Higher education institutions and the anti-money laundering and counter-terrorism financing regulations

Ryder, Nicholas; Bourton, Sam; Hall, Demelza; Hillman, Henry

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 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 and their students are exposed. Through an analysis of the responses to freedom of information requests, the paper also identifies significant disparities among universities regarding the implementation of anti-money laundering and counter-terrorism financing legislation. Consequently, the paper offers an original insight into the application and implementation of this legislation to a high-risk, yet under-researched, sector.

• Journal Article Type: Article
• Acceptance Date: Jun 10, 2023
• Online Publication Date: Aug 31, 2023
• Publication Date: Aug 31, 2023
• Deposit Date: Jun 12, 2023
• Publicly Available Date: Sep 1, 2024
• Journal: Criminal Law Review -London-
• Print ISSN: 0011-135X
• Publisher: Sweet and Maxwell
• Peer Reviewed: Peer Reviewed
• Volume: 9
• Pages: 560-580
• Keywords: Higher Education institutions; Higher Education; anti-money laundering; money laundering; counter-terrorism; counter-terrorism financing; counter-terrorism financing regulations
• Public URL: https://uwe-repository.worktribe.com/output/10859923
• Publisher URL: https://uk.westlaw.com/Document/I66013B303C2411EEA93BB8C0DDBD234D/View/FullText.html?navigationPath=Search%2Fv1%2Fresults%2Fnavigation%2Fi0ad73aa60000018a275423ed3cdf567e%3Fppcid%3D039a1e6ce7794b7c9214593eb644e369%26Nav%3DUK-JOURNALS-PUBLICATION%26fragmen