Anti-money laundering regulations’ effectiveness in ensuring banking sector stability: Evidence of Western Balkan

Durguti, Esat; Arifi, Erëza; Gashi, Emine; Spahiu, Muhamet

doi:10.1080/23322039.2023.2167356

Cited by 9 publications

(6 citation statements)

References 36 publications

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“…Money laundering means disguising the source of illegal funds acquired through criminal operations and converting them into legal funds in order to avoid prosecution. This money is laundered around the world through construct ion, real estate investments, luxury vehicles, and other luxuries (Durguti, Arifi, Gashi, & Spahiu, 2023).…”

Section: Introductionmentioning

confidence: 99%

The effect of the banking supervision on anti-money laundering

Benzerrouk,

Alnor,

Al-Matari

et al. 2023

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This article's goal is to investigate the connection between banking supervision (BakSup) and anti-money laundering (AnMeyLg). The study's hypothesized model was examined using a survey questionnaire research methodology. The Central Bank of Sudan and the compliance departments of Sudanese banks provided the information. Just 247 valid surveys were received out of a total distribution of 450 questionnaires. The partial least squares method for structural equation modeling was applied. The statistical findings supported the impact of banking supervision on anti-money laundering. In-depth discussions of the study's specifics and consequences were included at various points. There are several real-world applications of the findings of this study. Management can use the findings to guide their decisions on whether or not to establish anti-money laundering procedures in their banking firms. Banking supervision may provide managers with effective anti-money laundering strategies for maximizing bank performance and maintaining market share. This is one of the few empirical studies of its kind that looks at how banking supervision affects efforts to combat money laundering.

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Section: Introductionmentioning

confidence: 99%

The effect of the banking supervision on anti-money laundering

Benzerrouk,

Alnor,

Al-Matari

et al. 2023

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“…Deng et al , 2009; Zdanowicz, 2009; Salehi et al , 2017). It is also more generally referred to as a financial crime (Buchanan, 2004; AlQudah et al , 2022) that can put the financial sector stability and solvency at danger, especially in less developed nations with less advanced financial systems (Aluko and Bagheri, 2012; Ofoeda et al , 2022a; Durguti et al , 2023). It is perceived, moreover, as a potential hindrance to countries’ overall well-being (Dobrowolski and Sułkowski, 2019; Janjua and Khan, 2020; Ofoeda et al , 2022a).…”

Section: Introductionmentioning

confidence: 99%

Is money laundering a hurdle to achieving Sustainable Development Goals?

Gueddari

Saafi²,

Nouira

2023

JMLC

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Purpose The purpose of this study provide answers to the following research questions: Whether and to what extent money laundering affects the achievability and the trend of Sustainable Development Goals (SDGs)?; Does the influence of money laundering on the SDGs’ achievement differ from developing to developed countries?; How does the influence of money laundering vary among the 17 SDGs? Design/methodology/approach The paper’s analysis involves two key parts. In the first part, the authors perform a multivariate analysis to examine the influence of money laundering on the achievement of SDGs, and then in the second part, the authors make use of an ordered probit regression model to investigate the impact of money laundering on the trend of attaining each SDG. Findings Using a sample of 98 developed and developing countries, the regression results from multivariate analysis estimates show that money laundering has a strong inhibiting effect on the achievement of almost all the SDGs in the whole sample of countries and the sub-sample of developing countries, whereas no significant effect is observed for developed countries. However, for the SDG trends, the ordered probit estimates reveal that the harmful effect of money laundering occurs for all countries regardless their development level. In addition, perhaps surprisingly, the results from both the approaches yield also evidence advocating that money laundering activities might be associated with positive externalities on production and consumption. In fact, money laundering is found to have a significant positive influence on the achievement and the trend of SDG12 (Sustainable Consumption and Production). Overall, this study’s findings do have interesting policy implications, especially for developing countries. In these countries, prioritising the formulation and implementation of sound anti-money laundering policies is a necessary requirement for their progress towards achieving the SDGs. Originality/value The long-standing tradition of previous empirical studies examining the nexus between money laundering and sustainable development concentrates mainly on the economic dimension of sustainability (i.e. economic growth). However, little is known about the consequences of money laundering activities on the environment and the societies. Consequently, this study seeks to fill this gap by assessing the influence of money laundering on the achievement of the economic, environmental and social goals of sustainable development. To the best of the authors’ knowledge, this is the first integrated study to analyse the potential repercussions of money laundering on the SDGs’ achievement.

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“…The banking industry has long played a vital role in the global economy, providing financial services to individuals and businesses. However, the banking sector has also been a target for financial crimes such as money laundering, terrorist financing, and fraud [1]. However, the banking industry has also been the target of financial crimes such as money laundering, illicit financing and fraud, among which money laundering provides conditions for the legalization of proceeds from criminal activities.…”

Section: Introductionmentioning

confidence: 99%

“…However, the banking industry has also been the target of financial crimes such as money laundering, illicit financing and fraud, among which money laundering provides conditions for the legalization of proceeds from criminal activities. Because of its sophistication and the growing sophistication of criminals, money laundering has become a major challenge for banks [1,2]. As the amount of data generated by the banking industry continues to increase, the use of big data analytics is becoming critical in anti-money laundering compliance.…”

Section: Introductionmentioning

confidence: 99%

Big Data Analytics for Anti-Money Laundering Compliance in the Banking Industry

Jiao

2023

HSET

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The rapid growth of the digital economy and the complexity of financial transactions have led to a significant increase in money laundering activities, posing a problem that threating the global financial system. This study examines the use of big data techniques to strengthen anti-money laundering (AML) measures, specifically in the areas of suspicious activity reporting, customer due diligence, and trade-based money laundering. According to the analysis of these applications, it has been demonstrated that big data techniques can substantially strengthen the detection and prevention of money laundering activities by providing more accurate and timely insights, streamlining compliance processes, and facilitating cross-border collaboration among financial institutions and regulators. However, challenges related to data quality, privacy, security, and the need for continuous improvement to keep up with evolving money laundering schemes remain. Overall, this research highlights the importance of leveraging big data techniques in AML and their potential for combating money laundering, providing valuable insights and solutions for maintaining the integrity of the global financial system.

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Anti-money laundering regulations’ effectiveness in ensuring banking sector stability: Evidence of Western Balkan

Cited by 9 publications

References 36 publications

The effect of the banking supervision on anti-money laundering

The effect of the banking supervision on anti-money laundering

Is money laundering a hurdle to achieving Sustainable Development Goals?

Big Data Analytics for Anti-Money Laundering Compliance in the Banking Industry

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