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4 U.C. Irvine J. Int'l Transnat'l & Comp. L. 1 (2019)
Anti-Money Laundering: An Inquiry into a Disciplinary Transnational Legal Order

handle is hein.journals/ucivjtoml4 and id is 2 raw text is: Anti-Money Laundering: An Inquiry into a Disciplinary Transnational Legal Order Terence Halliday, Michael Levi, and Peter Reute* This Article enquires into the case of one of the most comprehensive, far-reaching, most deep# penetrating and most punitive of TLOs: anti- money laundering Drawing on an intensive study at a moment when its governing norms and methodologies of implementation were undergoing revision and eVpansion, as well as on observation and participation in AML/ CFT activities over three decades, the Article brings rich empirical evidence to bear on two theoretical issues. First, despite its seemingl successful institutionalization, the AML TLO exhibits man deficiencies and imposes extensive costs on the private and public sectors, and harms upon the public. Why doesn't it fail? Second the pervasiveness and penetration of the AML TLO indicates it maj constitute a particular species of disciplinagy TLOs. To address these issues, the Article, first, brijy sketches the thir yyear development and workings of the AML TLO; second considers its benefits, costs, deficiencies and harms; third confronts the puzzle of its persistence; andfourth, concludes b arguing that the AML TLO maj be distinctive insofar as (1) it has a foundational assumption of recalcitrant actors who must be monitored to reduce social harms which (2) legitimates apervasive surveillance apparatus that is (3) yoked to punitive criminal institutions and practices which (4) lead to an elaborate repertoire of discipline that (5) has been multiplied to include states, financial institutions (e.g. banks), non-state collective actors such as charities, organized crme families, and individuals such as lawyers, accountants, and eveydaj particiants in their mriads of transactions in an integrated globalfinancial sgstem. Those singularproperties ma in fact be shared substantialjy by other TLOs directed at crime. The site of criminal justice therebyv enourages a more differentiated understanding of TLOs in 2 P centugy settings. In tro d u ctio n ......................................................................................................................... 2 I. T he Rise of the A M L TLO .................................................................................... 3 II. H ow D oes It W ork? ............................................................................................... 5 III. D oes It A chieve Its Purpose? .............................................................................. 8 IV . Costs, D eficiencies, and H arm s ............................................................................ 9 V . C onfronting a Puzzle ........................................................................................... 15

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