Anti-money laundering recommendations for cash-based economies in West Africa

Autor:	Ronald Henry Mynhardt, Johan Marx
Rok vydání:	2013
Předmět:	Corruption Economic policy Cash media_common.quotation_subject Financial intelligence Financial system Business Money laundering General Business Management and Accounting West africa media_common
Zdroj:	Corporate Ownership and Control. 11:24-32
ISSN:	1810-3057 1727-9232
DOI:	10.22495/cocv11i1conf1p3
Popis:	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.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::0c566909b29e9e175fd6843cee47a77e https://doi.org/10.22495/cocv11i1conf1p3 Zobrazit plný text záznamu