IDEAS home Printed from https://ideas.repec.org/a/gam/jlawss/v11y2022i1p8-d726585.html
   My bibliography  Save this article

New Financial Action Task Force Recommendations to Fight Corruption and Money Laundering

Author

Listed:
  • Stuart S. Yeh

    (Department of Organizational Leadership, Policy, and Development, University of Minnesota, Minneapolis, MN 55455, USA)

Abstract

A model Anticorruption Protocol to the United Nations Convention against Corruption (APUNCAC) would implement international requirements to report the beneficial ownership of funds involved in certain financial transactions. The purpose is to discourage laundering of illicit funds by attaching legal consequences to each failure to obtain and submit a required report of beneficial ownership, and each failure by a front man who poses as a beneficial owner to supply true information regarding the identity of the actual beneficial owner. This article is the fourth in a series of articles describing APUNCAC’s anti-money laundering (AML) provisions and focus on beneficial owner transparency. The companion articles focused on issues regarding international jurisdiction and enforcement of APUNCAC regarding distant offshore personnel and illustrated the application of APUNCAC to specific money laundering channels. This article translates APUNCAC’s key provisions into proposed Financial Action Task Force (FATF) recommendations, provides guidance regarding the necessary domestic conforming legislation, responds to frequently asked questions, and discusses the rationale for expansion of existing FATF recommendations.

Suggested Citation

  • Stuart S. Yeh, 2022. "New Financial Action Task Force Recommendations to Fight Corruption and Money Laundering," Laws, MDPI, vol. 11(1), pages 1-20, January.
  • Handle: RePEc:gam:jlawss:v:11:y:2022:i:1:p:8-:d:726585
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2075-471X/11/1/8/pdf
    Download Restriction: no

    File URL: https://www.mdpi.com/2075-471X/11/1/8/
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Benedict E. DeDominicis, 2022. "Web3, Hegemony And Anonymity: The Transnational Social Identity Dynamics Of Globalized National Political Economic Interdependency," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 16(1), pages 91-119.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jlawss:v:11:y:2022:i:1:p:8-:d:726585. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.