Financial Compliance in the BRICS and BRICS+ Countries Now and in the Future

This article discusses financial compliance in the BRICS and BRICS+ countries now and in the future. The first section states the problem and the research question: Is financial compliance in the BRICS+ countries adequately addressed? This section defines financial compliance, the approaches to financial compliance, and a compliance program. The characteristics of a compliance program and financial compliance risks are examined. The second section provides a historical background of the BRICS organization, including its founding, the New Development Bank, other initiatives, and potential expansion. The section also contains a statistical subsection that projects that the nominal GDP of the BRICS+ countries will likely exceed the nominal GDP of the G7 as early as 2028 or as late as 2045, more likely between the beginning of 2037 and Fall 2040, depending on the assumptions made. The third section addresses the methodological issues in the qualitative research used herein. The fourth section is a literature review examining financial compliance in the ten BRICS+ countries. Each country is evaluated according to its financial framework, authorities, and significant financial laws and regulations. The fifth section analyzes the BRICS+ countries and partners according to their financial compliance approaches, geographical location, and economic systems. The reasons why Algeria, Argentina, and Saudi Arabia did not join BRICS+ are highlighted. The BRICS+ organization is scrutinized from an evolutionary perspective, where it is projected that BRICS+ is an evolving entity, where over decades, the bloc will likely resemble, more or less, the ten regions proposed by Mesarovic and Pestel fifty years ago in their world model. The article summarizes these results, concluding that BRICS+ is probably a step toward a planetary government. The proposed future research areas suggest that a quantitative approach herein might be fruitful.