van Duyne, Petrus C. --- "Crime-money and financial conduct" [2013] ELECD 924; in Unger, Brigitte; van der Linde, Daan (eds), "Research Handbook on Money Laundering" (Edward Elgar Publishing, 2013) 232

Book Title: Research Handbook on Money Laundering

Editor(s): Unger, Brigitte; van der Linde, Daan

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9780857933997

Section: Chapter 19

Section Title: Crime-money and financial conduct

Author(s): van Duyne, Petrus C.

Number of pages: 19

Abstract/Description:

The financial crisis has since 2007/8 affected virtually all countries around the globe, and taught us an (old) lesson: there is much psychology and sociology to money. Expectations, beliefs combined with the psychological variable of ‘trust’, seem to be more important than economic models. One can call this perspective the behavioural ‘soft side’ of money, but with ‘hard effects’: the credit crisis has to a large extent been attributed to such behavioural factors: the greed and bonus craving by bankers given too much leeway by their cosily buttered up supervisors (Dorn 2010). If it is proper to approach normal financial issues from a behavioural perspective, it is equally justified to address the criminal variation from this angle: the socio-psychology of crime and money. This approach differs substantially from the usual macro-economic way of addressing crime-money and laundering traditionally furthered by organisations such as the OECD, IMF (Tanzi 1996; Quirk 1996) and World Bank.