Money laundering: has the Financial Action Task Force made a difference?

Johnson, Jackie; Lim, Yilin

doi:10.1108/13590790310808556

Cited by 39 publications

(29 citation statements)

References 5 publications

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“…mutual evaluation forces members to become more proactive in their AML enforcement'. 62 It also appears to have an empirically observable impact on FATF countries, improving their regulations and banking systems. 63 Previously, AML measures varied due to lack of international evaluation by an organisation like the FATF applying uniform standards and criteria based on a checklist of best practices.…”

Section: Mechanisms: Benchmarking and Best Practices In The Non-coopementioning

confidence: 99%

The other War on Terror revealed: global governmentality and the Financial Action Task Force’s campaign against terrorist financing

Heng¹,

McDonagh²

2008

Rev. Int. Stud.

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Abstract. Despite initial fanfare surrounding its launch in the White House Rose Garden, the War on Terrorist Finances (WOTF) has thus far languished as a sideshow, in the shadows of military campaigns against terrorism in Afghanistan and Iraq. This neglect is unfortunate, for the WOTF reflects the other multilateral cooperative dimension of the US-led 'war on terror', quite contrary to conventional sweeping accusations of American unilateralism. Yet the existing academic literature has been confined mostly to niche specialist journals dedicated to technical, legalistic and financial regulatory aspects of the WOTF. Using the Financial Action Task Force (FATF) as a case study, this article seeks to steer discussions on the WOTF onto a broader theoretical IR perspective. Building upon emerging academic works that extend Foucauldian ideas of governmentality to the global level, we examine the interwoven overlapping national, regional and global regulatory practices emerging against terrorist financing, and the implications for notions of government, regulation and sovereignty.

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Section: Mechanisms: Benchmarking and Best Practices In The Non-coopementioning

confidence: 99%

The other War on Terror revealed: global governmentality and the Financial Action Task Force’s campaign against terrorist financing

Heng¹,

McDonagh²

2008

Rev. Int. Stud.

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“…The role of auditors in detecting and reporting financial crime is vital in generating data upon which national authorities can act in criminal prosecutions. It is also relevant to international bodies such as the FATF in providing evidence-based justification for the blacklisting policy (Johnson and Lim, 2003;Sharman, 2009;Hulsse, 2008).…”

Section: Literature Reviewmentioning

confidence: 99%

The anti-money laundering expectations gap in Iran: auditor and judiciary perspectives

Imeny

Norton

Salehi

et al. 2021

JMLC

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Purpose This study aims to compare judicial and auditor expectations of audit in the detection and reporting of money laundering in Iran. It also aims to assess the implications of expectations gap for the reliability of data provided to the Financial Action Task Force (FATF) in its blacklisting policy. Design/methodology/approach Questionnaires were administered to auditors to determine perceptions of their anti-money laundering (AML) reporting obligations. These were also completed by Iranian judges who hear money laundering prosecutions and who agreed to participate in the research. The group was created through the “snowballing” technique. Findings There is significant divergence between judges and auditors regarding the latter’s AML reporting obligations. Self-perception among auditors regarding investigative duties is insufficiently aligned with expectations of the FATF, particularly where there is use of corporate structures, charities and trusts in which identity of true owners, of payers and payees of funds cannot be accurately verified. This gap presents a significant terrorist financing risk. Practical implications The expectations gap makes training in forensic accounting, as well as compliance with international reporting expectations, a matter of urgency for the Iranian auditing profession. The judiciary needs to be more aware of international expectations. Originality/value Data regarding judicial expectations of auditors’ AML reporting obligations is difficult to obtain and of a highly sensitive nature. This research has obtained such data which has relevance to the FATF blacklisting policy, and to international organisations tasked with disrupting terrorist financing networks.

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“…1 For general accounts of FATF see, for example, Kern (2001), Johnston andLim (2002), andTranøy (2002); for a political science approach to anti-money laundering see Helleiner (2002), Simmons (2000), Williams and Baudin-O'Hayon (2002). 2 http://www.fatf-gafi .org (accessed March 15, 2007).…”

Section: Notesmentioning

confidence: 99%

Global Standards in Action: Insights from Anti-Money Laundering Regulation

Hülsse

Kerwer

2007

Organization

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As organizations have come under the increasing influence of global rules of all sorts, organization scholars have started studying the dynamics of global regulation. The purpose of this article is to identify and evaluate the contribution to this interdisciplinary field by the `Stockholm Centre for Organisational Research'. The latter's key proposition is that while global regulation often consists of voluntary best practice rules it can nevertheless become highly influential under certain conditions. We assess how innovative this approach is using as a benchmark the state of the art in another field of relevance to the study of global regulation, i.e. `International Relations'. Our discussion is primarily theoretical but we draw on the case of global anti-money laundering regulation to illustrate our arguments and for inspirations of how to further elaborate the approach.

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Money laundering: has the Financial Action Task Force made a difference?

Cited by 39 publications

References 5 publications

The other War on Terror revealed: global governmentality and the Financial Action Task Force’s campaign against terrorist financing

The other War on Terror revealed: global governmentality and the Financial Action Task Force’s campaign against terrorist financing

The anti-money laundering expectations gap in Iran: auditor and judiciary perspectives

Global Standards in Action: Insights from Anti-Money Laundering Regulation

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