A comparative analysis of the FIUs and FATF compliance of Canada, Australia, The Netherlands and India
| Date | 17 November 2023 |
| Pages | 886-900 |
| DOI | https://doi.org/10.1108/JMLC-09-2023-0155 |
| Published date | 17 November 2023 |
| Author | Durgesh Pandey |
A comparative analysis of the
FIUs and FATF compliance of
Canada, Australia, The
Netherlands and India
Durgesh Pandey
School of Management Studies, National Forensic Sciences University,
Gandhinagar, India
Abstract
Purpose –This paper aims to analyse the Financial Intelligence Units (FIUs) of Canada, Australia, The
Netherlandsand India, focussing on key internal and external processes,such as the exchange of information,
operations and compliancewith Financial Action Task Force (FATF) recommendations.The paper relies on
secondary sources to compare and assess the practices and strategies employed by FIUs within these
jurisdictions.
Design/methodology/approach –The paper relies on secondary sources to compare and assess the
practicesand strategies used by FIUs within these jurisdictions.
Findings –The ability to combat money launderingand the financing of terrorism (AML/CFT) in countries
is influenced by several internaland external factors, including the efficiency of their FIUs’and compliance
with FATF recommendations.The analysis of FIUs across the countries demonstratesa raft of multifaceted
challenges and concerns. Yet, when it comes to compliancewith FATF’s recommendations, shared concerns
emerge, hinting at the complex interplay between country-specific operations and global compliance
standards. Thepaper recommends enhancements to the FIUs’operationalefficiency and overall effectiveness
in combatingfinancial crimes.
Research limitations/implications –The paper’sfindingsare limited to openly available data (such as
annual reportsand internet sources) for the respective countries. Thepaper relies on the transparency of FIUs
through public media, focusing on comparingand analysing the FIUs of only four specific countries, which
limits the generalisationsof the findings.
Practical implications –This paper is significantfor policymakers and FIU authorities, as they strive to
improve the effectiveness of theirunits and assess their performance in alignment with international
standards. The comparative analysisof the FIUs of India, Australia, Canada and The Netherlands provides
valuable insights and recommendations that can inform policymakers and operational strategies towards
enhancinghow FIUs function globally.
Originality/value –This paper offers a unique comparative analysis of the FIUs of India, Australia,
Canada and The Netherlands. Its findings have practicalimplications for policymakers and FIU authorities
towards enhancing performance against international AML/CFT standards and promoting global
cooperation.
Keywords India, Australia, Canada, The Netherlands, Money laundering, Government agencies,
Financial Intelligence Units, FIU, FATF, AML
Paper type Research paper
The author would like to thank the anonymous reviewers for the review.
Funding: The author received no financial support for the research, authorship and/or publication
of this article.
JMLC
27,5
886
Journalof Money Laundering
Control
Vol.27 No. 5, 2024
pp. 886-900
© Emerald Publishing Limited
1368-5201
DOI 10.1108/JMLC-09-2023-0155
The current issue and full text archive of this journal is available on Emerald Insight at:
https://www.emerald.com/insight/1368-5201.htm
Get this document and AI-powered insights with a free trial of vLex and Vincent AI
Get Started for FreeStart Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting