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The Review of International Organizations

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15-06-2022 | Book Review

Julia C. Morse. 2022. The Bankers’ Blacklist: Unofficial Market Enforcement and the Global Fight Against Illicit Financing. (Ithaca: Cornell University Press). Michele Riccardi. 2022. Money Laundering Blacklists. (New York: Routledge). Nkechikwu Valerie Azinge-Egbiri. 2021. Regulating and Combating Money Laundering and Terrorist Financing: The Law in Emerging Economies. (New York: Routledge)

Author: Mark Nance

Published in: The Review of International Organizations | Issue 4/2022

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In 2009, on the heels of the US-turned-global financial crisis, the G20 met in Pittsburgh, Pennsylvania, USA, to begin laying plans for a reformed “global financial architecture.” Once again, a crisis had laid bare the extent of states’ financial interconnectivity and boosted demand for greater financial governance. Among the vital players in this supposedly new architecture was a little-known network called the Financial Action Task Force on Money Laundering, or FATF. (The words “on Money Laundering” were eventually dropped.) FATF was no doubt unfamiliar to most onlookers, including to most academics. While a small group of scholars had been publishing about FATF and the anti-money laundering (AML) regime since its formation in 1989, FATF mostly had flown under the collective radar. Even the normally prescient Susan Strange wrote that FATF was an empty vessel, created by the G7 in order to give the impression that they were doing something to fight the illicit narcotics trade (Strange, 1998). …

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The Journal of Money Laundering Control and the Journal of Financial Crime are officially affiliated with the Cambridge Symposium on Economic Crime.

The Association of Certified Anti-Money Laundering Specialists oversees the ACAMS certification. The Association of Certified Financial Crime Specialists is a newer, competing association.

These indicators were developed by colleagues at Transcrime. They are interesting measures that deserve much greater discussion than this review allows. See Jofre et al., 2021.

Balakina, O., D’Andrea, A., & Masciandaro, D. (2017). Bank secrecy in offshore centres and capital flows: Does blacklisting matter? Review of Financial Economics, 32, 30–57. https://doi.org/10.1016/j.rfe.2016.09.005

Bello, A. U., & Harvey, J. (2017). From a risk-based to an uncertainty-based approach to anti-money laundering compliance. Security Journal, 30(1), 24–38.

Drezner, D. W. (2008). All politics is global: Explaining international regulatory regimes. Princeton University Press.

Eggenberger, K. (2018). When is blacklisting effective? Stigma, sanctions and legitimacy: the reputational and financial costs of being blacklisted. Review of International Political Economy, 25(4), 483–504.

Findley, M. G., Nielson, D. L., & Sharman, J. C. (2014). Global shell games: Experiments in transnational relations, crime, and terrorism. Cambridge University Press.

Jakobi, A. P. (2013). Common Goods and Evils?: The formation of global crime governance. Oxford University Press.

Jofre, M., Bosisio, A., Riccardi, M., & Guastamacchia, S. (2021). Money laundering and the detection of bad entities: A machine learning approach for the risk assessment of anomalous ownership structures. 2021 Empirical AML Research Conference Proceedings-The Central Bank of the Bahamas. Available at: https://Bahamasamlconference.com

Johnson, T. (2014). Organizational progeny: Why governments are losing control over the proliferating structures of global governance. Oxford University Press.

Kudrle, R. T. (2009). Did blacklisting hurt the tax havens? Journal of Money Laundering Control, 12(1), 33-49.

Masciandaro, D. (2005). False and reluctant friends? National money laundering regulation, international compliance and non-cooperative countries. European Journal of Law and Economics, 20(1), 17–30. https://doi.org/10.1007/s10657-005-1012-2

Nance, M. T. (2015). Naming and shaming in financial regulation: Explaining variation in the Financial Action Task Force on Money Laundering. In R.H. Friman (Ed.), The Politics of Leverage in International Relations: Name, Shame, and Sanction (pp. 123–142). Springer.

Nance, M. T. (2018). Re-thinking FATF: An experimentalist interpretation of the Financial Action Task Force. Crime, Law and Social Change, 69(2), 131–152.

Nance, M., Tsingou, E., & Kay, S. (2021). Heat versus light: Fact-checking the debate over de-risking. Federal Reserve Bank of Atlanta, Policy Hub, 2021(8).

Raustiala, K., & Victor, D. G. (2004). The regime complex for plant genetic resources. International Organization, 58(2), 277–309.

Romaniuk, P., & Keatinge, T. (2018). Protecting charities from terrorists… and counterterrorists: FATF and the global effort to prevent terrorist financing through the non-profit sector. Crime, Law and Social Change, 69(2), 265–282.

Sharman, J. C. (2009). The bark is the bite: International organizations and blacklisting. Review of International Political Economy, 16(4), 573–596.

Sharman, J. C. (2011). The Money Laundry. Cornell University Press.

Strange, S. (1998). Mad Money: When Markets Outgrow Governments. University of Michigan Press.

Title: Julia C. Morse. 2022. The Bankers’ Blacklist: Unofficial Market Enforcement and the Global Fight Against Illicit Financing. (Ithaca: Cornell University Press). Michele Riccardi. 2022. Money Laundering Blacklists. (New York: Routledge). Nkechikwu Valerie Azinge-Egbiri. 2021. Regulating and Combating Money Laundering and Terrorist Financing: The Law in Emerging Economies. (New York: Routledge)
Author: Mark Nance
Publication date: 15-06-2022
Publisher: Springer US
Published in: The Review of International Organizations / Issue 4/2022
Print ISSN: 1559-7431
Electronic ISSN: 1559-744X
DOI: https://doi.org/10.1007/s11558-022-09466-0

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