Soft Organizations, Hard Powers: The FATF and the FSB as Standard-Setting Bodies

Vido, Sara De

doi:10.1515/gj-2018-0030

Cited by 3 publications

(2 citation statements)

References 20 publications

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“…The FATF often expanded its jurisdiction, i.e. found to inspect virtual currencies concerning corruption and ML, although it was not in its ambit (De Vido, 2019). Further, FATF showed concern about the hawala system; nevertheless, the hawala could be used for legitimate and illegitimate purposes (Zagaris, 2007; Passas, 2004; Perkel, 2004).…”

Section: Literature Reviewmentioning

confidence: 99%

The sustainability of the international AML regime and the role of the FATF. The objectivity of the greylisting process of developing jurisdictions like Pakistan

Sultan

Mohamed

Said

et al. 2023

JMLC

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Purpose This study aims to explore the perception of the compliance officers of the Pakistani financial sector towards the placement of Pakistan on the grey list by the Financial Action Task Force (FATF). Design/methodology/approach To achieve this objective, the study adopted a qualitative methodology and conducted semi-structured interviews with different financial institutes and their regulators. Findings The study found that role of the FATF is lopsided and politically motivated towards Pakistan. Although Pakistan has loopholes like many other countries, its treatment in the FATF is irregular. Therefore, the decision of the greylisting is not purely based on technical compliance, but political preferences are the determinative aspect. Originality/value This study provides a holistic overview of the FATF greylisting mechanism and how Pakistan is treated. This might provide both the FATF and Pakistan to revisit their policies.

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Section: Literature Reviewmentioning

confidence: 99%

The sustainability of the international AML regime and the role of the FATF. The objectivity of the greylisting process of developing jurisdictions like Pakistan

Sultan

Mohamed

Said

et al. 2023

JMLC

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“…FATF recommendations regarded as soft law bodies’ recommendation, then suddenly transform into Hard Law for compulsory compliance by countries seeking loans from IMF and WB. That is a key source of FATF’s coercive power (Dostov et al , 2019; De Vido, 2018).…”

Section: Literature Reviewmentioning

confidence: 99%

Role of FATF on financial systems of countries: successes and challenges

Nanyun

Nasiri²

2020

JMLC

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Purpose This paper aims to examine the extent of successes and challenges of adoption and implementation of Financial Action Task Force (FATF) codes in member states by highlighting the influence of the FATF anti-money laundering policy framework on money laundering (ML) and the way forward in heightening the fight against the fast-evolving nature of ML and terrorist financing activities. Design/methodology/approach This paper, based on a purely qualitative desktop study, is drawn on historical information from FATF’s recommendations, its periodic reports, publications and other secondary sources such as books, journal articles on financial systems and scholarly literature. Findings The challenges found include difficulty in domestic coordination, capacity constraints of countries, inadequate operational resources and assessment complexities in the implementation of FATF standards. Nonetheless, FATF has chalked some successes such as the harmonization of legislation and enforcement efforts through the provision of coordination points. Other successes include flexibility in response to new threats, adoption of the mutual evaluation process, which advanced peer pressure on defaulting members, enhancement of the international financial space and the enhancement of the legitimization of FATF’s processes. Originality/value This paper provides a description of the successes and challenges of the FATF’s 40 + 9 recommendations since its establishment. The outcome would alert countries and players within the international financial space to invest more in capacity building and the entrenchment of the recommendations into their domestic laws.

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Virtual Currencies: New Challenges to the Right to Privacy? An Assessment under the V AML Directive and the GDPR

Vido

2020

Global Jurist

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The purpose of this article is to analyse virtual currencies, with specific regard to Bitcoins, in light of a specific human right, the right to privacy. In the first part, this contribution will reflect on the effectiveness of the Fifth European Union Anti-Money Laundering Directive (V AML Directive) in ‘regulating’ the exchange between fiat and virtual currencies for the purpose of anti-money laundering and counter-terrorist financing. In the second part, it will explore whether the General Data Protection Regulation (GDPR) is applicable or not to the virtual currencies network.

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Soft Organizations, Hard Powers: The FATF and the FSB as Standard-Setting Bodies

Cited by 3 publications

References 20 publications

The sustainability of the international AML regime and the role of the FATF. The objectivity of the greylisting process of developing jurisdictions like Pakistan

The sustainability of the international AML regime and the role of the FATF. The objectivity of the greylisting process of developing jurisdictions like Pakistan

Role of FATF on financial systems of countries: successes and challenges

Virtual Currencies: New Challenges to the Right to Privacy? An Assessment under the V AML Directive and the GDPR

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