The markets of money laundering and of anti-money laundering

Session Submission Type: Pre-arranged Panel

Abstract

Both money laundering and anti-money laundering can be seen as markets, with their own actors, service providers, intermediaries, market makers and market breakers. This panel aims to offer new insights on both of them. Ferwerda and Riccardi focus on the market of money laundering: the first author makes an economic analysis of the demand and supply of money laundering services in the context of illegal enterprise theory. The second carries out an empirical analysis of a particular form of money laundering-as-a-service: false invoicing as provided by and to criminal organizations in Italy. Benson, Reuter and Nazzari instead focus on the anti-money laundering (AML) market and system: the first author focuses on the expansion of the role of legal professionals as AML obliged intermediaries; Reuter and Nazzari discuss the success (or failure) of the AML system but also the positive externalities on other AML market actors, namely enforcement and investigative agencies. This panel is organised by MLRN – Money Laundering Research Network (www.moneylaunderingresearch.com).

Subtopic

• Topic 2: Types of Offending / White collar Crime, Organizational Crime, Corporate Crime, Financial Crime (EUROC)

Chair

• Katie Benson, Lecturer in Criminology at the University of Manchester

Individual Presentations

• The Money Laundering Market - Joras Ferwerda, Utrecht University School of Economics

• Money Laundering-as-a-service: an empirical analysis of false invoicing providers - Michele Riccardi, Transcrime - Università Cattolica del Sacro Cuore

• Money laundering, the diversity of ‘enablers’, and the ongoing struggle for legitimacy - Mike Levi, School of Social Sciences, Cardiff University

• Beyond Anti-money laundering: Gatekeeping in an evolving anti-illicit finance regulatory regime - Katie Benson, Lecturer in Criminology at the University of Manchester