The official Book Launch of Global AML Regulation: Developing Countries’ Compliance Challenges held on August 28, 2025 at 2pm BST. The book which was edited by Dr. Nkechikwu Valerie Azinge-Egbiri of Lancaster University, Professor Nicholas Ryder of Cardiff University and Professor Ehi Eric Esoimeme of James Hope University and published by Routledge in year 2025 features fifteen chapters from twenty-one expert contributors, both academics and practitioners.
The event which was hosted by the Global South Dialogue on Economic Crime and Dr. Joy Malala commenced with Dr. Nkechikwu Valerie Azinge-Egbiri providing background information of how the book was put together. Nkechikwu revealed the conversation that she had with her Co-Editors on why developing countries are not complying with the Financial Action Task Force Standards and how can they comply better and improve the effectiveness of their compliance framework and internal controls. The Editors had identified indigenous and exogenous factors during their preliminary discussions. The indigenous factors range from weak institutional strength to lack of interagency collaboration, cultural issues and lack of transparency. The exogenous factors range from regulatory imperialism and legitimacy challenges. The Editors later researched extensively on these issues and identified twenty-one experts made up of academics and practitioners to discuss these factors that affect compliance and what developing countries can do to ensure improved compliance going forward.
Professor Abiola Babajide of James Hope University ably represented by Dr. David Oke of James Hope University provided a comprehensive overview of the Book and emphasized on the book’s importance and relevance in the anti-money laundering and counter terrorism financing eco-system. Professor Babajide highlighted the key contributions of the book ranging from its focus on the disproportionate cost of FATF’s blacklisting and greylisting on developing economies, Nigeria’s compliance struggles with capacity deficit and systemic corruption in detecting suspicious transactions, the injustice from the mis implementation of FATF Standards in South Africa where Banks apply money laundering rules by unilaterally closing banking accounts, the challenges of politically exposed persons undermining the credibility of FATF’s enforcement, asset recovery challenges, including legal and operational hurdles, and financial exclusion. According to Professor Babajide, this Book offers a fresh theory for scholars, grounded in Southern perspective. For policy makers and regulators, it provides practical insight in avoiding the unintended consequences of Compliance with the FATF’s Standards. For Banks, it challenges us to see compliance not as a burden but an opportunity to innovate and strengthen trust. According to Professor Babajide, this Book is a milestone by bringing the experiences of Africa and the Global South to the center of anti-money laundering debates. The Editors have given us a book that will shape scholarship, policy and practice for years to come.
Dr. Olayinka Odutola, the Director General of the Association of Enterprise Risk Management Professionals (AERMP), provided the second book review. According to Dr. Odutola, “The book rightly addresses the legitimacy crisis that Financial Action Task Force faces in many developing countries. But legitimacy can be restored when global standards are contextualized, and when national strategies are rooted in risk-informed, data-driven decision-making. Regional bodies like the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) and professional associations like the Association of Enterprise Risk Management Professionals (AERMP) have a key role in localizing compliance through training, guidance, and collaboration.” Dr. Odutola recommended the book to enterprise risk management experts and compliance professionals, and encouraged countries and financial institutions to adopt the potential reforms in this Book as part of their anti-financial crime risk management measures.
The book launch featured presentations from Professor John Hatchard, a Barrister and Emeritus Professor of the University of Buckingham, Professor Simeon Igbinedion of the Faculty of Law, University of Lagos, Jean Pierre-Brun, a Senior Financial Sector Specialist at the World Bank, Chinelo Bob-Osamor, a PhD Researcher at Cardiff University, Professor Tony Ward, the Co-Director, International State Crime Initiative, Dr. Joy Malala, an Assistant Professor at Warwick University and Professor Ehi Eric Esoimeme Esq., a Professor of Business Law and Ethics at James Hope University.
In his topic presentation “the Vulnerability of PEPs: Towards Transparency in Beneficial Ownership”, Professor John Hatchard considered the concealing of beneficial ownership by politically exposed persons as a major problem, and expounded on how politically exposed persons engineer the money laundering process by using the corporate vehicle to steal funds meant for citizens in developing countries. He emphasized that Transparency International’s Corruption Perceptions Index is limited in scope as it failed to take into consideration the Safe Haven States and the Facilitating States. Professor John Hatchard critically reviewed recent moves towards enhancing beneficial ownership transparency both within Africa and in the United Kingdom and its associated jurisdictions. “Since money laundering is a global problem, it requires a global response. We are dealing with powerful individuals and we need a strong response.” Professor Hatchard reemphasized on the importance of the Financial Action Task Force and the Financial Action Task Force Recommendations in addressing beneficial ownership transparency, and coordinating the global approach and response against money laundering by ensuring that all countries adhere to the international standards.
Professor Simeon Igbinedion discussed the capacity or otherwise of developing states to win the war against terrorist financing. The discussion considered the concept and scope of terrorism and terrorism financing. Thereafter, Professor Igbinedion examined some of the laws, rules and regulations that sponsors of international Counter-Terrorist Financing regime have designed for implementation by states, including developing countries. He argued that these states cannot win the war as yet because the anti-money laundering and counter-terrorist financing regime adopted does not reflect their local peculiarities or circumstances. He earnestly hoped that appropriate remedial measures would be adopted and implemented so that in the near future the question of whether the developing states can win the war against terrorist financing could be emphatically answered in the affirmative.
Jean Pierre-Brun, a Senior Financial Sector Specialist at the World Bank, took a closer look at the strategical and operational challenges that frequently arise when countries pursue stolen assets while Chinelo Bob-Osamor, a PhD Researcher at Cardiff University, expounded on the challenges of money laundering by Nigeria PEPs and made recommendations to address these challenges.
Professor Tony Ward considered the prospects for one of the more recently emphasized aspects of the Financial Action Task Force’s anti-money laundering policies, its recommendations on beneficial ownership, and whether greater transparency on beneficial ownership would enhance anti-corruption efforts in Nigeria.
The Co-Editor of the Book and contributor, Professor Ehi Eric Esoimeme Esq, made his final remarks on the book launch by outlining compliance challenges within the context of strategic challenges, legal challenges, operational challenges, national barriers, international challenges and enforcement challenges. To effectively address the national, legal, institutional and operational barriers, Professor Esoimeme recommended that developing countries should update their National Risk Assessment regularly to reflect the risk profile of the country. For institutional and operational reforms, Professor Esoimeme recommended that Banks and other financial institutions should ensure adequate staffing for the proper monitoring of day-to-day compliance with Cyber-security and process automation to mitigate cyber-attacks. Financial institutions should dedicate sufficient human and technological resources to minimise the risk of cyberattack, he advised. He also recommended that the Corporate Affairs Commission (CAC) should maintain timely, adequate, accurate and up-to-date Beneficial Ownership information. Professor Esoimeme encouraged countries and financial institutions to implement the strategic and practical recommendations as documented in this Book in order to address all the identified challenges. Professor Esoimeme called for public-private partnerships through the collective action for information sharing to identify and report potential financial crimes, including corruption and money laundering.
Academics and Professionals were all in attendance at the book launch, including Dr. Joy Malala (the host of the event) and Chief Dr. Anthony Idigbe (a Senior Advocate of Nigeria).
The book can be purchased in retail stores worldwide, including Routledge, Amazon and Barnes & Noble.