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This paper assesses countries' compliance with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) international standard during the period 2004 to 2011. We find that overall compliance is low; there is an adverse impact on financial transparency created by the cumulative effects of poor implementation of standards on customer identification; and the current measurements of compliance do not take into account an analysis of ML/FT risk, thereby undermining their credibility and the relevance of some of the policy recommendations taken on their basis. Moreover, we also examine the key role of some cultural, institutional, and financial factors in boosting countries' compliance using econometric analysis.

Money laundering --- Terrorism --- Acts of terrorism --- Attacks, Terrorist --- Global terrorism --- International terrorism --- Political terrorism --- Terror attacks --- Terrorist acts --- Terrorist attacks --- World terrorism --- Direct action --- Insurgency --- Political crimes and offenses --- Subversive activities --- Political violence --- Terror --- Anti-terrorism --- Antiterrorism --- Counter-terrorism --- Counterterrorism --- Laundering of money --- Money washing --- Washing of money --- Commercial crimes --- Prevention. --- Prevention --- Standards. --- Public Finance --- Industries: Financial Services --- Criminology --- Economics of Regulation --- International Law --- Financial Institutions and Services: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Illegal Behavior and the Enforcement of Law --- Taxation, Subsidies, and Revenue: General --- Trade Policy --- International Trade Organizations --- Financial Institutions and Services: General --- Corporate crime --- white-collar crime --- Public finance & taxation --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Legal support in revenue administration --- Post-clearance customs audit --- Financial sector --- Revenue --- Customs administration --- Financial services industry --- White-collar crime

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This paper argues that oil revenue management and public investment in Congo are vulnerable to corruption as a result of limited transparency and accountability. Corruption has potentially contributed to poor macro-fiscal outcomes. The paper acknowledges the authorities’ anti-corruption efforts made so far and proposes further critical reforms to reduce remaining vulnerabilities. Using a dynamic stochastic general equilibrium model results show that, depending on the reforms adopted, the potential additional growth can range between 0.8 to 1.8 percent per year over the next 10 years, and debt can decline by 2.25 to 3 percent of GDP per year over the same period. These results suggest that macrofiscal gains from anti-corruption reforms could be substantial even under conservative reform scenarios.

Corporations --- Corporate bribery --- Corporate corruption --- Corporate crime --- Business ethics --- Commercial crimes --- Corrupt practices. --- Investments: Energy --- Public Finance --- Taxation --- Criminology --- Exhaustible Resources and Economic Development --- Hydrocarbon Resources --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Energy: General --- Business Taxes and Subsidies --- Public finance & taxation --- Investment & securities --- white-collar crime --- Oil --- Public investment spending --- Public investment and public-private partnerships (PPP) --- Oil, gas and mining taxes --- Commodities --- Crime --- Expenditure --- Taxes --- Petroleum industry and trade --- Public investments --- Public-private sector cooperation --- Congo, Democratic Republic of the --- White-collar crime