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Please use this identifier to cite or link to this item: http://hdl.handle.net/2108/99

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contributor.authorBagella, Michele-
contributor.authorBecchetti, Leonardo-
contributor.authorLo Cicero, Massimo-
description.abstractWe analyse the accomplishment rates of anti money laundering recommendations of the Financial Action Task Force (FATF) in the five Andean countries between 1989 and 1999. We find an uneven application of FATF recommendations across these countries, mainly due to differences in the regulation of the financial and banking systems and in the degree of interregional and international cooperation. We also identify the main money laundering channels adopted in each country and find a correspondence between the lack of specific domestic legislation and the development of specific local money laundering techniques. Finally, with an econometric test on money demand, we observe that a stricter FATF compliance relative to neighbouring countries has significant negative effects on excess domestic cash balances, net of the positive effect generated by the higher compliance per se. Our policy advice is therefore that a coordinated anti money laundering action is urgently needed in order to avoid such externalitiesen
description.tableofcontentsStructure and methodology of the research - Comparative results on the accomplishments of FATF regulation in the Andean countries - Descriptive evidence on the relationship between FATF compliance and the taxonomy of money laundering techniques in the Andean countries - The direct effect and the externality effect of FATF accomplishment. A test on excess money balances - Data source and estimation methodsen
format.extent96509 bytes-
relation.ispartofseriesQuaderni CEIS-
titleRegional externalities and direct effects of legislation against money laundering: a test on excess money balances in the five andean countriesen
Appears in Collections:Quaderni
Research in Economics and Institutions

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