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Three turning points in the growth of the AML architecture

The latest online seminar at the Florence School of Banking and Finance, held on the 14th of January 2019, provided an outlook on the current state and historical evolution of the anti-money laundering industry.

In his main presentation, Peter Alldridge, Drapers’ Professor of Law at Queen Mary University of London, looked critically at the origins and growth of the anti-money laundering practices, highlighting in particular three important moments that shaped the evolution of the industry.

As outlined in the presentation, the first moment was the shift beyond treating drug offences as the only foundation of money laundering. The second was the change in the concept of money laundering, which started to be regarded as an independent wrong rather than a form of complicity in the predicate. Finally, the third shift was the inclusion of tax offences among the grounds for laundering.

The presentation was followed by commentary by Nikita Divissenko, Ph.D. Researcher in the Law Department at the European University Institute, who addressed the effects of the AML framework on business operations and on the regulation in the financial sector.

 

Download the presentation by Peter Alldridge

Download the presentation by Nikita Divissenko