publication . Preprint . Article . 2011

Compliance with the AM+L4776L/CFT International Standard; Lessons from a Cross-Country Analysis

Concha Verdugo Yepes;
Open Access
  • Published: 01 Jul 2011
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...
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
Related Organizations
Any information missing or wrong?Report an Issue