BLP

Requiring financial institutions to enforce anti-money laundering laws («AML») and to create financial environments in which money laundering does not occur, if implemented well, would be the most viable method to combat money laundering. In particular, financial institutions should genuinely take up the role of the «private police». This is because, among other factors, they often have the first contact with would-be money launderers and, when compared to the public police, these private institutions are likely to have more information on suspects. By focusing on banks and two jurisdictions, the United Kingdom and the United States of America, it is hereby concluded that, under the current scenario, international financial institutions do not discharge their assigned role as the private police diligently but instead prefer to focus on making profits, even from money launderers.