Faculty of Education, Social Sciences and Law

School of Law

Research Student: Veli Kaplan

Evaluating the Effectiveness of Global AML Policies

The heated debates of the last three decades about combating money laundering which began as a criminal justice policy aiming at a second chance to catch criminals and prevention of predicate offenses evolved to a gigantic global system incorporating financial institutions, international organizations and more than 180 countries.

Two weaknesses of criminal justice systems determined the current structure of Anti-Money Laundering (AML) systems: Lack of information and capacity of law enforcement forces- resulted in having to actively seek collaboration with financial institutions and dark side of globalization that generates transnational opportunities for criminals- resulted in a homogeneous policy and standard set of measures all over the world.

Deterministic reasons, however, have surpassed the weaknesses of criminal justice systems and AML policies have gained new dimensions. ML became an issue directly related to credibility of financial systems and stability of economies. Moreover, phenomenon of globalization that renders borders insignificant in terms of both contamination through financial markets and economies, and creating opportunities for criminals want to abuse jurisdictional arbitrages has reinforced the logic behind combating money laundering and set new objectives for AML regimes.

Owing to the progressively delocalized nature of financial operations, the law itself has lost its territorial roots and become delocalized through the various processes of international co-operation designed to adopt trans-national policies and instruments. AML policies represent a concrete example for delocalization of law.  Building an effective international AML regime has been built on abolishing jurisdictional arbitrages by the means of homogenization of AML policies based on standard set of rules and disseminating standard rules throughout the world.

This research aims to examine the effectiveness of current global Anti-Money Laundering (AML) system. It seeks the answer for whether this homogeneity can provide analogous and effective outcomes in jurisdictions differentiate in terms of capacity and capability of their financial sectors and policy motivations.

Background

BA Criminal Law and Criminology: University of Turkish National Police Academy

BA Economics: Ankara University.

MSc Economics: University of Exeter

LLM Law:  University of Exeter.

I have been working as a chief inspector in the subject area of combating with economic/financial crimes and misconduct in the financial markets in the Ministry of Interior, General Directorate of Security, Turkey.

What motivated me to undertake PhD study?

I have continued my professional work with academic career. This enables me to follow academic researches, developments and observe their practical results at the same time.

My desire to contribute to literature and producing knowledge is a key stimulating factor to attempt conducting research.

Thanks to the European Union, Jean Monnet Scholarship funding program, I am able to study research degree. 

What makes me passionate about my subject?

Combating with proceeds of crime requires involving of financial sector as well as governmental authorities. Outcomes of policies and legal initiatives in this subject area are also signal for efficient financial markets, therefore have critical importance.

As a manager in law enforcement authority of Turkey in combating financial crimes and proceeds of crimes, I have always sought practical outcomes of cases, legal amendments and policy changes. 

My academic background in different but interconnected areas, Law and Economics, has also encouraged me to conduct a research in this area.

What are my plans once I have completed my PhD?

My further interests are in the areas of:

  • Law and Economics
  • Economic analyses of legal rules and anti crime strategies.
  • Regulation of financial markets to prevent misconduct and to combat financial crimes and money laundering.
  • Enforcement strategies.

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