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

July 1, 2011

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Format: Chicago

Concha Verdugo Yepes. Compliance with the AM+L4776L/CFT International Standard: Lessons from a Cross-Country Analysis, (USA: International Monetary Fund, 2011) accessed November 21, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Financial sector, Legal support in revenue administration, Money laundering, Post-clearance customs audit

Keywords: CFT assessment, CFT institution, CFT measure, CFT regime rating, CFT standard, Compliance Index, WP

Publication Details

Pages:

75
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2011/177
Stock No:

WPIEA2011177
ISBN:

9781462312306
ISSN:

1018-5941

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