Introducing the 11th Principle of the United Nations Global Compact to Fulfill Sustainability Aim – The Benefits by Including Anti-Money Laundering
14 Pages Posted: 21 Aug 2019
Date Written: August 20, 2019
Recent research highlights a need for non-financial companies to actively and effectively engage in the combat against money laundering and thereby support the financial sector in the struggle. Furthermore, research emphasize the need to combine anti-corruption and anti-money laundering efforts at the highest international level in order to become successful. One approach towards engaging non-financial as well as financial companies in anti-corruption efforts is through the United Nations Global Compact. However, the UN Global Compact mainly focuses on anti-corruption with indirect links to anti-money laundering. The purpose of this paper is therefore to show how an inclusion of anti-money laundering measures in the UN Global Compact will improve the aim and effect of the UN Global Compact. It is concluded by the analysis that the UN Global Compact will benefit from an inclusion of anti-money laundering in the principles of the Global Compact. Furthermore, the financial sector and the legitimate society will benefit greatly from engagement from non-financial companies in the battle against money launderers.
Keywords: Anti-money laundering, Anti-corruption, UN Global Compact, Financial sector
JEL Classification: F53, M14, K2
Suggested Citation: Suggested Citation