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The Money Laundry

Author: J. C. Sharman
Publisher: Cornell University Press
ISBN: 0801463203
Size: 14.59 MB
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A generation ago not a single country had laws to counter money laundering; now, more countries have standardized anti-money laundering (AML) policies than have armed forces. In The Money Laundry, J. C. Sharman investigates whether AML policy works, and why it has spread so rapidly to so many states with so little in common. Sharman asserts that there are few benefits to such policies but high costs, which fall especially heavily on poor countries. Sharman tests the effectiveness of AML laws by soliciting offers for just the kind of untraceable shell companies that are expressly forbidden by global standards. In practice these are readily available, and the author had no difficulty in buying the services of such companies. After dealing with providers in countries ranging from the Seychelles and Somalia to the United States and Britain, Sharman demonstrates that it is easier to form untraceable companies in large rich states than in small poor ones; the United States is the worst offender. Despite its ineffectiveness, AML policy has spread via three paths. The Financial Action Task Force, the key standard-setter and enforcer in this area, has successfully implemented a strategy of blacklisting to promote compliance. Publicly identified as noncompliant, targeted states suffered damage to their reputation. Subsequently, officials from poor countries became socialized within transnational policy networks. Finally, international banks began using the presence of AML policy as a proxy for general country risk. Developing states have responded by adopting this policy as a functionally useless but symbolically valuable way of reassuring powerful outsiders. Since the financial crisis of 2008, the G20 has used the successful methods of coercive policy diffusion pioneered in the AML realm as a model for other global governance initiatives.

Havens In A Storm

Author: Jason Campbell Sharman
Publisher: Cornell University Press
ISBN: 9780801445040
Size: 35.96 MB
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Small states have learned in recent decades that capital accumulates where taxes are low; as a result, tax havens have increasingly competed for the attention of international investors with tax and regulatory concessions. Economically powerful countries including France, Britain, Japan, and the United States, however, wished to stanch the offshore flow of domestic taxable capital. Since 1998 the Organisation for Economic Co-operation and Development (OECD) has attempted to impose common tax regulations on more than three dozen small states. In a fascinating book based on fieldwork and interviews in twenty-two countries in the Caribbean, North America, Europe, and islands in the Pacific and Indian Oceans, J. C. Sharman shows how the struggle was decided in favor of the tax havens, which eventually avoided common regulation. No other book on tax havens is based on such extensive fieldwork, and no other author has had access to so many of the key decision makers who played roles in the conflict between onshore and offshore Sharman suggests that microstates succeeded in their struggle with great powers because of their astute deployment of reputation and effective rhetorical self-positioning. In effect, they persuaded a transnational audience that the OECD was being untrue to its own values by engaging in a hypocritical, bullying exercise inimical to free competition.

Global Shell Games

Author: Michael G. Findley
Publisher: Cambridge University Press
ISBN: 110704314X
Size: 35.24 MB
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Every year a staggering number of corporate service providers mask perpetrators of terrorist financing, corruption and illegal arms trades, but the degree to which firms flout global identification standards remains unknown. This book sheds new light on the sordid world of anonymous shell corporations through a series of field experiments.

Europe And The Governance Of Global Finance

Author: Daniel Mügge
Publisher: Oxford University Press, USA
ISBN: 0199683964
Size: 65.71 MB
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1: Daniel Mügge: Introduction 2: Eilís Ferran: Financial Supervision 3: Jasper Blom: Banking 4: Daniel Mügge: Securities and Derivatives Markets 5: Lucia Quaglia: Insurance 6: Bart Stellinga: Accounting Standards 7: David Howarth and Lucia Quaglia: Hedge Funds 8: Stefanie Hiss and Sebastian Nagel: Credit Rating Agencies 9: Eleni Tsingou: Money Laundering 10: Duncan Wigan: Offshore Financial Centres 11: Andrew Baker: Macroprudential Regulation.

Susan Strange And The Future Of Global Political Economy

Author: Randall Germain
Publisher: Routledge
ISBN: 1317239342
Size: 75.60 MB
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This edited volume addresses the 2007/2009 financial crisis as the occasion to engage critically with the corpus of Susan Strange’s work, in order to consider what changes (if any) this crisis portends for the structural organization of the global political economy. The contributors use Strange’s rich conceptual framework to explore the financial crisis and its aftermath, and reflect critically on the broader contributions which her work has made to the discipline of IPE. The volume makes three valuable contributions for scholars and students. First, it raises the profile of Susan Strange, a unique and powerful contributor to the field of IPE whose ideas matter to our current circumstance and can provide deep and enduring insights into important questions and issues. Secondly, each contributor to this volume combines her work and ideas with that of other traditions or individual theorists in ways that extend and/or deepen Strange’s own efforts. Finally, this volume leaves us with a judicious optimism about the future of both IPE and the world as it actually is, on the ground. This book will be of interest to scholars and students who are interested in the dynamics shaping contemporary and future developments in the global political economy, as well as those who are interested in the theoretical debates about how to study IPE.

The Despot S Guide To Wealth Management

Author: J.C. Sharman
Publisher: Cornell University Press
ISBN: 1501708430
Size: 54.66 MB
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An unprecedented new international moral and legal rule forbids one state from hosting money stolen by the leaders of another state. The aim is to counter grand corruption or kleptocracy ("rule by thieves"), when leaders of poorer countries—such as Marcos in the Philippines, Mobutu in the Congo, and more recently those overthrown in revolutions in the Arab world and Ukraine—loot billions of dollars at the expense of their own citizens. This money tends to end up hosted in rich countries. These host states now have a duty to block, trace, freeze, and seize these illicit funds and hand them back to the countries from which they were stolen. In The Despot's Guide to Wealth Management, J. C. Sharman asks how this anti-kleptocracy regime came about, how well it is working, and how it could work better. Although there have been some real achievements, the international campaign against grand corruption has run into major obstacles. The vested interests of banks, lawyers, and even law enforcement often favor turning a blind eye to foreign corruption proceeds. Recovering and returning looted assets is a long, complicated, and expensive process. Sharman used a private investigator, participated in and observed anti-corruption policy, and conducted more than a hundred interviews with key players. He also draws on various journalistic exposés, whistle-blower accounts, and government investigations to inform his comparison of the anti-kleptocracy records of the United States, Britain, Switzerland, and Australia. Sharman calls for better policing, preventative measures, and use of gatekeepers like bankers, lawyers, and real estate agents. He also recommends giving nongovernmental organizations and for-profit firms more scope to independently investigate corruption and seize stolen assets.

The Puppet Masters

Author: Emile van der Does de Willebois
Publisher: World Bank Publications
ISBN: 0821388967
Size: 80.98 MB
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This report examines the use of these entities in nearly all cases of corruption. It builds upon case law, interviews with investigators, corporate registries and financial institutions and a 'mystery shopping' exercise to provide evidence of this criminal practice.

Issues And Actors In The Global Political Economy

Author: André Broome
Publisher: Macmillan International Higher Education
ISBN: 1137390476
Size: 26.58 MB
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A major new text on contemporary global political economy that focuses centrally on key issues and actors. Concise and accessibly written, it provides an ideal introduction to the contemporary dynamics and processes of change in the global political economy.

International White Collar Crime

Author: Bruce Zagaris
Publisher: Cambridge University Press
ISBN: 131636898X
Size: 35.84 MB
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Contemporary transnational criminals take advantage of globalization, trade liberalization, and emerging new technologies to commit a diverse range of crimes. By moving money, goods, services, and people instantaneously they are able to serve purposes of pure economic gain or political violence. This book examines the rise of international economic crime and recent strategies to combat it in the United States and abroad. Focusing on the role of international relations, it draws from case studies in a diverse range of criminality from money laundering to tax evasion. Newly revised and expanded, the second edition of International White Collar Crime incorporates recent developments and updated case studies. New chapters on environmental crimes and securities enforcement under the Dodd–Frank Act continue to make it an essential tool for practicing business, law, and law enforcement.

Drug War Mexico

Author: Peter Watt
Publisher: Zed Books Ltd.
ISBN: 184813889X
Size: 49.62 MB
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Mexico is a country in crisis. Capitalizing on weakened public institutions, widespread unemployment, a state of lawlessness and the strengthening of links between Mexican and Colombian drug cartels, narcotrafficking in the country has flourished during the post-1982 neoliberal era. In fact, it has become one of Mexico's biggest source of revenue, as well as its most violent, with over 12,000 drug-related executions in 2011 alone. In response, Mexican president Felipe Calderón, armed with millions of dollars in US military aid, has launched a crackdown, ostensibly to combat organised crime. Despite this, human rights violations have increased, as has the murder rate, making Ciudad Juárez on the northern border the most dangerous city on the planet. Meanwhile, the supply of cocaine, heroin, marijuana and methamphetamine has continued to grow. In this insightful and controversial book, Watt and Zepeda throw new light on the situation, contending that the 'war on drugs' in Mexico is in fact the pretext for a US-backed strategy to bolster unpopular neoliberal policies, a weak yet authoritarian government and a radically unfair status quo.