Money Laundering, Suspicion, and Financial Security
Pereira, Brigitte
Money Laundering, Suspicion, and Financial Security - 2011.
24
Money laundering has become a main concern, as can be seen from the increase in the number of prevention instruments set forth in order to address it. As a result, we are witnessing today a preventive approach to the risks, which consists of requiring the declaration of any suspicious financial transaction, with the possibility of stopping the deal. However, the broad definition of what is considered a suspicious transaction leads to a degree of financial insecurity and could eventually affect regular financial deals. Of course, repression alone is not sufficient and should be coupled with a preventive approach requiring the professionals involved in the process to be watchful and to declare suspicious transactions. Fighting money laundering involves various issues and rationales. Therefore, it is necessary to strike a balance by taking into account other interests such as freedom of investment, bank secrecy, and the right to non-interference in business. Moreover, this preventive approach to combatting money laundering, which requires all the economic actors involved in the process to become in effect anti-money laundering agents, leads to disparities with regard to international cooperation.
Money Laundering, Suspicion, and Financial Security - 2011.
24
Money laundering has become a main concern, as can be seen from the increase in the number of prevention instruments set forth in order to address it. As a result, we are witnessing today a preventive approach to the risks, which consists of requiring the declaration of any suspicious financial transaction, with the possibility of stopping the deal. However, the broad definition of what is considered a suspicious transaction leads to a degree of financial insecurity and could eventually affect regular financial deals. Of course, repression alone is not sufficient and should be coupled with a preventive approach requiring the professionals involved in the process to be watchful and to declare suspicious transactions. Fighting money laundering involves various issues and rationales. Therefore, it is necessary to strike a balance by taking into account other interests such as freedom of investment, bank secrecy, and the right to non-interference in business. Moreover, this preventive approach to combatting money laundering, which requires all the economic actors involved in the process to become in effect anti-money laundering agents, leads to disparities with regard to international cooperation.
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