Introduction : policy diffusion and anti-money laundering -- Money laundering and anti-money laundering -- An indirect test of effectiveness -- A direct test of effectiveness -- Blacklisting -- Socialization and competition -- Conclusions : implications for scholarship and policy

Despite massive investments in mitigation capabilities, financial crime remains a trillion-dollar global issue with impacts that extend well beyond the financial services industry. Worldwide, there are between 800 billion dollars and 2 trillion dollars laundered annually with the United States...