A New Role for For-Profit Actors? The Case of Anti-Money Laundering and Risk Management

The article analyses what the third EU Directive on AML (anti‐money laundering) and risk management means in terms of democratic accountability when the banking sector is given a role that is traditionally the prerogative of the public actors. The comparison between the UK and Sweden on the private...

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Bibliographic Details
Published inJournal of common market studies Vol. 49; no. 5; pp. 1043 - 1064
Main Authors BERGSTRÖM, MARIA, SVEDBERG HELGESSON, KARIN, MÖRTH, ULRIKA
Format Journal Article
LanguageEnglish
Published Oxford, UK Blackwell Publishing Ltd 01.09.2011
Wiley Blackwell
SeriesJournal of Common Market Studies
Subjects
Accountability
Anti-money laundering
Banking
Corporations
Crime prevention
Democracy
EU directives
EU-rätt
Europarätt
European (Integration) Law
European law
European policy
European Union
Financial services
International
Laundering of money
LAW/JURISPRUDENCE
Liberalism
Management
Money laundering
Other law
Policy analysis
Private sector
Privatization
public private partnership
Risk
Risk management
RÄTTSVETENSKAP/JURIDIK
Studies
Sweden
United Kingdom
Övrig rätt
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Summary:The article analyses what the third EU Directive on AML (anti‐money laundering) and risk management means in terms of democratic accountability when the banking sector is given a role that is traditionally the prerogative of the public actors. The comparison between the UK and Sweden on the private actors' role in various stages of the risk‐based decision process shows that the procedures used could jeopardize the traditional liberal understanding of democratic accountability.
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ISSN:0021-9886
1468-5965
1468-5965
DOI:10.1111/j.1468-5965.2010.02167.x