Politically exposed persons: AML, taking the profit out of corruption and problems for the banks

Abstract

Purpose

The purpose of this paper is to show how political corruption may be combated through measures aimed at making it less profitable and more subjected to public controls via banking reports of all relevant deposits.

Design/methodology/approach

The paper provides a brief description of a few European legal Systems, Italian in particular.

Findings

The paper finds that organized crime can only be efficiently tackled and impoverished of its economic enticements if political, institutional and economical complicities are publicly exposed and forced to be halted; while society, and younger generations in particular, are made fully aware that the embrace mafia tries to impose on them is and will always be deadly.

Practical implications

Evaluation of the possible solutions in terms of legislative reform.

Originality/value

The paper describes a novel standpoint.

Citation

Serio, M. (2008), "Politically exposed persons: AML, taking the profit out of corruption and problems for the banks", Journal of Money Laundering Control, Vol. 11 No. 3, pp. 269-272. https://doi.org/10.1108/13685200810889416