The impact of anti-money laundering regulations on inclusive finance: Evidence from Sub-Saharan Africa

References

• Agoba, A. M., Abor, J. Y., Osei, K., Sa-Aadu, J., Amoah, B., & Dzeha, G. C. O. (2019). Central bank independence, elections and fiscal policy in Africa: Examining the moderating role of political institutions. International Journal of Emerging Markets, 14(5), 809–17. https://doi.org/10.1108/IJOEM-08-2018-0423
   Web of Science ®Google Scholar
• Ajide, F. M. (2020). Can financial inclusion reduce the presence of corruption? Evidence from selected countries in Africa. International Journal of Social Economics, 47(11), 1345–1362. https://doi.org/10.1108/ijse-03-2020-0145
   Web of Science ®Google Scholar
• Akinlo, A. E., & Oni, I. O. (2015). Determinants of bank credit growth in Nigeria 1980-2010. European Journal of Sustainable Development, 4(1), 23–30. https://doi.org/10.14207/ejsd.2015.v4n1p23
   Web of Science ®Google Scholar
• Anarfo, E. B., Abor, J. Y., & Osei, K. A. (2020). Financial regulation and financial inclusion in Sub-Saharan Africa: Does financial stability play a moderating role? Research in International Business and Finance, 51, 101070. https://doi.org/10.1016/j.ribaf.2019.101070
   Web of Science ®Google Scholar
• Anarfo, E. B., Abor, J. Y., Osei, K. A., & Gyeke-Dako, A. (2019). Monetary policy and financial inclusion in Sub-Sahara Africa: A panel VAR approach. Journal of African Business, 20(4), 549–572. https://doi.org/10.1080/15228916.2019.1580998
   Web of Science ®Google Scholar
• Asiedu, E. (2002). On the determinants of foreign direct investment to developing Countries: Is Africa different? World Development, 30(1), 207–119. https://doi.org/10.1016/S0305-750X(01)00100-0
   Web of Science ®Google Scholar
• Asongu, S. A., Nwachukwu, J. C., & Aziz, A. (2018). Determinants of mobile phone penetration: Panel threshold evidence from Sub-Saharan Africa determinants of mobile phone penetration: panel threshold evidence from Sub-Saharan Africa. Journal of Global Information Technology Management, 21(2), 81–110. https://doi.org/10.1080/1097198X.2018.1462069
   Web of Science ®Google Scholar
• Asuming, P. O., Osei-Agyei, L. G., & Mohammed, J. I. (2019). Financial inclusion in Sub-Saharan Africa: Recent trends and determinants. Journal of African Business, 20(1), 112–134. https://doi.org/10.1080/15228916.2018.1484209
   Web of Science ®Google Scholar
• Babajide, A. A., Lawal, A. I., Amodu, L. O., Ewetan, O. O., Esowe, S. L., & Okafor, T. C. (2020). Financial institutions concentration and financial inclusion penetration in Nigeria: A comparative analysis. Journal of Contemporary African Studies, 38(4), 610–626. https://doi.org/10.1080/02589001.2020.1822991
   Web of Science ®Google Scholar
• Balani, H. (2019). Assessing the introduction of anti-money laundering regulations on bank stock valuation: An empirical analysis. Journal of Money Laundering Control, 22(1), 76–88. https://doi.org/10.1108/JMLC-03-2018-0021
   Web of Science ®Google Scholar
• Basel Institute on governance. (2021). Basel AML index: 10th public edition - Ranking money laundering and terrorist financing risks around the world. https://baselgovernance.org/sites/default/files/2021-09/Basel_AML_Index_2021_10thEdition.pdf
   Google Scholar
• Bester, H., Chamberlain, D., De Koker, L., Hougaard, C., Short, R., Smith, A., & Walker, R. (2008). Implementing FATF standards in developing countries and financial inclusion: Findings and guidelines. Washington, DC: FIRST initiative, the World Bank. https://www.findevgateway.org/sites/default/files/publications/files/mfg-en-paper-implementing-fatf-standards-in-developing-countries-and-financial-inclusion-findings-and-guidelines-feb-2008.pdf
   Google Scholar
• Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-40769800009-8
   Web of Science ®Google Scholar
• Chima, M. M., Babajide, A. A., Adegboye, A., Kehinde, S., & Fasheyitan, O. (2021). The relevance of financial inclusion on sustainable economic growth in Sub-Saharan African nations. Sustainability, 13(10), 1–20. https://doi.org/10.3390/su13105581
   Web of Science ®Google Scholar
• Corrado, G. (2020). Institutional quality and access to financial services: Evidence from European transition economies. Journal of Economic Studies, 47(6), 1363–1376. https://doi.org/10.1108/JES-03-2019-0131
   Web of Science ®Google Scholar
• Demirgüç-Kunt, A., & Klapper, L. (2012). Financial inclusion in Africa: An overview. World Bank Policy Research Working Paper, 6088. World Bank. https://doi.org/10.1093/oxfordhb/9780199687107.013.023
   Google Scholar
• Demirgüç-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2022). The global findex database 2021: Financial inclusion, digital payments, and resilience and resilience in the age of CODVID-19. The World Bank. https://doi.org/10.1596/978-1-4648-1897-4
   Google Scholar
• Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2018). Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution. World Bank. https://doi.org/10.1596/978-1-4648-1259-0
   Google Scholar
• Esoimeme, E. E. (2020). Balancing anti-money laundering measures and financial inclusion: The example of the United Kingdom and Nigeria. Journal of Money Laundering Control, 23(1), 64–76. https://doi.org/10.1108/JMLC-04-2018-0031
   Web of Science ®Google Scholar
• Ghosh, S. (2021). How important is trust in driving financial inclusion? Journal of Behavioral and Experimental Finance, 30, 100510. https://doi.org/10.1016/j.jbef.2021.100510
   Web of Science ®Google Scholar
• Hansen, B. Y. B. E. (2000). Sample splitting and threshold estimation. Econometrica, 68(3), 575–603. https://doi.org/10.1111/1468-0262.00124
   Web of Science ®Google Scholar
• Inoue, T., & Hamori, S. (2016). Financial access and economic growth: Evidence from Sub-Saharan Africa. Emerging Markets Finance and Trade, 52(3), 743–753. https://doi.org/10.1080/1540496X.2016.1116282
   Web of Science ®Google Scholar
• Issah, M., Antwi, S., Antwi, S. K., & Amarh, P. (2022). Anti-money laundering regulations and banking sector stability in Africa. Cogent Economics & Finance, 10(1). https://doi.org/10.1080/23322039.2022.2069207
   Web of Science ®Google Scholar
• Jayasekara, S. D. (2020). Deficient regimes of anti-money laundering and countering the financing of terrorism: Agenda of digital banking and financial inclusion. Journal of Money Laundering Control, 24(1), 150–162. https://doi.org/10.1108/JMLC-04-2020-0035
   Web of Science ®Google Scholar
• Kim, D. W., Yu, J. S., & Hassan, M. K. (2018). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43(July 2017), 1–14. https://doi.org/10.1016/j.ribaf.2017.07.178
   Google Scholar
• Kodongo, O. (2018). Financial regulations, financial literacy, and financial inclusion: Insights from Kenya. Emerging Markets Finance and Trade, 54(12), 2851–2873. https://doi.org/10.1080/1540496X.2017.1418318
   Web of Science ®Google Scholar
• Lachebeb, Z., Ismail, N. W., Ahmad, M. N. N., & Slesman, L. (2021). The nonlinear impact of political institutional quality on financial inclusion. Jurnal Institutions and Economies, 13(2), 1–25. https://doi.org/10.22452/IJIE.vol13no2.1
   Google Scholar
• La Porta, R., Lopez de Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113–1155. https://doi.org/10.1086/250042
   Web of Science ®Google Scholar
• LexisNexis Risk Solutions. (2021). True cost of financial crime compliance study. (Issue October). https://risk.lexisnexis.com/insights-resources/research/true-cost-of-financial-crime-compliance-study-global-report
   Google Scholar
• Mekpor, E. S., Aboagye, A., & Welbeck, J. (2018). The determinants of anti-money laundering compliance among the Financial Action Task Force (FATF) member states. Journal of Financial Regulation & Compliance, 26(3), 442–459. https://doi.org/10.1108/JFRC-11-2017-0103
   Web of Science ®Google Scholar
• Moshi, H. P. B. (2007, October). Fighting money laundering: The challenges in Africa. Institute for Security Studies (ISS) Paper 152. https://media.africaportal.org/documents/PAPER152.pdf
   Google Scholar
• Ofoeda, I. (2022). Anti-money laundering regulations and financial inclusion: Empirical evidence across the globe. Journal of Financial Regulation & Compliance, 30(5), 646–664. https://doi.org/10.1108/JFRC-12-2021-0106
   Web of Science ®Google Scholar
• Ofoeda, I., Agbloyor, E. K., & Abor, J. Y. (2022a). Financial sector development, anti-money laundering regulations and economic growth. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-12-2021-1823
   Web of Science ®Google Scholar
• Ofoeda, I., Agbloyor, E. K., & Abor, J. Y. (2022b). How do anti-money laundering systems affect FDI flows across the globe? Cogent Economics & Finance, 10(1). https://doi.org/10.1080/23322039.2022.2058735
   Web of Science ®Google Scholar
• Ofoeda, I., Agbloyor, E. K., Abor, J. Y., & Achampong, K. O. (2022). Foreign direct investment, anti‐money laundering regulations and economic growth. Journal of International Development, 34(3), 670–692. https://doi.org/10.1002/jid.3582
   Web of Science ®Google Scholar
• Ofoeda, I., Agbloyor, E. K., Abor, J. Y., & Osei, K. A. (2020). Anti-money laundering regulations and financial sector development. International Journal of Finance and Economics, 27(4), 4085–4104. https://doi.org/10.1002/ijfe.2360
   Web of Science ®Google Scholar
• Ofosu-Mensah Ababio, J., Attah-Botchwey, E., Osei-Assibey, E., & Barnor, C. (2021). Financial inclusion and human development in frontier countries. International Journal of Finance and Economics, 26(1), 42–59. https://doi.org/10.1002/ijfe.1775
   Web of Science ®Google Scholar
• Ongo Nkoa, B. E., & Song, J. S. (2020). Does institutional quality affect financial inclusion in Africa? A panel data analysis. Economic Systems, 44(4), 100836. https://doi.org/10.1016/j.ecosys.2020.100836
   Web of Science ®Google Scholar
• Park, C.-Y., & Mercado, R. V. (2018). Financial inclusion: New measurement and cross- country impact assessment. ADB Economics Working Paper Series, No. 539. https://www.econstor.eu/bitstream/10419/203379/1/1016259859.pdf
   Google Scholar
• Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. Stata Journal, 9(1), 86–136. https://doi.org/10.1177/1536867x0900900106
   Web of Science ®Google Scholar
• Schoch, M., & Lakner, C. (2020). The number of poor people continues to rise in Sub-Saharan Africa, despite a slow decline in the poverty rate. Data Blog: World Bank Group, 2020(Figure 1), 19. https://blogs.worldbank.org/opendata/number-poor-people-continues-rise-sub-saharan-africa-despite-slow-decline-poverty-rate
   Google Scholar
• Seo, M. H., Kim, S., & Kim, Y. J. (2019). Estimation of dynamic panel threshold model using Stata. Stata Journal, 19(3), 685–697
   Web of Science ®Google Scholar
• Sethi, D., & Acharya, D. (2018). Financial inclusion and economic growth linkage: Some cross country evidence. Journal of Financial Economic Policy, 10(3), 369–385. https://doi.org/10.1108/JFEP-11-2016-0073
   Web of Science ®Google Scholar
• The Sustainable Development Goals Center for and Sustainable Development Solutions Network (2020). Africa SDG Index and Dashboards Report 2020: Leave No One Behind to Achieve the SDGs in Africa (pp. 1–248). SDG Center for and Sustainable Development Solutions Network. https://s3.amazonaws.com/sustainabledevelopment.report/2020/2020_africa_index_and_dashboards.pdf
   Google Scholar
• Tchamyou, V. S. (2020). Education, lifelong learning, inequality and financial access: Evidence from African countries. Contemporary Social Science, 15, 7–25.
   Web of Science ®Google Scholar
• Tolzmann, B. M., & Tomilova, O. (2021). Africa is top recipient of financial inclusion funding. The consultative group to assist the poor, June, 1–11. https://blogs.worldbank.org/opendata/number-poor-people-continues-rise-sub-saharan-africa-despite-slow-decline-poverty-rate/
   Google Scholar
• UNDPI. (2015). The millennium development goals report. In United Nations. https://www.un.org/millenniumgoals/2015_MDG_Report/pdf/backgrounders/MDG2015PRBGSSA.pdf
   Google Scholar
• Van der Zahn, M., Makarenko, M. I., Tower, G., Kostyuk, A. N., Barako, D., Chervoniaschaya, Y., Brown, A. M., & Kostyuk, H. (2007). The anti-money laundering activities of the central banks of Australia and Ukraine. Journal of Money Laundering Control, 10(1), 116–133. https://doi.org/10.1108/13685200710721908
   Google Scholar
• Van, L. T. H., Vo, A. T., Nguyen, N. T., & Vo, D. H. (2019). Financial inclusion and economic growth: An international evidence. Emerging Markets Finance and Trade, 1–25. https://doi.org/10.1080/1540496X.2019.1697672
   Web of Science ®Google Scholar
• Xu, X. (2020). Trust and financial inclusion: A cross-country study. Finance Research Letters, 35, 101310. https://doi.org/10.1016/j.frl.2019.101310
   Web of Science ®Google Scholar