Examining the challenges of using the global anti-money laundering (AML) framework in an uneven global regulatory landscape, this book discusses the difficulties of relating de-regulation, liberalization and conflict of laws to the dynamics of the market economy and demonstrates how the global environment engenders money laundering. It suggests that corruption, general systemic failure and lack of infrastructural capacity in some developing economies are hampering the implementation of laws and regulations. Suggesting that these challenges can be overcome by designing AML regimes more suited to developing economies within the prevailing global climate, the book questions the assumption that that global regimes will be applicable and emphasises the need for more representation of developing economies on the relevant committees. This book is the first of its kind to present the perspective of developing economies and their involvement in AML regimes and should be of interest to those involved in business and commercial law as well as comparative law.
'Norman Mugarura has produced a fascinating and thought provoking discussion of the relationship between anti-money laundering regimes and emerging economies. I am happy to recommend the book.' Nic Ryder, University of the West of England, UK 'This is an important and timely book. Money laundering has become a global industry and a global problem. This book examines the difficult and often conflicting issues that arise in this area and comes up with a number of highly original and insightful new responses.' George Walker, Queen Mary University of London, UK 'This book is a thoughtful attempt to examine the relevant laws relating to the identification and interdiction of tainted wealth in a dynamic context with a particular and focused perspective from developing economies. It provides an informed account of the law, primarily in the United Kingdom, across a broad spectrum of issues. The author's essentially intellectual analysis is both timely and unique.' Barry Rider, Bryan Cave LLP, UK
Contents: Foreword; Preface; The conceptualization of money laundering offences and typologies; The dynamics of globalization and money laundering; The global anti-money laundering/countering the financing of terrorism framework; The evolution of a global anti-money laundering paradigm; Corruption and the domestication of global anti-money laundering regimes; Challenges to the localization of global anti-money laundering standards in less developed economies; Harmonization of global anti-money laundering laws; The proposed reforms to transpose global anti-money laundering regimes into the local economy; A glimpse into law and global markets; Conclusion; Appendices; Bibliography; Index.