Money Laundering Control and Banks Part 1

Dr.Izelde van Jaarsveld hails from Pretoria, South Africa. She holds BIuris and LLB (cum laude) degrees from the University of Pretoria, a LLM degree in international business law from the University of Hull (UK) and a LLD degree in banking law from the University of South Africa. An avid skier, Izelde currently resides in Vancouver, Canada.

Money laundering is not an innocuous crime. It leaves countless victims in its wake including banks. This book relates the story of banks, money laundering and the global anti-money laundering effort. It reveals various the dilemmas that banks are facing in light of current anti-money laundering measures, and emphasises the deficiencies of the bank-customer relationship in protecting banks against the fallouts of money laundering and money laundering control. Key issues such as the nature of so-called 'dirty money', the illusion of bank confidentiality and the deficiencies in the global anti-money laundering regime are underscored. The money laundering control efforts of the European Commission, England (as member state of the European Union), the United States and South Africa as developing nation are highlighted as well. This book fundamentally reveals that banks are the best line of defence in the war against money laundering and global crime. Regardless, unless the recommendations forwarded in this book are implemented, banks will not only continue to stand defenceless against potential civil litigation, but global money laundering control will remain a mere pipedream.