Opacity in Financial Transactions

Opacity in Financial Transactions in Europe

From Opacity to Transparency in Financial Transactions: the Controversial Transition

Ernesto Ugo Savona, from the Università Cattolica del Sacro Cuore, made a contribution to the 2012 Annual Conference of the European Society of Criminology, in the category “Crime Prevention,” under the title “From Opacity to Transparency in Financial Transactions: the Controversial Transition”. Here is the abstract: This paper explains how to reduce opacity and increase transparency for preventing crime related to financial transactions. The main point of the paper is that asymmetries in different regulations have created opportunities for organized and economic crime and remedies for reducing them have been controversial and not always effective. Starting with the analysis of the asymmetries on off-shore/on shore jurisdictions and the controversy on the remedies for informal and formal initiatives, the paper considers the triangle between a) the development of the free circulation of persons, goods and services in Europe, b) the opportunities created for organized and economic crime by this development and c) the reactions provided by the international community. The three anti-money laundering directives, are considered as three steps of the transition from opacity to transparency. The author then considers whether globalization might produce more or less transparency in the long run and the hypothesis that new and old asymmetries could produce new opportunities for organized and economic crime is then discussed.

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Further Reading

  • “From Opacity to Transparency in Financial Transactions: the Controversial Transition”, by Ernesto Ugo Savona (Proceedings)

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