The influence of Christian moral ideology in the development of anti-money laundering compliance in the west and its impact, post 9-11, upon the South Asian Market: An independent evaluation of a modern phenomenon

Purpose - The purpose of this paper is to examine how the influence of Western Christian fundamentalist religious ideology has influenced the core thinking behind anti-money laundering (AML) control, and how this polarized set of values makes it more difficult for Asian bankers to understand and empathise with a moral philosophy which does not necessarily come within their own social or cultural experience. Design/methodology/approach - The paper is based upon both empirical research undertaken during travels in South East Asia (SE Asia), and from anecdotal evidence provided by practitioners in the region. Findings - It was discovered that the long-term implications of US attitudes towards AML control had an effect of putting SE Asian financial institutions at a financial disadvantage when they came to deal with US regulatory demands, and that the question thereby raised was whether the US underpinning philosophies had more to do with financial self-interest, than any real attempt to harness a moral philosophy. Practical implications - Greater time and effort will have to be found to create a level-playing-field in international standards of AML definition, in order to satisfactorily include the moral precepts of SE Asian practitioners. Originality/value - The paper seeks to stimulate genuine debate and discussion, and to avoid the retreat into a vague acceptance of un-proven hypotheses.