Key points are not available for this paper at this time.
Money launderers prefer to use financial services as the ideal medium to launder. The study aimed to provide an overview of the global AML/CFT regulations, application and how they should evolve in this dynamic environment. To gather more insight, a qualitative study was undertaken with relevant documents analysed. The main findings were: country implementation of the global AML/CFT regulations differed due to political and economic factors amongst others. While the various AML/CFT enforcements done by sampled countries were mainly cease and desist orders and monetary penalties which were publicized; and drawbacks of global AML/CFT regulations centered on application of these regulations and emerging trends. These include among other definitions of money laundering, reference to the three stage of money laundering, link between penalty and violations, technological innovations and regulations paradigm shift, cyber-attacks and data privacy. The study contributes to application and growing body of knowledge in that the advent of technology has resulted in better consumer experiences, new payment platforms, products, and services. However, these innovations have broadened emerging money laundering risks and risks in general to the financial system. Hence the need to conduct research based FATF Recommendations as risk is dynamic and not static.
Gaviyau et al. (Tue,) studied this question.