Implementation of the FATF 40+9 Recommendations

Neil Jensen and Cheong‐Ann Png

Journal of Money Laundering Control, 2011, vol. 14, issue 2, 110-120

Abstract: Purpose - This paper aims to examine the extent to which the Financial Action Task Force (FATF) 40+9 Recommendations have been implemented by developing countries from the Asia‐Pacific region and the issues pertaining to these countries. Design/methodology/approach - The paper uses the compliance ratings from published reports of assessments/mutual evaluations for these countries between 2004 and 2010 and makes comparisons with the ratings for FATF countries for that period. Findings - These developing countries have demonstrated positive developments in addressing anti‐money laundering and combating the financing of terrorism (AML/CFT) requirements and having their level of compliance evaluated through the rigorous process of assessment/mutual evaluation. Nonetheless, the general level of compliance is quite limited, not least when compared with FATF countries. This may be due to complexities of the FATF 40+9 Recommendations, challenges in prioritizing AML/CFT development amidst other national priorities and general limited capacity in these countries. An appreciation of the challenges faced by these countries is essential in the formulation and implementation of AML/CFT measures for these countries. Originality/value - This paper considers implementation of international standards for AML/CFT from the perspective of developing countries, which is an important contribution given the needs and peculiarities of these countries.

Keywords: Money laundering; Terrorism; Financing; Developing countries (search for similar items in EconPapers)
Date: 2011
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (text/html)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (application/pdf)
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:13685201111127777

DOI: 10.1108/13685201111127777

Access Statistics for this article

Journal of Money Laundering Control is currently edited by Dr Li Hong Xing and Prof Barry Rider

More articles in Journal of Money Laundering Control from Emerald Group Publishing Limited
Bibliographic data for series maintained by Emerald Support ().