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Aligning anti-money laundering, combating of financing of terror and financial inclusion : Questions to consider when FATF standards are clarified

de Koker, Louis 2011, Aligning anti-money laundering, combating of financing of terror and financial inclusion : Questions to consider when FATF standards are clarified, Journal of financial crime, vol. 18, no. 4, pp. 361-386.

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Title Aligning anti-money laundering, combating of financing of terror and financial inclusion : Questions to consider when FATF standards are clarified
Author(s) de Koker, Louis
Journal name Journal of financial crime
Volume number 18
Issue number 4
Start page 361
End page 386
Total pages 26
Publisher Emerald Group Publishing
Place of publication Bingley, England
Publication date 2011
ISSN 1359-0790
1758-7239
Keyword(s) Terrorism
Money laundering
Financial inclusion
Financing of terrorism
Customer due diligence
Summary Purpose – The purpose of this paper is to identify key questions that should be addressed to enable the Financial Action Task Force (FATF) to provide guidance regarding the alignment of anti-money laundering, combating of financing of terror and financial inclusion objectives.
Design/methodology/approach – The paper draws on relevant research and documents of the FATF to identify questions that are relevant to consider when it formulates guidance regarding the alignment between financial integrity and financial inclusion objectives.
Findings – The FATF advises that its risk-based approach enables countries and institutions to further financial inclusion. It is, however, not clear what the FATF means when its uses the terms “risk” and “low risk”. It is also unclear whether current proposals for financial inclusion regulatory models will necessarily limit money laundering (ML) aswell as terror financing risks to levels that can be described as “low”. The FATF will need to clarify its own thinking regarding low money laundering and low terror financing risk before it will be able to provide clear guidance to national regulators and financial institutions.
Originality/value – This paper was drafted to inform current FATF discussions regarding guidance on financial inclusion. The questions are relevant to all stakeholders in financial regulation.
Language eng
Field of Research 180119 Law and Society
Socio Economic Objective 940403 Criminal Justice
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2011, Emerald Group Publishing
Persistent URL http://hdl.handle.net/10536/DRO/DU:30039929

Document type: Journal Article
Collections: Faculty of Business and Law
School of Law
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