1st Edition
Global Anti-Money Laundering Regulation Developing Countries Compliance Challenges
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-à-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
Chapter 15: Strategic Tools for Amplified AML/CFT Compliance in Developing Countries
Nkechikwu Valerie Azinge-Egbiri and Egbiri Egbiri
Biography
Nkechikwu Valerie Azinge-Egbiri is Lecturer in Business and Commercial Law at Lancaster University, England.
Nicholas Ryder is Professor in Financial Crime at the School of Law and Politics, Cardiff University, UK.
Ehi Eric Esoimeme Esq. is Professor of Business Law and Ethics at James Hope University, Lagos, Nigeria; Rudolph Kwanue University College, Liberia; and Kennedy University of Baptist, United States.
'The global anti-money laundering system (AML) was designed by rich countries for rich countries, and yet this same system has now been spread to almost every country in the world. How have countries in Africa and the developing world more generally coped with having to adopt AML policy designed for very different circumstances? Despite the fact that the majority of the world’s national AML systems now are in developing rather than developed countries, almost all the attention has been focused on Europe and North America. This volume is a long-overdue corrective to this fundamental bias in finally putting the AML experiences of developing countries at centre-stage. Both scholars and policy-makers need this book to properly understand how AML works, and often doesn’t work, as a genuinely global system.'
Jason Sharman, Sir Patrick Sheehy Professor of International Relations, Department of Politics and International Studies, University of Cambridge
'Corruption and money laundering constitute serious obstacles to the development of developing economies. International instruments do not adequately reflect the challenges that less economically developed countries experience in ensuring compliance with their provisions. This book is timely and very important to the understanding of the efforts and constraints of developing countries to combat corruption and money laundering and to also comply with international legal provisions and standards. There is a dearth of academic literature on most of the issues covered in many chapters of the book. The publication is a major contribution to the understanding of money laundering and challenges encountered in combatting them in less developed economies. The contents of the book offer significant insight and will enlighten policy-makers, law enforcement personnel, financial institutions and scholars, and highly recommended.'
Etannibi E. Alemika, retired Professor of Criminology and Sociology of Law, University of Jos, Jos, Nigeria, and currently Adjunct Professor at the Faculty of Law, Humanities and Social Sciences, Walter Sisulu University, Mthatha, South Africa.
