 | Regulating and Combating Money Laundering and Terrorist Financing: The Law in Emerging Economies Subjects: Area Studies; Global Development; Economics Finance Business & Industry; Law; Social Sciences; African Studies; Central Asian Russian & Eastern European Studies; Latin American & Hispanic Studies; Global Development; Economics and Development; Banking & Finance Law; Criminal Law & Practice; Criminology - Law; Regional Development; Economics; International Law - Law; Jurisprudence & General Issues; Socio-Legal Studies; Criminology and Criminal Justice; Africa - Regional Development; Latin America; Development Economics; Crime Prevention; Criminal Justice - Criminology; Private International Law; Comparative Law; Socio-Legal Studies - Public Policy; Crime Control; Criminal Justice; Crime and Crime Prevention; Criminology and Law; This book analytically reviews the impact of the global anti-money laundering and counter-terrorist financing (AML/CFT) framework on the compliance trajectory of a number of jurisdictions to this framework. The work begins by examining the international financial sector reform and its evolution to inculcate the global framework for AML/CFT regulations. It challenges the resulting uniform AML/CFT due to its paradoxical impact on the compliance trajectory of African countries and emerging economies (ACs/EEs). This is done through an examination of the pre-conditions for effective regulation and compliance drivers for ACs/EEs that reveals the behavioural impact of the AML/CFT standards on the bloc of countries. Through the application of agency theory, it explores the relationship between ACs/EEs on the one hand and the international financial institutions that formulate, disseminate and facilitate compliance with the global framework for AML/CFT standards on the other. The remaining chapters review empirically the compliance pressures and resulting compliance trajectory of ACs/EEs with the AML/CFT standards. The final part of the book provides a detailed explanation of the compliance challenges of ACs/EEs and the legitimacy concerns that facilitate this. This book offers a new direction on the impact of global AML/CFT standards on ACs/EEs and contributes to the understanding of the conditions under which the global standards are likely to facilitate proactive compliance within these blocs of countries. As such it will be a valuable resource for academics, researchers and policy-makers working in this area. Nkechikwu Valerie Azinge-Egbiri is a Senior Lecturer in Corporate and Financial Law in the Department of Law, University of Lincoln, UK. |
