What is it about?
The anti-money laundering policy intervention has less than 0.1 percent impact on criminal finances, compliance costs exceed recovered criminal funds more than a hundred times over, and banks, taxpayers and ordinary citizens are penalized more than criminal enterprise.
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Why is it important?
Reveals the full scale of the problem when a major policymaking function develops separately from public policy design principles, and calls for cross-disciplinary engagement.
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This page is a summary of: Anti-money laundering: The world's least effective policy experiment? Together, we can fix it, Policy Design and Practice, January 2020, Taylor & Francis,
DOI: 10.1080/25741292.2020.1725366.
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