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To comply, or not to comply: the question is why

Author

Listed:
  • Anne-Mie Reheul

    (KU Leuven)

  • Tom Van Caneghem

    (Universiteit Antwerpen, Antwerp Management School, KU Leuven)

Abstract

In this large-scale empirical study, we examine drivers of compliance with the first filing requirement for the Ultimate Beneficial Owners (UBO) register in Belgium, which results from the implementation of the 4th EU Anti-Money Laundering Directive. Our focus on nonprofit organizations (NPOs) is inspired by their strong objection against the UBO regulation and their lower UBO compliance compared to for-profits in Belgium. We show that UBO compliance is significantly improved by the introduction of an administrative monetary fine, and is positively related to reliance on donations and grants, capacity of the organization, and NPO age. Our study implies a meaningful contribution to the scarce literature on nonprofit compliance.

Suggested Citation

  • Anne-Mie Reheul & Tom Van Caneghem, 2024. "To comply, or not to comply: the question is why," European Journal of Law and Economics, Springer, vol. 58(1), pages 21-46, August.
    • Handle: RePEc:kap:ejlwec:v:58:y:2024:i:1:d:10.1007_s10657-024-09804-0
    DOI: 10.1007/s10657-024-09804-0
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    More about this item

    Keywords

    Compliance; Anti-money laundering; Regulation; Nonprofit; Capacity;
    All these keywords.

    JEL classification:

    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
    • L31 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Nonprofit Institutions; NGOs; Social Entrepreneurship
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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