The Development of Anti-Money Laundering Regime: Challenging issues to sovereignty, jurisdiction, law enforcement, and their implications on the effectiveness in countering money laundering

There is a relationship between money laundering and anti-money laundering regime (hereinafter referred to as ‘AML-regime’). On the one hand, money laundering has significantly increased following the development of technology that offers complicated, sophisticated, and professional methods used in conducting this type of crime. On the other hand, however, the AML-regime has also been adjusted with the development of technology and the laundering techniques to counter the threat. The higher the sophistication of money laundering, the more sophisticated the AML-regime. Likewise, the more sophisticated and complete the AML-regime is, the higher the creation of innovative techniques used in laundering methods. Up to this point, the problem becomes how can or how should the AML-regime response the threat. The present study explores the important legal issues related to the development of the AML-regime in response to the progress of money laundering practices. It examines the expansion of the AML-regime through the creation of international standards which internationalize and criminalize the acts of money laundering. The logic of these expansions counterbalance the increasingly complicated, sophisticated, and professional methods used in conducting this type of crime. Although the expansion of the regime is in essence uncontested, questions regarding the implementation and enforcement of the regime arise where varied answer are given. The implementation and enforcement of the regime includes critical legal issues that challenge the longstanding principles of sovereignty, jurisdiction, and law enforcement, ranging from its theoretical basis to practical problems.

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