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Global Public Policy and the Case of Money Laundering - Term Paper Example

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The author concludes that the system in on no account an absolute disaster; it is simple to recognize that contemporary offenders and regulatory laws are seldom just marking an intrinsic mistake, and frequently are just marking offenses that make it inexpensive for authorities to penalize criminals.  …
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Global Public Policy and the Case of Money Laundering
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Download file to see previous pages Globalization has resulted in a rush forward not just in legal but also in unlawful economic engagements, providing new challenges for public policy. Numerous of these challenges even surpass the economic sector, whether the financial or the actual realm, to have wide-ranging social and political consequences in both developed and developing nations. Even though the termination of the cold war was a key factor in intensifying and widening transnational criminal engagements, their occurrence and threats, and the growingly global character was acknowledged long ago (Birks 1995). There is common agreement that the loosening of cross-border economic transactions as well as the rapid technological development is two of its main causes. According to Lawrence H. Summers, U.S. Deputy Secretary of the Treasury, “At the very moment that the world economy is expanding and integrating, creating vast new opportunities for business, so the technology and capacity at the disposal of criminals are greater than ever before” (Reinicke 1998, 135). The appearance of international “networks of information and communication, transportation and financial intermediation” (ibid, 135) not merely has permitted corporate players to assume a transnational framework on several organizational and functional components of management but also allows criminal factions to fasten themselves to and consume these officially authorized, global networks. Criminals effortlessly maneuver across diverse political and legal geographies, hence establishing their individual transnational networks that expertly escape detection and prosecution (Reinicke 1998).
Organized crime has turned out to be mainly borderless, while law enforcement remains fixed and restricted within territorial legal procedures. Even though no one would disagree with their basically dissimilar character and purpose, the behavioral natures of unlawful and legal corporate networks, and hence the public policy problems created by them, share significant similarities.    ...Download file to see next pagesRead More
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