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Background of Anti-Money Laundering Regulation in Modern Economic Theory

Author

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  • Nataliya Yu. Tanyushcheva

    (Astrakhan State University, Astrakhan 414056, Russian Federation)

Abstract

The FATF (Financial Action Task Force) obtained the status of an intergovernmental organization, and published the first edition of anti-money laundering standards (40 Recommendations) in 1999. Economists have investigated money laundering typologies, as well as the principles, objectives, and financial instruments of anti-money laundering control, which are formed and implemented by governments and financial organizations in pursuance of anti-money laundering standards. At the same time, all authors mention FATF standards as something unshakable, not subject to discussion. The theory and methodology of anti-money laundering regulation's impact on financial institutions, national financial systems, international finance, and macroeconomics have been developing fragmentarily. We study the known forms of supranational regulation of financial sectors and the vector of their evolution, and present the prerequisites of anti-money laundering associated with the negative impact of money laundering on the economy and society.

Suggested Citation

  • Nataliya Yu. Tanyushcheva, 2019. "Background of Anti-Money Laundering Regulation in Modern Economic Theory," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 6, pages 96-107, December.
    • Handle: RePEc:fru:finjrn:190607:p:96-107
    DOI: 10.31107/2075-1990-2019-6-96-107
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    More about this item

    Keywords

    anti-money laundering regulation; FATF; money laundering; anti-money laundering regime;
    All these keywords.

    JEL classification:

    • E26 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Informal Economy; Underground Economy
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance

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