Advertisement

London: The Laundry of Choice? Money Laundering in the City of London

  • Leila Simona Talani
Part of the International Political Economy Series book series (IPES)

Abstract

This chapter will try and analyse to what extent the City of London can be considered the ‘laundry of choice’ for many criminals. Moreover, it addresses the reaction of the City of London and of the United Kingdom more in general to the introduction of Anti-Money Laundering Requirements (AMLR). Finally it answers to the questions relating to the motivations behind the City’s attitude vis-à-vis both money laundering and anti-money laundering legislation.

Keywords

Organize Crime Money Laundering Financial Service Authority Financial Action Task Force Suspicious Transaction 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. BBC Radio 4 (2006), ‘File on 4’, Transcript of the programme to be found at website http://www.ablemesh.co.uk/PDFs/fileonfourOctober06.pdf. as accessed on September 2, 2010
  2. Cohen, B.J. (2001), ‘Electronic Money: New Day or False Dawn?’, Review of International Political Economy, 8, 197–225.CrossRefGoogle Scholar
  3. Cohen, B.J. (1996), ‘Phoenix Risen: The Resurrection of Global Finance’, World Politics, 48:2, 268–296, p. 269.CrossRefGoogle Scholar
  4. Coleman, W.D. (1996), Financial Services, Globalization and Domestic Policy Change, New York: Macmillan.CrossRefGoogle Scholar
  5. Dicken, P. (2003), Global Shift: Reshaping the Global Economic map in the 21st Century, London: Sage Publications.Google Scholar
  6. Dicken, P. (2011), Global Shift: Mapping the Changing Contours of the World Economy (6th ed.), New York and Oxford: Guilford.Google Scholar
  7. FATF (2010), Annual report 2009–2010, FATF, website: http://www.fatf-gafi.org/dataoecd/50/53/45712700.pdf. as accessed on September 6, 2010
  8. FSA (2007), The FSA’s new role under the Money Laundering Regulations 2007 Our Approach, FSA 2007.Google Scholar
  9. Lilley, P. (2000), Dirty Dealing: The Untold Truth about Global Money Laundering, London: Kogan Page.Google Scholar
  10. Mittleman, J.H. (2000), The Globalization Syndrome: Transformation and Resistance, Princeton: Princeton University Press.CrossRefGoogle Scholar
  11. Naim, M. (2005), Illicit: How Smugglers, Traffickers and Copycats are Hijacking the Global Economy, London: William Heinemann.Google Scholar
  12. Nakajima, C. (2004), ‘Politics: Offshore Centers, Transparency and Integrity: The Case of the UK Territories’, in Masciandaro, D. (ed.), Global Financial Crime: Terrorism, Money Laundering and Offshore Centers, London: Ashgate, pp. 219–252.Google Scholar
  13. Nordstrom, C. (2007), Global Outlaws, Crime, Money and Power in the Contemporary World, London: University of California Press.Google Scholar
  14. Obstfeld, M. and Taylor, A.M. (2004), Global Capital Markets. Integration, Crisis and Growth, Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  15. Overbeek, H.W. (1995), ‘Globalization and the Restructuring of the European Labor Markets: The Role of Migration’, in Simai, M. (ed.) Global Employment. An International Investigation into the Future of Work, London Tokyo: Zed Books and United Nations University Press.Google Scholar
  16. Overbeek, H. (2000), ‘Globalization, Sovereignty and Transnational Regulation: Reshaping the Governance of International Migration’, in Gosh, B. (ed.), Managing Migration: Time for a New International Regime, Oxford: Oxford University Press.Google Scholar
  17. OECD (1999), Ten Years of Combating Money Laundering, OECD Observer No 217-218, Summer 1999 website http://www.oecdobserver.org/news/fullstory.php?aid=63. as accessed on September 2, 2010
  18. Palan, R., Richard, M. and Chavagneux, C. (2010), Tax Havens: How Globalization Really Works. Cornell Studies in Money, Ithaca: Cornell University Press.Google Scholar
  19. Palan, R. (2003) (2006), The Offshore World: Sovereign Markets, Virtual Places, and Nomad Millionaires, Ithaca and London: Cornell University Press.Google Scholar
  20. Padoa-Schioppa, T. (1994), The Road to Monetary Union in Europe: The Emperor, the Kings and the Genies, Oxford: Clarendon Press.Google Scholar
  21. Rose, N. (2009), Making the case for appropriate anti-money laundering rules for lawyers, International Bar News April 2009.Google Scholar
  22. Sassen, S. (1991), The Global City: New York, London, Tokyo, Princeton, NJ: Princeton University Press.Google Scholar
  23. Sassen, S. (2000), Cities in a World Economy, California: Pine Forge Press.Google Scholar
  24. Snyder, M. (2005), Forward, in Yeandle, M., Mainelli, M., Berendt, A., and Brian Healy (eds), Anti-Money Laundering Requirements: Costs, Benefits And Perceptions, City Research Series, Number six, June 2005.Google Scholar
  25. Snyder, M. (2006), Forward, in The British Institute of International and Comparative Law, Comparative Implementation Of EU Directives (II) — Money Laundering, City Research series, Number ten, December 2006.Google Scholar
  26. Strange, S. (1986), Casino Capitalism, New York: Manchester University Press.Google Scholar
  27. Strange, S. (1998), Mad Money, Manchester: Manchester University Press.Google Scholar
  28. UNODCCP (2001), Report on money laundering in the UK, UNODCCP unpublished.Google Scholar
  29. UNODC (2010), UNODC on money laundering and countering the financing of terrorism, UNODC website: http://www.unodc.org/unodc/en/moneylaundering/index.html?ref=menuside. as accessed on September 6, 2010
  30. Yeandle, M., Mainelli, M., Berendt, A., and Brian Healy (2005), Anti-Money Laundering Requirements: Costs, Benefits and Perceptions, City Research Series, Number six, June 2005.Google Scholar

Copyright information

© Leila Simona Talani 2013

Authors and Affiliations

  • Leila Simona Talani

There are no affiliations available

Personalised recommendations