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The functions of anti-money laundering legislation in relation to the efficiency and stability of the financial system and the lowering of systemic risk

  • Abstract

Informations and abstract

Keywords: AML legislation, systemic risk, reporting activity, liability, incentives.

A massive flow of dirty money can damage the stability and reputation of the financial sector and the risks for the states and the subjects that need to comply with specific legislation, can be exacerbated by being located in some geographical areas, further enhanced in the regions surrounding the enclave states, especially with renard to cross-border movement of money. In the fight against the crime at issue, the importance of a qualified use of the reporting system in the attempt to reduce the systemic risk is still confirmed, but excessive reporting can dilute the information value of report, failing to identify what is truly important. The paper introduces an alternative solution to the problems and the issues raised above, by considering a system of incentives for the reporting agents.

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