Evgeniya S. KOTUKHOVARussian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russian Federation kotuxova2012@mail.ru ORCID id: not available
Subject. Responding to new global security challenges at the end of the 20th century, countries established financial action systems against money laundering (FATF) and national systems countering money laundering and terrorism financing (AML/CFT). Seeing rapidly changing circumstances and AML/CFT threats, the global community and national governments have to continuously improve their anti-money laundering mechanisms. Objectives. We evaluate the efficiency of national financial monitoring systems worldwide. Methods. The study is based on the systems approach, methods of comparative analysis and economic-mathematical modeling. Results. Having analyzed the foreign practices, we discovered that national financial monitoring systems were established under the FATF standards, though still having their own distinctions. We evaluated the efficiency of AML/CFT systems in the USA, the UK, Israel, China and the EAEU. The article highlights strengths and weaknesses of some financial monitoring systems. We made our suggestions how the international cooperation in AML/CFT should be developed. Conclusions and Relevance. Key actions for raising the efficiency of the Russian AML/CFT system shall address anti-money laundering legislation, especially during the dynamic digitalization in financial technology and cybercrime.
Keywords: financial monitoring, AML/CFT, FATF
References:
Brichka E.I., Zakharchenko E.S., Zharkova Yu.S. [International system for money laundering and financing of terrorism counteraction: The analysis of global indicators]. Vestnik MGOU. Ser. Ekonomika = Bulletin of Moscow Region State University. Series Economics, 2020, no. 4, pp. 8–15. (In Russ.) URL: Link
Proshunin M.M. [Financial monitoring and digital economy: challenges and solutions]. Finansovoe pravo = Financial Law, 2018, no. 8, pp. 3–7. (In Russ.)
Edronova V.N. [A financial monitoring methodology: national risk assessment]. Finansy i kredit = Finance and Credit, 2016, vol. 22, iss. 16, pp. 27–39. URL: Link (In Russ.)
Zolotarev E.V. [On countering the legalization (laundering) of criminal proceeds during the automation of control processes and extraterritorial principles of FATCA]. Nalogovaya politika i praktika = Tax Policy and Practice, 2013, no. 9-1, pp. 7–10. (In Russ.)
Scherrer A. Fighting Tax Crimes: Ex-post Evaluation of the Cooperation between Financial Intelligence Units. European Parliamentary Research Service. 2018, 88 p. URL: Link the World Bank
Stepanova D.I., Lyukshin A.M. [Analyzing the financial monitoring system with evidence from developed countries]. Finansovye issledovaniya = Financial Research, 2018, no. 4, pp. 144–154. (In Russ.)
Glotov V.I., Arzhanov I.A. [International experience in AML/CFT risk assessment]. Finansovye issledovaniya = Financial Research, 2018, no. 4, pp. 23–34. (In Russ.)
Morozov V.G. [American experience of struggle against legalization of criminal income]. Ekonomika i biznes: teoriya i praktika = Economics and Business: Theory and Practice, 2019, no. 3-2, pp. 32–35. (In Russ.) URL: Link
Morozov V.G. [Chinese experience of struggle against legalization of criminal incomes]. Ekonomika i biznes: teoriya i praktika = Economics and Business: Theory and Practice, 2019, no. 4-2, pp. 136–140. (In Russ.) URL: Link
