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From crime prevention to norm compliance: anti-money laundering (AML) policy adoption in Singapore from 1989–2021

Rishik Elias Menon (Centre for Banking and Finance Law, Faculty of Law, National University of Singapore, Singapore, Singapore)

Journal of Money Laundering Control

ISSN: 1368-5201

Article publication date: 21 January 2022

Issue publication date: 2 January 2023

402

Abstract

Purpose

Policy mobility scholarship concerning anti-money laundering (AML) has typically favoured the study of power structures and interests to the neglect of the constructivist perspective and the local cultural–symbolic driving forces of policy adoption. This study aims to redress this, by analysing the shifting ideational drivers of AML policy in Singapore over the past 31 years through a thematic analysis of Singapore’s parliamentary debates (Hansard).

Design/methodology/approach

Through a thematic analysis of Singapore's Hansard over the past 31 years, this study seeks to present a social constructivist perspective of AML policy adoption in Singapore.

Findings

The thematic analysis reveals how the internal driving forces of AML policy in Singapore have shifted, from the idea of “crime prevention” in the early 1990s, to the symbolic value of “international norm compliance” by the 2010s.

Research limitations/implications

This constructivist perspective of AML policy adoption is particularly useful in complementing the existing materialist theories of AML policy diffusion and allows us to better appreciate the historical nuances of AML policy transfer across the globe.

Practical implications

This research will provide a useful comparative case study for other policy mobility scholars interested in presenting a constructivist account of AML policy adoption in different jurisdictions.

Originality/value

There is no literature in the field of policy mobility, explaining the diffusion/transfer of AML policy from a social constructivist perspective.

Keywords

Acknowledgements

This research was undertaken during the author’s tenure at the Centre for Banking and Finance Law (CBFL), National University of Singapore. The author wishes to extend his gratitude to CBFL for supporting the research, and in particular, his centre directors, Professors Dora Neo and Sandra Booysen, for their kind pastoral support during this COVID-19 pandemic. The author also wishes to thank Professor Peter Alldridge, Dr Miriam Goldby, Eric Chan and Andrew Perkins for their constructive comments during my working paper presentation. Lastly, a special thanks goes out to Dr Nick de Cruz for his guidance on qualitative research methods and thematic analysis. All mistakes and omissions, however, remain my own.

Citation

Menon, R.E. (2023), "From crime prevention to norm compliance: anti-money laundering (AML) policy adoption in Singapore from 1989–2021", Journal of Money Laundering Control, Vol. 26 No. 1, pp. 69-92. https://doi.org/10.1108/JMLC-12-2021-0134

Publisher

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Emerald Publishing Limited

Copyright © 2022, Emerald Publishing Limited

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