IMF Working Papers

IMF Working Papers
Journal
Publisher:
International Monetary Fund
ISSN:
1018-5941
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
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Compliance with the AM+L4776L/CFT International Standard : Lessons from a Cross-Country Analysis

Compliance with the AM+L4776L/CFT International Standard : Lessons from a Cross-Country Analysis
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Journal Issue
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Volume/Issue:
2011/177
Series:
IMF Working Papers
Author(s):
Concha Verdugo Yepes
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
July 2011
DOI:
http://dx.doi.org/10.5089/9781462312306.001
ISBN:
9781462312306
ISSN:
1018-5941
Page:
75
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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