Today I have the honor of moderating a remarkable panel at the World Bank as part of its Law, Justice, and Development week. The panel entitled “Clean Solutions for Dirty Money: Closing the Implementation Gap” will look at the current status of the global anti-money laundering (AML) legal regime and the need for possible reforms, including such questions as whether there is any concrete, empirical evidence that the regime actually works and whether the compliance costs associated with the regime outweigh whatever effectiveness there is in the system. There are also growing questions over the “opportunity costs” associated with the existing AML regime such as the huge amounts of money being spent on compliance as well as humanitarian costs associated with the restriction on money transfers and movement.
The panel will be held from 2-3:30 pm on Monday in the Preston Auditorium at the World Bank in Washington D.C. The panel was organized by the Hon. Delissa A. Ridgway, Judge of the United States Court of International Trade, who remains one of the most influential figures globally in bringing together legal, political, and academic figures to discuss pressing problems in our world. This is only the latest product of her work around the world in bringing experts together in these forums. The panel today will include some of the best known names in the area:
|Richard Lalonde, Senior Financial Sector Expert and Coordinator, Anti-money Laundering and Combating the Financing of Terrorism (AML/CFT) Assessment Program, IMF. He has been a member of the IMF delegation to the Financial Action Task Force (FATF) and represents the IMF in the Basel Committee on Banking Supervision (BCBS) AML Experts Group. He joined the IMF in 2003 by way of the Canadian Department of Finance where he was responsible for domestic and international AML/CFT issues and was head of the Canadian delegation to the FATF.|
|Terence Halliday, Co-director, Center on Law and Globalization, American Bar Foundation and University of Illinois College of Law; Research Professor, American Bar Foundation; Adjunct Professor of Sociology, Northwestern University; Adjunct Professor, Regulation Institutions Network, School of Asia and the Pacific, Australian National University.|
|Jody Myers, Vice President, Compliance Department, Western Union Company; Former Assistant General Counsel and Head of the Financial Integrity Group, Legal Department, IMF.|
|Jean Pesme, Practice Manager, Global Practice, Finance & Markets, World Bank.|
That is an extraordinary panel to address these growing concerns over the AML regime.