Examining Anti-Bribery and Corruption Measures in a Single Framework to Combat Money Laundering and Terrorist Financing

Author: Svetlana Agayeva, CAMS-Audit

Corruption and money laundering are synergistic—not only do they tend to occur together, but also the presence of one tends to reinforce the other. The aim of this paper is to make a contribution to the existing audit framework by interrelating corruption and money laundering risks. This paper follows on recent regulatory developments to combat one type of financial crime that could be successfully employed in fighting the other. A more demanding regulatory landscape requires financial institutions to enhance existing controls and procedures of anti-money laundering (AML), anti-bribery and corruption programs. Understanding synergies between corruption and money laundering would enhance knowledge of each problem and would suggest a need for a continuous dialogue among audit teams covering financial crime compliance reviews. Ensuring holistic and consistent application of compliance with AML and ABC requirements is a challenging task facing internal audit function.

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