Full Description
This book provides real-world insights into the application of the Financial Action Task Force (FATF) Anti-Money Laundering Standards in developing countries. Presenting a Global South perspective, experts highlight power imbalances in the creation and enforcement of these standards and show why rigid or erroneous transplantation can have unintended consequences in some jurisdictions.Bridging practice and theory, this book reviews legal tensions between international obligations and domestic realities. Case studies and expert insights reveal how the FATF Standards, designed to combat money laundering and protect the world's financial systems, do not always account for developing countries' individual circumstances. Examples include international standards clashing with long-standing local laws, rules around attorney-client privilege and harming national efforts towards financial inclusion. This book advocates for international reforms aimed at aligning global financial integrity goals with local development priorities.
An essential resource for students and academics in criminal law, international law, economics and development studies, Legal Transplantation of Global Anti-Money Laundering Standards is also beneficial for policymakers, international stakeholders and government officials in developing countries.
Contents
Contents
1 Introduction: errors in transplantation and unintended consequences for developing countries 1
Nkechikwu Azinge-Egbiri, Ehi Eric Esoimeme, and Nicholas Ryder
2 Global AML/CFT standards: whose standards? 10
Anthony I. Idigbe
3 General issues with money laundering and the international political economy 40
Ndidi Ahiauzu
4 Developing economies and the implementation of global anti-money laundering standards: an empirical investigation 59
Sumedha Deshmukh and Leonardo Borlini
5 Selectivity and tokenism: framing the anti-money laundering and counter-terrorist financing regime created by the Financial Action Task Force (FAFT) 94
Nkechikwu Azinge-Egbiri and Constance Gikonyo
6 FATF's listing approach and the collective action problem: assessing Nigeria's legal and enforcement conundrum 115
Ikpenmosa Uhumuavbi
7 FATF standards and their impact on Sustainable Development Goals (SDGs) of Global South countries in the Asia-Pacific region 158
Nicholas Morris, Louis de Koker, and Jeanne Nel
8 Civil asset forfeiture: unintended consequences of the framework in Nigeria and Ghana 205
Evelyn Ehigie
9 The FATF standards: beyond combatting terrorist financing to affecting women's rights organisations 239
Cheludo Tinaye Butale
10 Digital identity in the context of money laundering: reflections on Kenya 269
Joy Malala
11 The disproportionate cost of implementing the Financial Action Task Force Recommendations: Jamaica as a case study 285
Alan Francis Johnstone
12 Balancing innovation and regulation: evaluating Bangladesh's approach to virtual assets and compliance with the FATF standards 314
Sangita Gazi
13 Bridging the gap between AML laws and AML practice in Turkey: challenges in synchronised implementation of FATF Recommendations 356
Engin Erken and Umut Turksen
14 An imaginary paradox? Customer due diligence and financial exclusion 381
Abdullahi Y. Shehu
15 The problem of fighting de-risking through private litigation: the case of remittance to developing states 400
Nathanael Tilahun
16 Conclusion: mitigating the unintended consequences resulting from the FATF Standards and their implementation 421
Nkechikwu Azinge-Egbiri, Ehi Eric Esoimeme, and Nicholas Ryder
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