Purpose

This paper aims to study the effectiveness of the implementation of the Financial Action Task Force (FATF) recommendations in the UK in an attempt to combat the laundering of proceeds of corruption.

Design/methodology/approach

A desk review of secondary resources was conducted to analyze available literature to examine the research topic.

Findings

The leakage of 11.5 million documents, known as the Panama papers, has revealed that the UK functioned as a safe haven for illicit and corrupt money. In an attempt to address this, the country called for a public registry of beneficial owners to disclose the identities of the owners of the incorporated corporations and to extend them to individuals abroad holding UK property. The FATF report recognizes the UK’s far-reaching regulation. Despite the measures taken, UK still faces serious risks with regard to the laundering of criminal proceeds, which demonstrates that technical compliance with FATF rules is not enough to effectively curb money laundering.

Originality/value

This study suggests that FATF rules’ effectiveness in identifying instances of laundering the proceeds of corruption is limited because of the deeply rooted system vulnerabilities and the rapid changes in money laundering trends.

中文翻译：

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金融行动特别工作组和洗钱：对巴拿马文件的批判性分析和联合王国的作用

目的

本文旨在研究在英国实施金融行动特别工作组 (FATF) 建议以打击腐败所得洗钱活动的有效性。

设计/方法/方法

对次要资源进行了案头审查，以分析可用文献以检查研究主题。

发现

被称为巴拿马文件的 1150 万份文件的泄露表明，英国是非法和腐败资金的避风港。为了解决这个问题，该国呼吁设立一个受益所有人的公共登记处，以披露注册公司所有人的身份，并将其扩展到在国外持有英国财产的个人。FATF 报告承认英国影响深远的监管。尽管采取了措施，但英国在犯罪所得洗钱方面仍面临严重风险，这表明在技术上遵守 FATF 规则并不足以有效遏制洗钱活动。

原创性/价值

这项研究表明，由于根深蒂固的系统漏洞和洗钱趋势的快速变化，FATF 规则在识别腐败所得洗钱实例方面的有效性是有限的。