货币政策、金融发展与洗钱：国际证据

IF 3.1 3区经济学 Q1 ECONOMICS

Quarterly Review of Economics and Finance Pub Date : 2025-09-19 DOI:10.1016/j.qref.2025.102051

Nguyen-Quynh-Nhu Ngo , Ngoc-Yen-Nhi Vuong , M. Kabir Hassan , Mabruk Billah

{"title":"货币政策、金融发展与洗钱：国际证据","authors":"Nguyen-Quynh-Nhu Ngo , Ngoc-Yen-Nhi Vuong , M. Kabir Hassan , Mabruk Billah","doi":"10.1016/j.qref.2025.102051","DOIUrl":null,"url":null,"abstract":"<div><div>The role of monetary policy in combating money laundering is underexplored. This study examines how central bank monetary instruments, financial development, and governance influence anti-money laundering (AML) effectiveness across 126 countries (2012–2022). Using macroeconomic theories, we analyze financial institutions’ trade-offs between AML compliance and profit-driven behaviors, such as exploiting high deposit rates. Key findings indicate: (1) broad money supply weakens AML effectiveness, especially post-2015 due to FinTech growth; (2) deposit rates, amplified by financial development, increase money laundering risks; (3) strong control of corruption enhances AML, particularly in less developed financial systems. These results, derived from OLS with robust standard errors and two-step system GMM, highlight the need to integrate AML objectives into monetary and financial policies through targeted measures, including interest rate monitoring, AI-driven transaction tracking, FATF cooperation, and governance reforms.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"104 ","pages":"Article 102051"},"PeriodicalIF":3.1000,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Monetary policy, financial development and money laundering: International evidence\",\"authors\":\"Nguyen-Quynh-Nhu Ngo , Ngoc-Yen-Nhi Vuong , M. Kabir Hassan , Mabruk Billah\",\"doi\":\"10.1016/j.qref.2025.102051\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>The role of monetary policy in combating money laundering is underexplored. This study examines how central bank monetary instruments, financial development, and governance influence anti-money laundering (AML) effectiveness across 126 countries (2012–2022). Using macroeconomic theories, we analyze financial institutions’ trade-offs between AML compliance and profit-driven behaviors, such as exploiting high deposit rates. Key findings indicate: (1) broad money supply weakens AML effectiveness, especially post-2015 due to FinTech growth; (2) deposit rates, amplified by financial development, increase money laundering risks; (3) strong control of corruption enhances AML, particularly in less developed financial systems. These results, derived from OLS with robust standard errors and two-step system GMM, highlight the need to integrate AML objectives into monetary and financial policies through targeted measures, including interest rate monitoring, AI-driven transaction tracking, FATF cooperation, and governance reforms.</div></div>\",\"PeriodicalId\":47962,\"journal\":{\"name\":\"Quarterly Review of Economics and Finance\",\"volume\":\"104 \",\"pages\":\"Article 102051\"},\"PeriodicalIF\":3.1000,\"publicationDate\":\"2025-09-19\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Quarterly Review of Economics and Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1062976925000924\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Quarterly Review of Economics and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1062976925000924","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

货币政策在打击洗钱方面的作用尚未得到充分探讨。本研究考察了126个国家（2012-2022年）中央银行货币工具、金融发展和治理如何影响反洗钱（AML）有效性。运用宏观经济理论，我们分析了金融机构在“反洗钱”合规和利润驱动行为（如利用高存款利率）之间的权衡。主要研究结果表明：(1)广义货币供应削弱了“反洗钱”的有效性，尤其是在2015年后，由于金融科技的增长；(2)存款利率被金融发展放大，洗钱风险加大；(3)加强对腐败的控制可以加强“反洗钱”，特别是在欠发达的金融体系中。这些结果来自具有稳健标准误差的OLS和两步系统GMM，强调需要通过有针对性的措施将“反洗钱”目标纳入货币和金融政策，包括利率监测、人工智能驱动的交易跟踪、FATF合作和治理改革。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Monetary policy, financial development and money laundering: International evidence

The role of monetary policy in combating money laundering is underexplored. This study examines how central bank monetary instruments, financial development, and governance influence anti-money laundering (AML) effectiveness across 126 countries (2012–2022). Using macroeconomic theories, we analyze financial institutions’ trade-offs between AML compliance and profit-driven behaviors, such as exploiting high deposit rates. Key findings indicate: (1) broad money supply weakens AML effectiveness, especially post-2015 due to FinTech growth; (2) deposit rates, amplified by financial development, increase money laundering risks; (3) strong control of corruption enhances AML, particularly in less developed financial systems. These results, derived from OLS with robust standard errors and two-step system GMM, highlight the need to integrate AML objectives into monetary and financial policies through targeted measures, including interest rate monitoring, AI-driven transaction tracking, FATF cooperation, and governance reforms.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Quarterly Review of Economics and Finance ECONOMICS-

CiteScore

6.00

自引率

2.90%

发文量

118

期刊介绍： The Quarterly Review of Economics and Finance (QREF) attracts and publishes high quality manuscripts that cover topics in the areas of economics, financial economics and finance. The subject matter may be theoretical, empirical or policy related. Emphasis is placed on quality, originality, clear arguments, persuasive evidence, intelligent analysis and clear writing. At least one Special Issue is published per year. These issues have guest editors, are devoted to a single theme and the papers have well known authors. In addition we pride ourselves in being able to provide three to four article "Focus" sections in most of our issues.