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Compliance with the AM+L4776L/CFT International Standard: Lessons from a Cross-Country Analysis

  • Concepción Verdugo Yepes
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    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.

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

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    Length: 75
    Date of creation: 01 Jul 2011
    Date of revision:
    Handle: RePEc:imf:imfwpa:11/177
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    1. 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.
    2. Ross Levine, 2004. "Finance and Growth: Theory and Evidence," NBER Working Papers 10766, National Bureau of Economic Research, Inc.
    3. 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.
    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. Boileau Loko & Mame Astou Diouf, 2009. "Revisiting the Determinants of Productivity Growth - What’s new?," IMF Working Papers 09/225, International Monetary Fund.
    6. Richard Podpiera, 2004. "Does Compliance with Basel Core Principles Bring Any Measurable Benefits?," IMF Working Papers 04/204, International Monetary Fund.
    7. Alessandro Gambini & Salim M. Darbar & Marco Arnone, 2007. "Banking Supervision: Quality and Governance," IMF Working Papers 07/82, International Monetary Fund.
    8. 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.
    9. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
    10. 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.
    11. Richard Podpiera, 2006. "Does Compliance with Basel Core Principles Bring Any Measurable Benefits?," IMF Staff Papers, Palgrave Macmillan, vol. 53(2), pages 5.
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