A Comparative Analysis of the Extent of Money Laundering in Australia, UAE, UK and the USA
13 Pages Posted: 22 Jan 2010 Last revised: 27 Jan 2010
Date Written: January 20, 2010
The IMF has estimated that the extent of money laundering globally is between 2 to 5 percent of the world’s gross domestic product. This figure is larger than the GDP of all but a handful of countries and represents correspondingly huge risks to global financial stability and to the financial well-being and stability of many countries. This paper provides a comparative analysis of the extent of Money Laundering over the last decade across four countries which represent a spectrum of economic development and culture: Australia, the UAE, the UK and the USA. We do so with a view to understanding their anti-money laundering systems and their recent efforts to improve the effectiveness of those systems. In the case of the UAE, we examine also the cultural influences which differentiate it from the other three countries and which have necessarily been a factor in shaping those efforts and their current system. Money laundering and related statistics including the number of Suspicious Activity Reports (SARs) received from 1999 to 2008 are analyzed. The paper consolidates and analyses information made available by the government websites of these countries and information made available through other sources, both academic and non-academic. It is clear that international efforts to combat money laundering have achieved considerable success over the decade. It is also clear that there is more to be done, by policy makers, by regulators, and by evaluators, and in particular that success in combating money laundering globally must more precisely address cultural and historical differences amongst the international community.
Keywords: Money Laundering, Investigation, Estimations, SARs, Australia, UAE, UK, USA
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