Eduard Ivanov: How much ‘hard law’ is good for anti-corruption compliance?
Since the FATF 40 Recommendations were published in 1990, Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) compliance became one of the most regulated fields. By contrast, anti-corruption compliance is developing under the influence of international soft law.
Perhaps it is time to discuss which model of regulation is more effective and helpful for the business sector.
Hard law or soft law? The global AML/CFT system is based on the classical model of legal regulation. The FATF standards have created a very detailed framework for AML/CFT compliance. They are implemented into national laws and industry-specific regulations. Financial institutions and designated non-financial businesses and professions have an obligation to fully implement AML/CFT compliance systems in accordance with national laws.
No comments:
Post a Comment