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Money laundering and the risk of diminishing returns

Money laundering and the risk of diminishing returns Purpose – Concern about money laundering and the financing of terrorism has become one of the major preoccupations of governments and financial sector regulators around the world. This paper aims to discuss this issue in the context of regulatory standards now being introduced around the world following recommendations of the Financial Action Task Force, an inter‐governmental body based in Paris, set up in 1989 by the G7. Design/methodology/approach – This is an opinion piece based on current and recent developments in financial regulations. Findings – Businesses in the financial sector are having to comply with a substantial amount of new legal obligations which are designed to draw them into a comprehensive web of safeguards and controls that has the ultimate aim of detecting money laundering and terrorist financing activity. Originality/value – This paper will be of value to those involved in corporate governance and regulation. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Managerial Auditing Journal Emerald Publishing

Money laundering and the risk of diminishing returns

John Davies
Managerial Auditing Journal , Volume 22 (7): 4 – Jul 31, 2007
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Publisher
Emerald Publishing
Copyright
Copyright © 2007 Emerald Group Publishing Limited. All rights reserved.
ISSN
0268-6902
DOI
10.1108/02686900710772618
Publisher site
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Abstract

Purpose – Concern about money laundering and the financing of terrorism has become one of the major preoccupations of governments and financial sector regulators around the world. This paper aims to discuss this issue in the context of regulatory standards now being introduced around the world following recommendations of the Financial Action Task Force, an inter‐governmental body based in Paris, set up in 1989 by the G7. Design/methodology/approach – This is an opinion piece based on current and recent developments in financial regulations. Findings – Businesses in the financial sector are having to comply with a substantial amount of new legal obligations which are designed to draw them into a comprehensive web of safeguards and controls that has the ultimate aim of detecting money laundering and terrorist financing activity. Originality/value – This paper will be of value to those involved in corporate governance and regulation.

Journal

Managerial Auditing Journal – Emerald Publishing

Published: Jul 31, 2007

Keywords: Regulation; Money laundering

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