A new role for for-profit actors? The case of anti-money laundering and risk management

Abstract

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. © 2011 The Author(s). JCMS: Journal of Common Market Studies © 2011 Blackwell Publishing Ltd.