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Corporate Governance and Social Responsibility: Combating Money Laundering in the Asia Pacific Region

In: Asia Pacific Financial Markets in Comparative Perspective: Issues and Implications for the 21st Century

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  • Bonnie Buchanan

Abstract

Corruption can take many forms. One of the most alarming aspects of corruption has been the impact of money laundering on financial markets. The amount of money laundered in the Asian region is estimated at approximately $200 billion, or one-fifth the global total. Some of the Asia-Pacific countries still lack any consistent anti-money laundering legislation. The Asia-Pacific region is also home to five of the six remaining non-cooperative countries and territories on The Financial Action Task Force's 2004 list. In this paper, I present a clinical examination of the impact of money laundering and Off-shore financial centres on Asian Pacific financial markets. I describe the money laundering cycle, tools and techniques utilized in the Asia-Pacific region as well as anti-money laundering measures and regulation.

Suggested Citation

  • Bonnie Buchanan, 2005. "Corporate Governance and Social Responsibility: Combating Money Laundering in the Asia Pacific Region," Contemporary Studies in Economic and Financial Analysis, in: Asia Pacific Financial Markets in Comparative Perspective: Issues and Implications for the 21st Century, pages 435-452, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:csefzz:s1569-3759(05)86018-8
    DOI: 10.1016/S1569-3759(05)86018-8
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