Evolution and Determinants of Money Laundering Risk: Evidence from the GCC

Abstract

This thesis consists of three essays on AML controls, the determinants of AML governance systems, and the association between money laundering risk and related party transactions (RPTs). Findings show that strength in AML governance systems are negatively and significantly associated with government directors and level of government ownership in GCC listed financial firms. Additionally, the board size, audit committee size, and foreign ownership are positively and significantly associated with strength in AML governance. Money laundering risk is significantly and positively associated with RPTs.