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

See all articles by Ali Alkaabi

Ali Alkaabi

Queensland University of Technology

George Mohay

Information Security Institute, Queensland University of Technology

Adrian McCullagh

Griffith University

Nicholas Chantler

affiliation not provided to SSRN

Date Written: January 20, 2010

Abstract

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

Suggested Citation

Alkaabi, Ali Obaid and Mohay, George and Mccullagh, Adrian and Chantler, Nicholas, A Comparative Analysis of the Extent of Money Laundering in Australia, UAE, UK and the USA (January 20, 2010). Finance and Corporate Governance Conference 2010 Paper. Available at SSRN: https://ssrn.com/abstract=1539843 or http://dx.doi.org/10.2139/ssrn.1539843

Ali Obaid Alkaabi (Contact Author)

Queensland University of Technology ( email )

2 George Street
Brisbane, Queensland 4000
Australia
(+61 7) 3221 2384 (Fax)

George Mohay

Information Security Institute, Queensland University of Technology ( email )

GPO Box 2434
Brisbane, Queensland 4001
Australia

HOME PAGE: http://www.isi.qut.edu.au/

Adrian Mccullagh

Griffith University ( email )

170 Kessels Road
Nathan, Queensland QLD 4111
Australia

Nicholas Chantler

affiliation not provided to SSRN

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