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.
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.
Impact and interest:
Citation counts are sourced monthly from and citation databases.
These databases contain citations from different subsets of available publications and different time periods and thus the citation count from each is usually different. Some works are not in either database and no count is displayed. Scopus includes citations from articles published in 1996 onwards, and Web of Science® generally from 1980 onwards.
Citations counts from theindexing service can be viewed at the linked Google Scholar™ search.
Full-text downloads displays the total number of times this work’s files (e.g., a PDF) have been downloaded from QUT ePrints as well as the number of downloads in the previous 365 days. The count includes downloads for all files if a work has more than one.
|Item Type:||Conference Paper|
|Keywords:||Money laundering, FATF, Compliance, Australia, UAE, UK,, USA|
|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 00:53|
|Last Modified:||29 Feb 2012 14:20|
Repository Staff Only: item control page