Abstract
The purpose of this contribution is to analyze two major standard setting bodies, namely the Financial Action Task Force on money laundering and the Financial Stability Board from an international law perspective. It will be demonstrated that they are “soft organizations”, which, despite their loose structure, can exercise “hard powers” in inducing States to comply with their standards.
Acknowledgements
The author wishes to thank the reviewers for the fruitful comments and suggestions. All remaining errors are mine. The work draws on the study conducted at the Hague Academy of International Law in 2013, under the supervision of Prof. Michael Waibel, to whom I would like to express my utmost gratitude.
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