Report highlights countries complying with Financial Action Task Force

The Global South Dialogue on Economic Crime (GSDEC) has published a report on countries’ compliance with the Financial Action Task Force (FATF).

The report authored by Dr. Nkechikwu Azinge-Egbiri and Dr. Kolawole Ebire examines 99 countries globally with a focus on West Africa.

The 83-page report entitled, ‘An Analysis of Compliance and Effectiveness Status of Assessed Countries under the Fourth Round and its FRSB Equivalent’, is published on the GSDEC’s website.

The report evaluates countries’ technical compliance and effectiveness based on the FATF’s fourth round of evaluations.

It explores the factors that determine compliance outcomes of countries, including the influence of the FATF methodology, the composition of assessment experts and language.

It examines the standards countries with and their level of compliance. While the report looks at 99 countries – empirically – it narrows down to West Africa in its analysis.

The report contends that countries that conduct robust risk assessments have a deeper understanding of their risks and comply strongly with the FATF standards.

It also suggests that the much-improved FATF methodology still has challenges as its applicability has unintended consequences for developing countries.