Advanced Search
MyIDEAS: Login to save this paper or follow this series

Compliance with the AM+L4776L/CFT International Standard

Contents:

Author Info

  • International Monetary Fund
Registered author(s):

    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 factors in boosting countries'' compliance using econometric analysis.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=25098
    Download Restriction: no

    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/177.

    as in new window
    Length: 75
    Date of creation: 01 Jul 2011
    Date of revision:
    Handle: RePEc:imf:imfwpa:11/177

    Contact details of provider:
    Postal: International Monetary Fund, Washington, DC USA
    Phone: (202) 623-7000
    Fax: (202) 623-4661
    Email:
    Web page: http://www.imf.org/external/pubind.htm
    More information through EDIRC

    Order Information:
    Web: http://www.imf.org/external/pubs/pubs/ord_info.htm

    Related research

    Keywords: Money laundering; Banks; Combating the financing of terrorism; Reports on the Observance of Standards and Codes; international cooperation; terrorist financing; terrorist; terrorism; law enforcement; financing of terrorism; international standards; competent authorities; due diligence; legal assistance; financial regulation; law enforcement agencies; criminal activity; beneficial ownership; customer identification; suspicious transactions; mutual evaluation; secrecy laws; suspicious transaction; financial intelligence units; terrorist finance; beneficial owners; intelligence units; terrorist organizations; criminal liability; suspicious transaction report; administrative sanctions; shell banks; international law; international community; regulatory frameworks; legal frameworks; money laundering measures; combating money; combating money laundering; terrorism financing; internal controls; illegal activities; electronic money; narcotic drugs; wire transfer; due diligence measures; financial activity; business relations; foreign banks; professional firms; financial secrecy; money market instruments; extradition requests; insider trading; life insurance; transferable securities; internet casinos; illicit trafficking; precious stones; money launderers; customer identification policies; financial sector regulation; financial crime; regulatory cooperation; criminal sanctions; market manipulation; dual criminality; suspicious activity; terrorist acts; securities issues; criminal organizations; reporting obligations; information exchange; money orders; mutual evaluations; financial system abuse; currency changing; liquid securities; identification data; assessing compliance; supervisory bodies; counterfeiting currency; drug trafficking; insurance supervisors; enforcement powers; criminal behavior; money remitters; domestic legislation; terrorist activity; suspected money laundering; foreign counterpart; financial system integrity; supervisory authorities; unusual transactions; dirty money; illicit arms trafficking; negotiable instruments; share information; assessment methodology; law enforcement authorities; foreign counterparts; financial intermediary; account files; banking relationships; cash transactions; banking supervision; precious metals; legal arrangements; internal control procedures; enforcement authorities; terrorist finances; account opening; suspicious transaction reports; transaction reports; mutual evaluation reports; transaction records; regulatory authorities; non cooperative countries; international conventions; assessment missions; financial institution secrecy laws; legal entity; organized crime; transaction reporting; tax havens; compliance function; suspicious transaction reporting; payable through accounts; predicate crimes; international agreements; large cash transactions; domestic law; financial fraud; internal policies; anti money laundering; foreign branches; safe havens; judicial authority; financial intelligence unit; suspicious activities; legal assistance requests; criminal group;

    This paper has been announced in the following NEP Reports:

    References

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Jos de Wit, 2007. "A risk-based approach to AML: A controversy between financial institutions and regulators," Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 15(2), pages 156-165, May.
    2. Alessandro Gambini & Salim M. Darbar & Marco Arnone, 2007. "Banking Supervision," IMF Working Papers 07/82, International Monetary Fund.
    3. Sieglinde Gstöhl, 2007. "Governance through government networks: The G8 and international organizations," The Review of International Organizations, Springer, vol. 2(1), pages 1-37, March.
    4. Donato Masciandaro, 2005. "False and Reluctant Friends? National Money Laundering Regulation, International Compliance and Non-Cooperative Countries," European Journal of Law and Economics, Springer, vol. 20(1), pages 17-30, July.
    5. Ross Levine, 2004. "Finance and Growth: Theory and Evidence," NBER Working Papers 10766, National Bureau of Economic Research, Inc.
    6. Simmons, Beth A., 2001. "The International Politics of Harmonization: The Case of Capital Market Regulation," International Organization, Cambridge University Press, vol. 55(03), pages 589-620, June.
    7. Richard Podpiera, 2006. "Does Compliance with Basel Core Principles Bring Any Measurable Benefits?," IMF Staff Papers, Palgrave Macmillan, vol. 53(2), pages 5.
    8. Putnam, Robert D., 1988. "Diplomacy and domestic politics: the logic of two-level games," International Organization, Cambridge University Press, vol. 42(03), pages 427-460, June.
    9. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
    Full references (including those not matched with items on IDEAS)

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:imf:imfwpa:11/177. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jim Beardow) or (Hassan Zaidi).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.