Keywords
Citation
(2013), "2012 Awards for Excellence", Journal of Financial Crime, Vol. 20 No. 1. https://doi.org/10.1108/jfc.2013.30920aaa.002
Publisher
:Emerald Group Publishing Limited
Copyright © 2012, Emerald Group Publishing Limited
2012 Awards for Excellence
Article Type: 2012 Awards for Excellence From: Journal of Financial Crime, Volume 20, Issue 1
The following article was selected for this year's Outstanding Paper Award for Journal of Financial Crime
“Aligning anti-money laundering, combating of financing of terror and financial inclusion: questions to consider when FATF standards are clarified”
Louis de KokerDeakin University, Waurn Ponds, Australia
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.
Keywords Terrorism, Money laundering, Financial inclusion, Financing of terrorism, Customer due diligence
www.emeraldinsight.com/10.1108/13590791111173704
This article originally appeared in Volume 18 Number 4, 2011, pp. 361-86 Journal of Financial Crime
The following articles were selected for this year's Highly Commended Award
“How to protect and minimize consumer risk to identity theft”
Chad Albrecht, Conan Albrecht and Shay Tzafrir
This article originally appeared in Volume 18 Number 4, 2011, Journal of Financial Crime
“Risk-based approach for designing enterprise-wide AML information system solution”
Lishan Ai and Jun Tang
This article originally appeared in Volume 18 Number 3, 2011, Journal of Financial Crime
“The notion of stewardship from a company law perspective: Re-defined and re-assessed in light of the recent financial crisis?”
Arad Reisberg
This article originally appeared in Volume 18 Number 2, 2011, Journal of Financial Crime