime

By Ronald F Pol

Monday March 2, 2020


The least effective anti-crime measure, ever?

Every country harbours policy blunders, but the ‘war on drugs’ has long been an obvious contender for the least effective anti-crime measure. Spending trillions of dollars incarcerating millions of people, labelling them ‘criminals’ for low-level offences and destroying lives and families for generations, only made the problem worse.

Start-ups, fintech, banks, and citizens harmed more than criminals

The eye-watering cost and hassle of anti-money laundering compliance profoundly affect countless individualscommunities, start-ups, technology firms, banks, and even countries.

The flip side of failure is an opportunity

Rather than an endless cycle of more regulation, more compliance, and mounting costs — repeatedly targeting 0.1% of crime already tackled well — untapped possibility lies in the 99.9% zone uncharted by three decades of unwavering devotion to a compliance operating model hastily cobbled together over a few months in 1990.

Go forth, armed with evidence

New research exposes fundamental flaws…

This is the first in a new series reaching behind the paywalls of academic journals to reveal:

If business and political leaders want crime prevention efforts to work, and if they’re tired of the tedious processes and the staggering cost of conforming to rules with almost zero impact, unreflective followership isn’t the only option.

This article is curated from Medium.

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