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A New Role for For‐Profit Actors? The Case of Anti‐Money Laundering and Risk Management
Author(s) -
BERGSTRÖM MARIA,
SVEDBERG HELGESSON KARIN,
MÖRTH ULRIKA
Publication year - 2011
Publication title -
jcms: journal of common market studies
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.54
H-Index - 90
eISSN - 1468-5965
pISSN - 0021-9886
DOI - 10.1111/j.1468-5965.2010.02167.x
Subject(s) - accountability , money laundering , prerogative , directive , business , democracy , risk management , accounting , profit (economics) , law and economics , economics , finance , political science , law , microeconomics , politics , computer science , programming language
The article analyses what the third EU Directive on AML (anti‐money laundering) and risk management means in terms of democratic accountability when the banking sector is given a role that is traditionally the prerogative of the public actors. The comparison between the UK and Sweden on the private actors' role in various stages of the risk‐based decision process shows that the procedures used could jeopardize the traditional liberal understanding of democratic accountability.