phenomenon Governance Strategies to Prevent Money Laundering
Analysis study of a sample of governmental and private banks
BY
Abd Al Hameed. Abd Ali Nasser
Supervised by
DR. Zainab Makki Al-Bina
Abstract
This study aims to highlight the governance strategies and its role in preventing and combating the phenomenon of money laundering, through the effective measures that it provides for this purpose, especially since the traditional methods and strategies have become alone insufficient to confront the economic crimes that threaten the banking system and undermine its credibility, as money launderers, especially In private (non-governmental) banks and under the guise of banking secrecy; They exploit banks to launder their illegal money, using several traditional and new methods in line with modern technology.
Statistical programs (spss) were used to analyze the statistical data and information, and the analytical descriptive approach, the arithmetic mean, the standard deviation, the correlation coefficient of Pearson and beta, the identification factor R2, the effect f, and the multiple regression test, and the study population consisted of employees in banks’ branches and departments represented by (Director (Branch, department manager, head of department, superintendent) and the questionnaire was relied upon to collect data, as (100) questionnaires were distributed, of whom (91) responded, i.e. 91%, and the study concluded that banks ’adherence to laws and legislation enhances customers’ confidence in it. And that banks apply preventive measures to combat money laundering in a good way, and the study came out with several recommendations, the most important of which is that banks should strengthen the procedures for verification of the customer regardless of the value of the process, and take into account not hindering work due to additional prudence and caution requirements. The study also recommends paying attention to banks issuing a guide to internal procedures. Clear and binding to face money laundering operations.
Keywords: Governance, money laundering, governance strategies, the banking system, banking mechanisms
