AML Essay

2075 Words9 Pages
Introduction The comparison of regulatory regimes for Money Laundering and Corporate Crimes is an interesting one given that, first of all, the former is a crime committed by a natural person and the latter encompasses an umbrella of crimes committable by the corporate entity. This means that analysis of each will result in the observation of potential flaws in the current regulatory regimes and that these will differ profoundly. It therefore begs the question as to whether the seriousness of the latter can be assessed in summary form and if this is achievable, whether the illusion of the existing perpetrating party is in itself a hindrance to any satisfactory serious dealing. Further to this, the difference between perpetrators means that the question of ‘the threat of punishment’ may not be easily reorganised into a sliding scale of severe to non-severe threats of punishment. This paper will first of all define both crimes of Money Laundering and Corporate Crime and with specific examples the regulatory regimes for both will be stated via analysis of specific examples. In order to determine whether offenders are dealt with in an equally serious manner, attention will be paid to the possible forms of punishment and how these differ in relation to natural and corporate entities. Finally, this question of possible forms will be a key issue in the analysis of whether or not the threat of punishment in relation to some crimes outweighs the others. A. Regulatory Regimes in Place for Money Laundering 1. Definition of money laundering Due to the apparent victimless nature of the crime of money laundering, it is often difficult to be able to grasp this concept fully. Article 1 of the draft European Communities (EC) Directive of March 1990 defines Money Laundering as: “the conversion or transfer of property, knowing that such property is derived from serious

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