Finance and Security: Global Vulnerabilities, Threats, and Responses

By Martin S. Navias

Globalization has encouraged the movement of capital across borders in both legal and illicit ways. This detailed work by a London-based lawyer studies the growth of illegal financial activities across borders, including the money laundering of drug dealers, human traffickers, and terrorist financers. Governments, separately and in cooperation, have tried to clamp down on these cross-border financial transfers in (sometimes reluctant) private partnership with the major global banks. In other cases, governments—acting both unilaterally and multilaterally—have imposed sanctions on foreign individuals, organizations, and even other governments. The United States, for instance, maintained financial sanctions on entities in 12 countries and territories at the time of this writing. Navias parses the thicket of laws and regulations in the United States, the United Kingdom, and the European Union that regulate financial transactions, showing the tensions and even conflicts between these legal regimes. This is a necessary handbook for anyone doing international business who wants to stay within the law.