The Global Anti-Money Laundering Regulatory Landscape in Less Developed Countries

Abstract

The book has been precisely written to strike a balanced approach to the study of money laundering in the asymmetric global marketplace. It underscores the importance and challenges of harnessing a global anti-money laundering framework, taking into account the dynamics of development in less developed economies. In conceptualizing the need for a global anti-money laundering framework, the book highlights a dichotomy of challenges. First, there are challenges in relation to the dynamics of the market economy such as deregulation, liberalization and conflict of laws. Secondly, there are challenges inherent in the domestic economy such as corruption, general systemic failure and lack of infrastructural capacity. In deconstructing the aforementioned challenges, the book delineates a need to consolidate the existing global anti-money laundering/ combating the financing of terrorism (AML/CFT) framework so that it is capable of delivering the envisaged AML/CFT standards globally. For the global anti money laundering framework to work globally, it should be designed with an ethos which reflects the prevailing global climate in which it operates.