The Legal and Institutional Frameworks for Combatting Money Laundering in Cameroon (original) (raw)
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2016
Anti-Money laundering legislation has become a major global issue, with nations and organisations under pressure to adhere and comply with strict control measures in place. The United States post 9/11 in league with other big Nations have been at the forefront of strict Anti-Money laundering initiatives, but a fair question to ask is how well the system is really doing? The implementation of the global AML framework is dependent upon the compliance of individual states, thereby making the presence of an adequate legal and institutional framework at national level a requisite requirement for an effective Anti-Money laundering system. Despite the incorporation of strict Anti-Money Laundering regulations into Nigerian laws, the misappropriation of Nigerian moneys, notably by public officials, has continued unabated. While the need for a concise and unambiguous harmonisation of international regulations cannot be overemphasised, and despite the concerted efforts in this regard, a trans-...
Anti-Money Laundering Recommendations for Cash-Based Economies in West Africa
Corporate Ownership and Control
Money laundering can boost corruption, worsen poverty, and bankrupt vulnerable financial institutions. In view of this, a study was conducted amongst the banks in West Africa, in cash-based economies, with the objective to ascertain the level of their Financial Action Task Force implementation. The study found that the implementation of the Financial Action Task Force recommendations in these countries was at different stages due to these countries being cash-based economies. The majority of these countries have anti-money laundering legislation but lack the capability to monitor and counter money laundering activities. This may be ascribed to a lack of adequate resources, expertise, investigations and prosecution capabilities. Some amendments to the Financial Action Task Force recommendations are proposed to incorporate cash-based economies in order to effectively combat money laundering.
One of the most common economic and financial crimes in Nigeria today is Money Laundering. This was unknown in the country until the late 1980 and it has since then penetrated every portion of the Nigerian society playing a significant role in both the public and private sector. Money Laundering is an offence that involves conception, planning and execution which is usually committed by political leaders, civil servants and business elites in the society. These are people who are entrusted with managing public funds for the benefit of the larger society but they turn around to betray such trust and confidence expected of them by laundering huge sums of money and placing them in financial institutions located in foreign jurisdictions. This has several disadvantageous effects in regards to the economic development, financial stability and also political growth on any society or country where it thrives. This research focuses on critically analysing the legal and institutional framework for combating money laundering in Nigeria. Examining the effectiveness of the provisions of the law and how it has assisted in the fight against this act which has posed as a threat and also the challenges faced by the institutional bodies that enforce the laws in the society. This research however aims to conduct a clear comparative analysis on the legal framework of money laundering regulations in Nigeria with particular reference to the Economic Financial and Crime Commission Act and the Money Laundering Act also appraising the extent to which the role of the Financial Action Task Force has contributed in the fight towards combating money laundering , the weakness and success of the anti-corruption bodies and in addition a view in prescribing solutions and recommendations by which the Nigeria system can be improved.
THE LEGISLATURE AND NIGERIA'S FOREIGN POLICY IN COMBATING MONEY LAUNDERING
This study examined the role of the legislature in combating atrocious and criminal practice of money laundering through foreign policy in Nigeria. The study investigated the legislature's important responsibility and process of domesticating international laws, instruments and protocols for promoting good governance in Nigeria. Essentially, secondary sources of data were used in the study. From the analysis of these data, it was discovered that, Nigeria has made breath-taking efforts in the domestication of international laws and instruments such as the Vienna Convention of 1988, Palermo Convention of 2002, among others, into laws to combat money laundering and terrorism. However, these commendable efforts have not translated to reduction in money laundering activities, since those making these laws have been allegedly involved in this heinous act. Not only that, members of the executive arm of government responsible for implementing these laws are also entangled in this Frankenstein Monster (moneylaundering) they claim to be combating. The exercise has, therefore, become a charade and waste of the nation's scarce resources. The paper recommends that definite and conscientious steps should be taken to implement the domesticated conventions, protocols, international laws and instruments, by following the laid-down legal guidelines. The complicity of the legislature in money-laundering also must be tackled headlong to disabuse the minds of the Nigerian citizens and members of the international community and the international organizations Nigeria belongs to.
2011
The relationship between anti-money laundering and anti-corruption strategies is a key issue for developing countries. Corruption and money laundering cannot be effectively addressed solely by the specialised agencies mandated to deal with them. Supportive frameworks and complementary structures, such as other public agencies closely associated with vulnerable sectors, must be involved. These structures should be familiarised with money laundering risks and typologies and with the important role they can play in gathering intelligence that contributes to the work of financial intelligence units. FIUs in the countries studied here-Botswana, Tanzania, and Zambia-are undermined by lack of human and financial resources and by flaws in enabling legislation. In order to effectively contain the threat of money laundering as a facilitator of corruption, they need to confront context-based particularities, notably the prevalence of cash transactions in the economy. Governments and donors in developing countries should work to build the capacity of the financial intelligence units and strengthen their collaboration with anti-corruption agencies and with complementary institutions and partners at home and abroad.
The Economic Implications of Money Laundering in Nigeria
International Journal of Academic Research in Accounting, Finance and Management Sciences, 2013
The effect of money laundering in frustrating legitimate business, and in corrupting the financial and socio political system should not be taken for granted. It is against this backdrop that this study seeks to examine the economic implication of money laundering in Nigeria. The accidental sampling method was used in the selection of 635 persons out of which 624 representing 98.27% of the sampled persons completely filled and returned the questionnaires administered to them. Data collected were analyzed using the simple percentages method, the first hypothesis was tested using the chi-square test and it was found that money laundering do have significant effect on Nigeria's economy with f-ratio of 476.163> f-critical of 12.592 at 0.05 level of significance with 6 degree of freedom, thus, the null hypothesis was rejected and the alternative was accepted. The ANOVA test on the second hypothesis confirms that Anti Money Laundering policies in Nigeria has not significantly reduce money laundering in Nigeria with f-ratio of 2.685 < f-critical of 5.987 at 0.05 level of significance with 1 to 6 degree of freedom, thus, the null hypothesis was accepted. The study recommends more effective coordination of all institutions on the fight against money laundering by the EFCC, and a full, effective and efficient investigation of corruption reports by the ICPC.
The Examination of Anti-Money Laundering Laws in Nigeria as International Law Overview
Jurnal Akta
The money laundering along with other economic and financial crimes continues to increase unabated. It remains one of the major problems of the country which has retarded immensely its growth and economic development. This research aims to examine the provisions of the current Anti-Money Laundering Act in Nigeria, as the country is under obligation to comply with the international standard, having signed and ratified “Vienna Convention and Palermo Convention”. This research used a doctrinal method which examined and analysed the provision of the Money Laundering (Prohibition) Act 2011. A deducible impression that this created is that it is either those laws are not effective or there is no political will to execute. Combating money laundering therefore requires more than having an array of legal framework. The implementation of those laws is germane for a desire result.