van den Broek, Melissa; Addink, Henk --- "Prevention of money laundering and terrorist financing from a good governance perspective" [2013] ELECD 932; in Unger, Brigitte; van der Linde, Daan (eds), "Research Handbook on Money Laundering" (Edward Elgar Publishing, 2013) 368

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 27

Section Title: Prevention of money laundering and terrorist financing from a good governance perspective

Author(s): van den Broek, Melissa; Addink, Henk

Number of pages: 11

Abstract/Description:

Since the start of the 1990s, when the first initiatives to combat money laundering began to bite, criminal law has been at the forefront of the fight against money laundering and terrorist financing. Ever since, however, important developments at the international, European and national level have taken place, which have led to a more prominent role for administrative law in anti-money laundering and combating terrorist financing (hereafter: AML/CTF) policy. Currently the fight against money laundering and terrorist financing follows a so-called ‘twin-track approach’ (Stessens 2000). On the one hand this twin-track approach consists of a preventive policy, which aims at the prevention of money laundering through setting identification and reporting obligations for financial institutions, certain non-financial institutions and legal professionals such as lawyers and notaries. The main objective of the preventive policy is to prevent the misuse of institutions by criminals, aiming to launder their proceeds through these institutions.