In this episode of “Financial Crime Matters,” Kieran talks with Oliver Bullough about his latest book, “Everybody Loves Our Dollars: How Money Laundering Won.”

In their discussion, Oliver details how a well-intentioned anti-money laundering effort launched in the United States in 1970 snowballed to become today’s global compliance industry, which spends $200 billion annually even as money laundering and other financial crimes spike.

Oliver faults several stakeholders in the current AML status quo, not least global governments’ deputization of the private sector in lieu of adequately funding and empowering law enforcement and the courts to police the global economy.

The failure of AML requires a total ‘rethink’ of the war on illicit finance, according to the author of two fundamental books on money laundering, "Moneyland" and "Butler to the World.”