Self‐regulation in combating money laundering

Abstract

Examines the Swiss Money Laundering Act enacted in October 1997; this set up 12 self‐regulation bodies to take control of the financial market and has thus blurred the distinction between private and public law. Points out that the Act has not been implemented easily and the deadlines not met: this applies to the self‐regulation, the planned cooperation between government and private sector, and the creation of other bodies. Outlines the contents of the Act and the status of its implementation. Reviews the policy of self‐regulation as an expression of the new governmentality: the concept of “governance at a distance” or state controlled self‐regulation. Explores the dangers and problems with these concepts: for instance, private organisations are allowed as insiders to have a say in governmental action programmes, private organisations’ risk management policies may actually hinder unusual events being noticed, and there is fragmentation at the regulatory level.

Citation

Capus, N. (2003), "Self‐regulation in combating money laundering", Journal of Money Laundering Control, Vol. 6 No. 4, pp. 355-366. https://doi.org/10.1108/13685200310809671