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Background of Anti-Money Laundering Regulation in Modern Economic Theory

Nataliya Yu. Tanyushcheva ()
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Nataliya Yu. Tanyushcheva: Astrakhan State University, Astrakhan 414056, Russian Federation

Finansovyj žhurnal — Financial Journal, 2019, issue 6, 96-107

Abstract: The FATF (Financial Action Task Force) obtained the status of an intergovernmental organization, and published the first edition of anti-money laundering standards (40 Recommendations) in 1999. Economists have investigated money laundering typologies, as well as the principles, objectives, and financial instruments of anti-money laundering control, which are formed and implemented by governments and financial organizations in pursuance of anti-money laundering standards. At the same time, all authors mention FATF standards as something unshakable, not subject to discussion. The theory and methodology of anti-money laundering regulation's impact on financial institutions, national financial systems, international finance, and macroeconomics have been developing fragmentarily. We study the known forms of supranational regulation of financial sectors and the vector of their evolution, and present the prerequisites of anti-money laundering associated with the negative impact of money laundering on the economy and society.

Keywords: anti-money laundering regulation; FATF; money laundering; anti-money laundering regime (search for similar items in EconPapers)
JEL-codes: E26 F38 F65 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.31107/2075-1990-2019-6-96-107

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Handle: RePEc:fru:finjrn:190607:p:96-107