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Money laundering and FATF compliance by the international community

Alkaabi, Ali, Mohay, George, McCullagh, Adrian, & Chantler, Alan N. (2010) Money laundering and FATF compliance by the international community. In Berleur, Jacques, Hercheui, Magda David, & Hilty, Lorenz M (Eds.) IFIP Advances in Information and Communication Technology, Springer Verlag, Brisbane, Australia, pp. 86-97.

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Abstract

This paper examines the anti-money laundering systems of Australia, the United Arab Emirates (UAE), the United Kingdom (UK) and the United States of America (USA), the extent to which they have implemented the Financial Action Task Force (FATF) recommendations, and how compliance with these recommendations is affected by local cultural and economic factors. The paper makes use of FATF evaluation reports to compare the countries’ compliance; it examines some of the underlying cultural considerations and culture-specific ethical issues that affect the extent of compliance, and how cultural and ethical considerations may affect good governance. The findings indicate that the UK and the USA are the most advanced with regards to their compliance with the FATF recommendations and Australia and the UAE less so. The UAE is in particular found to be least compliant. We relate this finding to previous work on how a country’s legal and financial systems develop in line with its religion, culture and socio-economic situation, and examine how such local factors have affected the UAE’s financial and anti-money laundering and combating the financing of terrorism (AML/CFT) systems. This research will be of interest to policy-makers and government agencies involved in addressing money laundering and its successful detection and prosecution.

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ID Code: 37846
Item Type: Conference Paper
Keywords: Money laundering, FATF, Compliance, Australia, UAE, UK,, USA
DOI: 10.1007/978-3-642-15479-9_8
ISSN: 1868-4238
Subjects: Australian and New Zealand Standard Research Classification > INFORMATION AND COMPUTING SCIENCES (080000) > OTHER INFORMATION AND COMPUTING SCIENCES (089900) > Information and Computing Sciences not elsewhere classified (089999)
Divisions: Past > Institutes > Information Security Institute
Copyright Owner: Copyright 2010 Springer
Deposited On: 13 Oct 2010 10:53
Last Modified: 01 Mar 2012 00:20

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