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52 Crime L. & Soc. Change 1 (2009)

handle is hein.journals/crmlsc52 and id is 1 raw text is: Crime Law Soc Change (2009) 52:1-8 DOI 10.1007/s10611-008-9170-0 Serving the integrity of the Mammon and the compulsive excessive regulatory disorder Petrus C. van Duyne Published online: 18 November 2008 © Springer Science + Business Media B.V 2008 'Financial brooks and creeks' and the 'financial Katrina' Keen observers of criminal and licit finances and markets may realise we are living in a fascinating time. This fascination is not due to some sophisticated sinister criminal plot, but to the hilarious proportions of financial events and threats. We can look back at a time span of two decades of anti-money laundering and crime-money fighting policy. During these 20 years the US propelled FATF has elaborated a dense system of supervision, watching every little financial flow, brook and creek. Unwilling financial fishermen and game keepers have been pressured into compliance to protect the 'integrity' of the elaborate waterways by preventing criminally polluted water from slipping into the financial mainstreams. Those unwilling to go along were bullied into line by threatening them with enlistment on the black list of 'Non-cooperative countries and territories'. And while in the end an international compliant workforce emerged, humming and droning the 'financial integrity hymn', reporting diligently on all and sundry, an unprecedented 'financial Katrina hurricane' gathered pace. This time the main players were not sinister drug barons, but short-sighted, irresponsible bank managers, ranging from over-bonussed CEOs to middle level managers. They proved to be more concerned about their stock options than contributing to the integrity of the financial system by a sound lending and mortgage policy. While a trough of credit low pressure was gradually P. C. van Duyne (E) Department of Criminal Law, Tilburg University, Tilburg, Netherlands e-mail: Petrus@uvt.nl e Springer

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