To comply, or not to comply: the question is why

Anne-Mie Reheul () and Tom Van Caneghem ()
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Anne-Mie Reheul: KU Leuven
Tom Van Caneghem: Universiteit Antwerpen, Antwerp Management School, KU Leuven

European Journal of Law and Economics, 2024, vol. 58, issue 1, No 2, 46 pages

Abstract: Abstract In this large-scale empirical study, we examine drivers of compliance with the first filing requirement for the Ultimate Beneficial Owners (UBO) register in Belgium, which results from the implementation of the 4th EU Anti-Money Laundering Directive. Our focus on nonprofit organizations (NPOs) is inspired by their strong objection against the UBO regulation and their lower UBO compliance compared to for-profits in Belgium. We show that UBO compliance is significantly improved by the introduction of an administrative monetary fine, and is positively related to reliance on donations and grants, capacity of the organization, and NPO age. Our study implies a meaningful contribution to the scarce literature on nonprofit compliance.

Keywords: Compliance; Anti-money laundering; Regulation; Nonprofit; Capacity (search for similar items in EconPapers)
JEL-codes: K23 K42 L31 L33 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s10657-024-09804-0

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