Shedding light on shadow banking

the money or value transfer service regime in Australia and its origins

Doron Goldbarsht*

*Corresponding author for this work

Research output: Contribution to journalArticle

Abstract

Excessive regulatory practices to combat anti-money laundering (AML) have the potential to ‘de-bank’ entire regions and deprive certain communities of their participation in traditional financial markets. While protecting the integrity of the global financial system and shutting down some illicit activities, this may also facilitate the development of alternative remittance systems (ARSs) and payment mechanisms, the so-called shadow banking systems, where AML compliance is not adequate. This article will critically re-examine the relationship between the overregulation of financial markets and the shift to ARSs. It will propose a new take on ARS to include illicit activities through an international network of financial institutions and the need for the regulators to consider a better methodology for detecting ARSs outside the conventional financial sector to deal with this problem.
Original languageEnglish
Pages (from-to)264-276
Number of pages13
JournalJournal of Criminal Justice
Volume82
Issue number3
DOIs
Publication statusPublished - 2018

Keywords

  • Shadow Banking
  • Alternative Remittance Systems
  • terrorism financing
  • Australia
  • MVTS
  • FATF

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