Money Laundering and FATF Compliance by the International Community

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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Communication dans un congrès
Jacques Berleur; Magda David Hercheui; Lorenz M. Hilty. 9th IFIP TC9 International Conference on Human Choice and Computers (HCC) / 1st IFIP TC11 International Conference on Critical Information Infrastructure Protection (CIP) / Held as Part of World Computer Congress (WCC), Sep 2010, Brisbane, Australia. Springer, IFIP Advances in Information and Communication Technology, AICT-328, pp.86-97, 2010, What Kind of Information Society? Governance, Virtuality, Surveillance, Sustainability, Resilience. 〈10.1007/978-3-642-15479-9_8〉
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Ali Alkaabi, George Mohay, Adrian Mccullagh, Nicholas Chantler. Money Laundering and FATF Compliance by the International Community. Jacques Berleur; Magda David Hercheui; Lorenz M. Hilty. 9th IFIP TC9 International Conference on Human Choice and Computers (HCC) / 1st IFIP TC11 International Conference on Critical Information Infrastructure Protection (CIP) / Held as Part of World Computer Congress (WCC), Sep 2010, Brisbane, Australia. Springer, IFIP Advances in Information and Communication Technology, AICT-328, pp.86-97, 2010, What Kind of Information Society? Governance, Virtuality, Surveillance, Sustainability, Resilience. 〈10.1007/978-3-642-15479-9_8〉. 〈hal-01054773〉

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