publication . Preprint . Article . 2011

Compliance with the AML/CFT International Standard: Lessons from a Cross-Country Analysis

Name: Compliance with the AML/CFT International Standard: Lessons from a Cross-Country Analysis
Creator: Concha Verdugo Yepes
Keywords: Government Policy and Regulation, [Money laundering;Terrorist Financing, Compliance, AML/CFT International Standard, international cooperation, terrorist, terrorism, Economics of Regulation, International Law, Financial Institutions and Services]

Concha Verdugo Yepes;

Open Access

Published: 01 Jul 2011

Summary

Abstract

This paper assesses countries’ compliance with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) international standard during the period 2004 to 2011. We find that overall compliance is low; there is an adverse impact on financial transparency created by the cumulative effects of poor implementation of standards on customer identification; and the current measurements of compliance do not take into account an analysis of ML/FT risk, thereby undermining their credibility and the relevance of some of the policy recommendations taken on their basis. Moreover, we also examine the key role of some cultural, institutional, and financial fac...

doi: 10.5089/9781462312306.001

Subjects

free text keywords: Government Policy and Regulation, [Money laundering;Terrorist Financing, Compliance, AML/CFT International Standard, international cooperation, terrorist, terrorism, Economics of Regulation, International Law, Financial Institutions and Services], Customer identification, Accounting, business.industry, business, Credibility, Cross country analysis, Terrorism, Development economics, International standard, Transparency (graphic), Money laundering, International law

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