Higher education institutions and money laundering: Preliminary findings

Bourton, Sam; Ryder, Nicholas

Abstract

To tackle money laundering and terrorism financing, the United Kingdom has implemented global mechanisms introduced by the United Nations and the Financial Action Task Force. These mechanisms viewed financial institutions as the gatekeepers to the financial system, requiring the introduction of preventative measures. In response, money launderers adapted their techniques and targeted other sectors. While efforts have been made to identify new typologies and adapt relevant legislation, the link between Higher Education Institutions and money laundering remains poorly understood. This paper provides a novel investigation into the money laundering and terrorism financing risks to which universities are exposed. Through an analysis of the responses to freedom of information requests, the paper identifies significant disparities among universities regarding the implementation of anti-money laundering and counter-terrorism financing legislation. Therefore, the paper offers an original insight into the application and implementation of this legislation to a high-risk, yet under-researched, sector.

• Presentation Conference Type: Presentation / Talk
• Conference Name: Wales Fraud Forum, 2022
• Start Date: Sep 23, 2022
• End Date: Sep 23, 2022
• Deposit Date: May 4, 2023
• Publicly Available Date: May 4, 2023
• Keywords: Higher education; money laundering; Fraud; Wales; Wales Fraud Forum
• Public URL: https://uwe-repository.worktribe.com/output/10734638
• Related Public URLs: https://www.fraudforum.wales/