Global financial governance and the informal: limits to the regulation of money
| Autor: | William Vlcek |
|---|---|
| Přispěvatelé: | University of St Andrews. School of International Relations, University of St Andrews. Centre for Global Law and Governance |
| Rok vydání: | 2017 |
| Předmět: |
HG Finance
media_common.quotation_subject T-NDAS Developing country HG 050601 international relations Financial Action Task Force Pathology and Forensic Medicine Informal economy 050602 political science & public administration Business sector media_common Finance Informal sector business.industry Task force Corporate governance SDG 16 - Peace Justice and Strong Institutions 05 social sciences General Social Sciences Displacement Global governance 0506 political science Global financial governance Financial surveillance Cash business Law |
| Zdroj: | Crime, Law and Social Change. 69:249-264 |
| ISSN: | 1573-0751 0925-4994 |
| Popis: | The list of predicate crimes for the Recommendations of the Financial Action Task Force (FATF) has evolved and grown over its twenty-five year existence. The evolution of this list reflects shifting concerns among the central actors in the organisation, as well as representing a response to any ‘displacement’ activity undertaken by those seeking to avoid these forms of governance. When the scope for cooperation and compliance with the FATF Forty Recommendations was extended beyond the organisation’s membership this governance regime encountered business sectors and financial practices not readily amenable to its objectives. This paper considers the causes and consequences for the situation, as developing economy states attempt to comply with the global governance expectations of the FATF when a significant portion of the domestic economy operates ‘informally’. A frame of reference is provided, with a definition for the informal economy and the concept of displacement as used in research on criminal activity. The focus here is with the nature of the cash economy operating beyond the scope of financial surveillance with implications for the comprehensive effectiveness of the global financial governance regime. The context of informal financial practice and its separation from the regulatory structures of the state leads to a conclusion that global financial governance is limited in practice to the domain of the formal economy. Publisher PDF |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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