Implementing a Sustainable Model for Anti-Money Laundering in the United Nations Development Goals

Abstract

The United Nations Sustainable Development Goals (SDGs), adopted in 2015, are the most relevant global agreements on 17 of the most important issues that are crucial to all countries and their societies. The achievement of all SDGs requires a reduction in the scale of money laundering destabilizing domestic economies. This original research study has shown that the supreme audit institutions’ (SAI) capacity to audit and evaluate anti-money laundering system is limited for a number of reasons including the lack of global SAI standards and guidelines for auditing anti-money laundering systems. The aim of this research was to create a generally accepted approach to auditing anti-money laundering outcomes. To address the research goal, interviews were conducted with 15 representatives of 11 SAIs. In addition, members of the International Organization of Supreme Audit Institutions (INTOSAI) were interviewed and SAI audits of anti-money laundering entities were analysed. A literature review was also carried out. Based on this research study, an original approach both to managing anti-money laundering and auditing such activities was created. This research provides the basis for strengthening risk management that supports an efficient realization of SDGs. The proposed Sustainable Model for Anti-Money Laundering will enhance SAI’s audit capacity and significantly improve parliamentary watchdogs’ investigative functions.