The global anti-money laundering regime is in crisis, not from lack of resources but from lack of understanding. We need to get back to basics, right back to Eve, the first woman (in the Christian tradition) and the first thief and money launderer. Eve was the one who took the Fruit of the Forbidden Tree and gave it to Adam. When she took the fruit, she committed the crime of money laundering, as this article will explain.
Prevention versus enforcement
Preventing money entering the global financial system is obviously not working as numerous recent scandals and massive regulatory fines have repeatedly shown. Unless the authorities confiscate money from launderers, thereby altering their behaviour, the AML regime will never really work. One of the key reasons that authorities fail to confiscate the proceeds of crime both domestically and internationally is because they don’t recognise that Eve was the first money launderer. If the authorities could accept this as true, we might manage to make the European Union’s 5th Anti Money Laundering Directive will work AND reduce crime around the world, as this article will also explain.
The Financial Action Task Force Strategic Review