A cost‐effective strategy of implementing international anti‐corruption initiatives

Lishan Ai

Journal of Money Laundering Control, 2013, vol. 16, issue 1, 83-90

Abstract: Purpose - The purpose of this conference paper is to provide a contextual and better understanding of the nexus between corruption and money laundering, in order to enhance the role of anti‐money laundering (AML) in combating corruption. Design/methodology/approach - This paper analyses the key elements of the linkage between AML and anti‐corruption, and provides Australia and China as examples, demonstrating the potential importance of using AML to combat corruption. Findings - It is found that apart from the main financial sectors, designated non‐financial sectors and high‐risk customers involved businesses are also vulnerable for money laundering, such as non‐financial designated business and professions, and politically exposed persons. In the meantime, these factors are regarded as the key points to combat corruption. Originality/value - This paper highlights the corruption risks hidden in designated non‐financial business and professionals, and the risks of laundering the proceeds of corruption by politically exposed persons and financially exposed persons (FEPs).

Keywords: Australia; China; Corruption; Money laundering; Politically exposed persons (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:13685201311286887

DOI: 10.1108/13685201311286887

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