Regulating Crypto Assets: The FATF Guidance
Abstract Virtual assets are now widely available, acceptable and are being used as payment for products. However, in the absence of established regulation and oversight, the sector is often still referred to as the “wild west” of the finance industry. In October 2021, the FATF updated its 2019 Guidance for a Risk-Based Approach to Virtual […]
Legal Framework for Anti Money Laundering in Pakistan
Abstract Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the global watchdog, as this could further hurt its economy. Pakistan is categorised by the US State Department as a Country/Jurisdiction of Primary Concern in respect of Money […]
Jamaica AML Laws and Regulations 2021: Another Step Against Illicit Finance
Abstract Money Laundering is how criminals disguise the source of illegal funds into origination from a legitimate source. To combat money laundering, the Financial Action Task force ‘FATF’, a policy-making body was initiated to provide counter-measures against money laundering. In 1992, Jamaica endorsed its commitment to implement the recommendations of the FATF to combat its […]
Financial and Economic Crimes in Kenya: A Summary of Findings
Introduction Corruption is an impediment to economic growth, prosperity and reduction of poverty. Financial Crimes like Tax fraud, Procurement Fraud, Money Laundering, Cyber Crime, Bribery and Corruption, Asset Misappropriation, Accounting and Financial Statement Fraud are common in Kenya and these crimes have untold consequences. The number of Economic Crimes reported to the police in Kenya […]
Decentralized Wallets and the Fall of KYC Rules
Abstract The structure of the financial industry is fast evolving from conventional and traditional banking transactions to digital or virtual currencies in the form of cryptocurrency. Despite its innovation and far-reaching benefits, it poses some challenges and creates new financial crimes, whereby criminals can now harness technology to launder money and cover their tracks virtually. […]
Cybersecurity and Financial Crimes
Introduction With the increase on technological reliance from all ends of the society, the risk of data leak has been on the rise. Sensitive information like social security numbers, credit card information and bank account details are now stored in cloud storage devices like Dropbox or Google Drive which may harm one’s financial health. Financial […]
Challenges of Beneficial Ownership and Financial Crime Regulation
Abstract Financial crimes have over the last 30 years increasingly become of great concern to governments throughout the world. In response to this, several regulations have come up over the years to fight financial crimes. On May 11, 2018, a ‘rule’, known as the ‘Beneficial Ownership Rule’ was implemented, intended to crack down on and […]
Folashade Adeyemo’s Book Target Reforms in Africa’s Banking Sector
Folashade Adeyemo’s Book Target Reforms in Africa’s Banking Sector In this forthcoming book, Dr. Adeyemo challenges the effectiveness of banking regulation in Nigeria. The book argues that the CBN’s historically embedded reactive approach to bank regulation needs to evolve into a proactive, resourceful and pragmatic approach, in order to ensure effective banking regulation. The […]
Call for Paper – Global Anti-Money Laundering Standards: Errors in Transplantation and Unintended Consequences for Developing Countries
[pdf-embedder url=”https://gsdec.network/wp-content/uploads/2021/09/Call-for-Paper-Global-AML-Standards-Errors-in-Transplantation-and-Unintended-Consequences-for-Developing-Countries.pdf” title=”Call for Paper – Global AML Standards – Errors in Transplantation and Unintended Consequences for Developing Countries”] Call for Paper – Global Anti-Money Laundering Standards: Errors in Transplantation and Unintended Consequences for Developing Countries The Global South Dialogue on Economic Crimes (GSDEC) is pleased to announce its Call for Paper on Anti-Money Laundering […]