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Global Anti-Money Laundering Regulation: Developing Countries Compliance Challenges

Global Anti-Money Laundering Regulation: Developing Countries Compliance Challenges

Author: Nicholas Ryder; Nkechikwu Valerie Azinge-Egbiri, Ehi Eric Esoimeme Esq.
Publisher: Routledge
ISBN: 9781032182889
Published In: November 2024
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

This book explores the politics of money laundering and terrorist financing (ML/TF) regulation in several countries across Africa and the Small Island States.

Developed countries created the Financial Action Task Force (FATF) to combat ML/TF globally. Expectedly, the FATF’s standards mirror existing banking regulations within the G7 countries. Yet, the standards apply to all countries irrespective of the limited ML/TF risks they pose to the global economy, their weak pre-conditions for effective regulation, and their non-involvement in the FATF’s framing. Still, such countries, mainly within the Global South, have worked hard to amplify their compliance with the regime due to fears of the repercussions of their non-compliance.

This collection demonstrates how the global ML/TF regulation is treated as an implicitly superior legal regime where the Global South must comply irrespective of their perception of the FATF’s legitimacy challenges. It shows that beyond exogenous factors such as neo-colonialism, endogenous factors such as weak institutions and corruption undermine the compliance trajectory of the Global South. Furthermore, it analyses the unintended consequences of transplanting FATF standards into diverse legal and cultural contexts. The volume contributes to our understanding of the challenges of transplantation from the Global North and how the Global South is steering within the constraints created by the FATF. It advocates for a comprehensive understanding of the nuanced compliance challenges of developing countries. It further proposes practical solutions to address them, emphasizing the importance of risk-based understanding, accountability, capacity-building, and coordination in achieving effective anti-money laundering and counter-terrorist financing measures.

The collection will be essential reading for researchers, academics and policy-makers working in financial crime regulation and international economic law.

List of contributors

List of figures

List of tables

Foreword

Sope Williams

Chapter 1: The Challenges of the Global Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Regime for Developing Countries

Nkechikwu Valerie Azinge-Egbiri, Ehi Eric Esoimeme, Nicholas Ryder

Chapter 2: Uncovering Conflicts and Ambiguities In the International Anti-Money Laundering Regime Vis A Vis African Countries

Constance Gikonyo

Chapter 3: GIABA: Combatting Money Laundering/Terrorism Financing in West Africa

Edefe Ojomo

Chapter 4: Do Things Fall Apart? (Black)listing and Its Implications for Developing Countries

Nkechikwu Valerie Azinge-Egbiri, Joy Malala, Donato Masciandaro

Chapter 5: The mis-implementation of anti-money laundering laws and regulations: A high-level review with specific focus on the unilateral termination of customers’ bank accounts in South Africa

Zakhele Hlophe

Chapter 6: Implications of Botswana’s Legal Culture in the Implementation of the AML/CFT Regime and Prosecution of Money Laundering/ Financial Crimes

Gosego Rockfall Lekgowe

Chapter 7: Barriers To Implementing New Technologies For AML/CFT Functions: The Case of Nigeria

Ehi Eric Esoimeme Esq

Chapter 8: Challenges to AML Compliance within Nigerian Financial Institutions

Emmanuel Oluwasina Sotande

Chapter 9: The Challenge of Money Laundering by Nigeria PEPs: Beyond the Transplantation of FATF Standards

Chinelo Bob-Osamor

Chapter 10: The Vulnerability Of Politically Exposed Persons (PEPS) In Africa: Towards Transparency In Beneficial Ownership

John Hatchard

Chapter 11: Can FATF’s Focus on Beneficial Ownership Aid Anti-Corruption Efforts in a ‘Low-Capacity’ Country? Challenges from the Front Line in Nigeria

Jackie Harvey, Peter Sproat, Sue Turner, Tony Ward

Chapter 12: Suspect Wealth and the Compliance Willingness of Small States

Dominic Thomas-James

Chapter 13: Combatting Terrorist Financing: A War Developing Countries Cannot Win?

Simeon Igbinedion

Chapter 14: Asset recovery in developing countries: Assessing successes and failures and overcoming challenges

Jean Pierre Brun, Anastasia Sotiropoulou