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Compliance with anti-money laundering procedures by banks—the case of Mauritius

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  • Ambareen Beebeejaun

    (University of Mauritius)

Abstract

Despite the existence of anti-money laundering laws, the world is still witnessing money laundering malpractices. It was reported by the United Nations that the value of money laundering globally is between 2 and 5% of the world’s GDP annually. Hence, it is imperative for formal institutions like banks to apply AML procedures in order to verify whether their clients are involved in money laundering criminal activities. Accordingly, the purpose of this research is to assess compliance by banks with the AML laws of Mauritius and some other internationally agreed AML standards. To achieve this research objective, this study will adopt both the qualitative and quantitative research methods. In particular, a survey will be conducted to collect primary data from 57 executive officers representing 3 selected directors or senior executives from each 19 licensed banks that are located in Mauritius. Also, the black letter research method will be adopted to obtain secondary data by analysing the existing legal provisions and literature on AML procedural requirements.

Suggested Citation

  • Ambareen Beebeejaun, 2023. "Compliance with anti-money laundering procedures by banks—the case of Mauritius," Journal of Banking Regulation, Palgrave Macmillan, vol. 24(4), pages 474-483, December.
    • Handle: RePEc:pal:jbkreg:v:24:y:2023:i:4:d:10.1057_s41261-022-00211-6
    DOI: 10.1057/s41261-022-00211-6
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    References listed on IDEAS

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    1. Norman Mugarura, 2011. "The institutional framework against money laundering and its underlying predicate crimes," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 19(2), pages 174-194, May.
    2. Bassam Ali Raweh & Cao Erbao & Fadi Shihadeh, 2017. "Review the Literature and Theories on Anti-Money Laundering," Asian Development Policy Review, Asian Economic and Social Society, vol. 5(3), pages 140-147, September.
    3. Bassam Ali Raweh & Cao Erbao & Fadi Shihadeh, 2017. "Review the Literature and Theories on Anti-Money Laundering," Asian Development Policy Review, Asian Economic and Social Society, vol. 5(3), pages 140-147.
    4. Ronald F. Pol, 2018. "Anti-money laundering effectiveness: assessing outcomes or ticking boxes?," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 21(2), pages 215-230, May.
    5. Bassam Raweh & Fadi Shihadeh & Farouk Alobaidi & Abdullah Aloqab, 2018. "Do Yemeni Banks Adhere to Best Practices of Anti-Money Laundering?," Business and Economic Research, Macrothink Institute, vol. 8(1), pages 164-177, March.
    6. Mohammed Issah & Samuel Antwi & Solomon Kofi Antwi & Patience Amarh, 2022. "ANTI-MONEY LAUNDERING REGULATIONS AND BANKING SECTOR STABILITY IN Africa," Cogent Economics & Finance, Taylor & Francis Journals, vol. 10(1), pages 2069207-206, December.
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