THE GLOBAL ANTI-MONEY LAUNDERING REGULATORY LANDSCAPE IN LESS DEVELOPED COUNTRIES
By Norman Mugarura
Ashgate Publishing Ltd
ISBN: 978 1 4094 4346 9
MONEY LAUNDERING AND THE DEVELOPING WORLD -- AN INTERESTING READ FOR LAWYERS AND SCHOLARS IN THIS FIELD
An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers
Recently published by Ashgate Publishing, this is a timely publication in view of the burgeoning threat inherent in money laundering worldwide. The book is presented as the first of its kind to have focused on the worrying link between money laundering and developing economies.
Specifically, the immense and special difficulties such countries face when tackling money laundering are subjected to detailed scrutiny and analysis and backed by a great deal of pertinent research.
The author, Norman Mugarura, suggests certain factors such as, for example, corruption, lack of adequate infrastructure and the failure of systems (systemic failure) in less developed countries as being largely to blame for the proliferation of this type of criminal activity.
We assume that 'systemic failure' refers to the inefficiency of, or lack of, efficient and/or ethics-based administrative and judicial systems to combat this and similar crime and corruption-related problems. 'Unfortunately in some jurisdictions,' admits Mugarura, 'the role of the courts is undercut by the obduracy of governments, which treat them as conduits for their wishes.... (and) 'mere accessories of the state, primarily interpreting laws to foster the will of parliament.'
Yes, this international problem appears multi-faceted and intractable, but the author nevertheless calls for 'a global anti-money laundering framework' which, in his view (if we are interpreting this correctly) might well be hampered, or thwarted by a number of challenges related to 'the dynamics of the market economy' -- presumably that which exists in developed countries -- such as deregulation, liberalization and conflict of laws.
Law certainly meets international financial crime and criminology analysed from a global perspective in this book.
Commercial law practitioners and others specializing in comparative law will find it of interest, as will students and academics doing research in this area. Speaking of research, there is a lengthy and useful bibliography -- about six pages long to be precise -- of learned articles, publications and books pertaining to this subject (with titles such as 'Dirty Money'), plus useful indexing.
The four appendices, also useful, include the deliberations of The Financial Action Task Force (FATF), an intergovernmental body which recommends various anti-money laundering processes, principles and procedures. The book certainly reflects the copious amount of research and hard work expended by the author and is certainly valuable for that. The publication date is cited as at 2012.