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Money Laundering Counter-Measures in the European Union: A New Paradigm of Security Governance Versus Fundamental Legal Principles

Money Laundering Counter-Measures in the European Union: A New Paradigm of Security Governance vs. Fundamental Legal Principles

By Valsamis Mitsilegas


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The past fifteen years witnessed the emergence globally of a plethora of legislative measures aimed at countering money laundering. These developments have been inextricably linked with the growing international focus on newly perceived and/or prioritised global security threats such as organised crime and terrorism ¿ with money laundering counter-measures deemed essential to counter these threats. Taking these developments into account, this book examines in detail the evolution and content of money laundering counter-measures in the European Union. These measures constitute a new paradigm of security governance, achieved through three principal methods: criminalisation, consisting in the emergence of new criminal offences; responsibilisation, consisting in the mobilisation of the private sector to co-operate with the authorities in the fight against money laundering; and the emphasis on the administration of knowledge, through the establishment of new institutions, the financial intelligence units, with extensive powers to administer a wide range of information provided by the private sector. This paradigm may pose significant challenges to fundamental legal principles and to well-established social structures and the book attempts to address this balance. This up-to-date analysis includes the provisions of the new EU money laundering Directive which was formally adopted in December 2001.
Last Updated 09/25/2003
Update Frequency As Needed
Product Line Kluwer Law International
ISBN 9789041121318
SKU 10058309-0001
Table of Contents
Preface and Acknowledgements, Introduction Chapter One: The Reconceptualisation of Security in the International Arena and its Legal Impact: The Case of Measures against Transnational Organised Crime 1. (In)security 2. Threats and beyond: reconceptualising security in the risk society 3. The securitisation of organised crime: the threat and the measures to counter it 4. The challenges of ‘security’ measures against organised crime to fundamental legal principles—national experiences 5. Organised crime and the emergence of a transnational security field: new actors and global measures Chapter Two: The Securitisation of Money Laundering: The Phenomenon, the Threat and the Evolution of Counter-measures at the International Level 1. The phenomenon 2. The strategy 3. The blurring of boundaries and the securitisation discourse 4. Threat and counter-measures: the case of the United States 5. The ‘securitisation’ of money laundering in the international arena: criminalisation and confiscation 6. The securitisation of money laundering in the international arena: 7. Concluding remarks Chapter Three: Money Laundering Counter-measures in the European Union: History, Content and Evolution 1. The 1991 Directive: Background 2. The 1991 Directive: the content 3. Extending the application of the Directive beyond the European Union 4. Extending the provisions of the Directive: background 5. The negotiations: the main issues 6. The finally adopted text: the 2001 money laundering Directive Chapter Four: Security Governance through Criminalisation: The EU Money Laundering Offences 1. Introduction 2. Money laundering as an ancillary offence 3. Interest protected by law 4. Actus reus 5. Mens rea 6. The special case of legal fees 7. Burden of proof 8. Predicate offences 9. Liability of legal persons 10.Conclusion Chapter Five: Security Governance through Responsibilisation: The Imposition of Duties on the Private Sector 1.Introduction 2. The banker–customer relationship prior to the money laundering Directive: bank confidentiality 3. Professional confidentiality in bank supervision: the EC framework 4. The change: the duties of credit and financial institutions under the 1991 Directive 5. The extension of the duties to other professions by the 2001 Directive: the case of the legal profession 6. The emergence of ‘responsibilised’ citizens: active citizenship as security governance Chapter Six: Security Governance through the Administration of Knowledge: The Emergence of Financial Intelligence Units in the European Union 1.General 2. Categorisation 3. International co-operation 4. Developments in the European Union 5. The challenges for human rights 6.Conclusion Conclusion, Bibliography, Index