this article analyzes the global anti-money laundering (AML) regime fromthe perspective of security governance, examining the creation of a transnationalsecurity space by the FATF. Security is often mentioned as relevant context for AMLmeasures, and the Financial Action Taskforce (FATF) as its central institution. Yet,most analyses–implicitly or explicitly–present the FATF as an important bankingregulator. Arguing that this perspective on the FATF is too limited, the article outlinesthe changing security context in which AML emerged as an important tool forgovernance. Unlike traditional ideas of international security, the idea of securitygovernance emphasizes new forms of cooperation to ensure safety and security acrossmultiple levels. Based on International Relations (IR) and criminological research, thearticle develops a framework with five dimensions of security governance: a compre-hensive security concept, multi-purpose rationalization, public-private cooperation,multi-nodal governance, and transnational security spaces as a result. Unlike otherefforts of global crime governance, the global AML regime provides a prime exampleof security governance in all of these dimensions. At the same time, the link to securityalso explains why the global AML regime expanded in some areas more than in others:AML is still a weak governance instrument for regulating financial crimes such as taxevasion or corruption, but it is a strong one for security-related crimes. While the FATFremains a special case in global governance, the creation of transnational securityspaces in AML–caused by FATF activities–is likely to be a model for future securitygovernance in other fields

• Governing illicit finance in transnational security spaces:the FATF and anti-money launderin