Azinge, Nkechikwu Nkeiruka Valerie (2018) Compliance with the global AML/CFT regulation: parameters and paradoxes of regulation in African countries and emerging economies. PhD thesis, University of Warwick.

Preview

PDF WRAP_Theses_Azinge-Egbiri_2018.pdf - Submitted Version - Requires a PDF viewer. Download (3970Kb) | Preview

Request Changes to record.

Abstract

In the light of the agency theory, this thesis examines the extent to which ACs/EEs can harness and comply with the global AML/CFT standards. Whilst appreciating the importance of cross-border AML/CFT regulation, it critiques the requirement for uniformly applicable standards, thereby exposing the parameters and paradoxes of such standards when applied to ACs/EEs. This is achieved by examining the displacement of ACs/EEs in the evolution of IFIs/FATF and resulting AML/CFT standards by IFIs/FATF, which do not consider the socio-economic and political uniqueness of ACs/EEs. It argues that ACs/EEs do not possess the pre-conditions for effective AML/CFT regulations, hence the behavioral impact of the FATF’s standards on ACs/EEs do not align with the IFIs/FATF’s expectations. This regulatory design flaw persists irrespective of the adopted RBA. Consequently, ACs/EEs engage strategically with IFIs/FATF to evade sanctions from non-compliance whilst facilitating their continued integration into the global economy. This is indicative of an unfavorable agency relationship between ACs/EEs and IFIs/FATF and an ingrained legitimacy crisis which are further undermined by ACs/EEs capacity challenges.

Through multidisciplinary research on law and economics, this thesis examines the impact of uniform standards on ACs/EEs. This thesis assesses the agency theory, legislations, design of law, FATF and FSAP reports, and interviews. Consequently, this thesis gives a detailed analytical account of the compliance experiences of ACs/EEs, and identifies their sources of behaviour within the context of existing pre-conditions. Findings from the analysis of secondary data revealed that although ACs/EEs had similar socio-economic and political backgrounds, EEs were better able to comply with AML/CFT standards. A crucial factor was legitimacy as EEs had slightly more leverage in the re-formulation of AML/CFT standards.

The main strength of this thesis is that it contributes to understanding the factors that influence ACs/EEs’ compliance, and therefore, the conditions under which the FATF standards are likely to facilitate proactive compliance.

Item Type:	Thesis (PhD)
Subjects:	H Social Sciences > HB Economic Theory H Social Sciences > HG Finance K Law [LC] > K Law (General)
Library of Congress Subject Headings (LCSH):	Money laundering -- Law and legislation -- Africa, Terrorism -- Prevention -- Africa, Developing countries -- Economic policy, Africa -- Economic policy
Official Date:	June 2018
Dates:	Date Event June 2018 UNSPECIFIED
Institution:	University of Warwick
Theses Department:	School of Law
Thesis Type:	PhD
Publication Status:	Unpublished
Supervisor(s)/Advisor:	Dalvinder Singh
Format of File:	pdf
Extent:	xviii, 432 leaves : illustrations, charts
Language:	eng

Request changes or add full text files to a record

Repository staff actions (login required)

View Item

Downloads