EFFECTIVE AML

For decades, scientists (and even the United Nations and Europol) have warned that the design and implementation of the AML regime is deeply flawed, and profoundly ineffective. The impact on criminal finances is a fraction of a percentage point from zero, yet the costs and harms inflicted on citizens, communities, businesses, and even countries, are immense... However, systemically overlooked by the former, and frequently unaware by the latter, is whether the anti-money laundering system works... If we want a system that works, and which doesn't unnecessarily affect legitimate businesses and ordinary citizens, we need to discuss effectiveness; for decades the the proverbial elephant in the AML lounge room studiously ignored.