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Anti-Money Laundering and its Challenges

30 April 2015, 16:30
Over the last twenty-five years the Financial Action Task Force (FATF) has created an extensive, elaborate system of anti-money laundering controls that have been, in principle, adopted by almost all countries. However, it is not without problems as is advocated in this lecture by Professor Peter Reuter.

Over the last twenty-five years the Financial Action Task Force (FATF) has created an extensive, elaborate system of anti-money laundering controls that have been, in principle, adopted by almost all countries. However, it is not without problems as is advocated in this lecture by Professor Peter Reuter.

The FATF system of controls shows many signs of fundamental problems: massive violations by the most prominent international banks such as HSBC, UBS and JP Morgan Chase; vulnerable countries, populations and businesses are finding themselves at risk of being cut off from the mainstream banking system; there are no credible performance measures, though the system imposes large costs. This seminar given by Professor Peter Reuter will examine the fundamentals of the system and suggest that anti-money laundering may need a substantial re-design.

Peter Reuter is professor in the School of Public Policy and in the Department of Criminology at the University of Maryland. He is also senior economist at RAND and (2014-15) visiting scholar at the Center for Global Development. 

From 1981-93 he was a senior economist in the Washington office of the RAND Corporation. He founded and directed RAND’s Drug Policy Research Center from 1989-93; the Center is a multi-disciplinary research program begun in 1989 with funding from a number of foundations. Much of his research has dealt with alternative approaches to controlling drug problems, both in the United States and Western Europe. From 1999-2004 he was editor of the Journal of Policy Analysis and Management and he has since undertaken a number of interesting roles, including acting as the first president of the International Society for the Study of Drug Policy and chair for the National Academy of Sciences panel on illicit tobacco markets.

In recent years he has also been publishing on money laundering control and on the flows of illicit funds from developing nations.

Professor Reuter received his PhD in Economics from Yale.

The event will be preceded by a tea and coffee reception from 1700, available for those attending the event.

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