Anti-money laundering and anti-terrorism financing: a survey of the existing literature and a future research agenda

Abstract

Purpose

There is a significant focus today on the deficiencies of the financial system as the sector continues to boom while facing the growing pains of financial scandals, money laundering and the financing of terrorism around the world. Here, this study aims to investigate past research and the development of knowledge and practice in the area of countering money laundering and terrorist financing. Additionally, we draw attention to the gaps in the preventive mechanisms adopted by countries to fight against anti-money laundering (AML) and anti-terrorism financing (ATF) and to highlight areas for possible future research.

Design/methodology/approach

This study was carried out through a systematic literature review of the existing work on AML and ATF.

Findings

The general findings of the reviewed papers show the deficiencies in the laws, acts and preventive measures meant to fight money laundering and terrorism financing and support the need for more research in this area in terms of law, regulations and technological matters.

Originality/value

Providing a concrete understanding of the concept of AML and terrorist financing and contributing the theoretical development in the area.

Citation

Al-Suwaidi, N.A. and Nobanee, H. (2021), "Anti-money laundering and anti-terrorism financing: a survey of the existing literature and a future research agenda", Journal of Money Laundering Control, Vol. 24 No. 2, pp. 396-426. https://doi.org/10.1108/JMLC-03-2020-0029