Money laundering: The paradox of deterrence mechanism

The menace of money laundering is globally acknowledged and the spate of its increase remains unabated. However, a potent tool to deal effectively with this problem lies in the procedure and efficacy of prosecution. Though a lot has been achieved in term of legal and regulatory framework, it is impe...

Full description

Bibliographic Details
Main Authors:	Adeniyi, Nasir Maruf, Zul Kepli, Mohd Yazid, Mohd Yasin, Norhashimah
Format:	Article
Language:	English
Published:	Zes Rokman Resources 2016
Subjects:	K Law (General)
Online Access:	http://irep.iium.edu.my/65823/ http://irep.iium.edu.my/65823/ http://irep.iium.edu.my/65823/1/Money%20laundering%20Paradox.pdf

id	iium-65823
recordtype	eprints
spelling	iium-658232018-10-05T06:59:15Z http://irep.iium.edu.my/65823/ Money laundering: The paradox of deterrence mechanism Adeniyi, Nasir Maruf Zul Kepli, Mohd Yazid Mohd Yasin, Norhashimah K Law (General) The menace of money laundering is globally acknowledged and the spate of its increase remains unabated. However, a potent tool to deal effectively with this problem lies in the procedure and efficacy of prosecution. Though a lot has been achieved in term of legal and regulatory framework, it is imperative to note that in an environment where corrupt practises remained unpunished due to lack of enforcement, all efforts are likely to be lost. Law enforcement and other supporting agencies will unlikely have any real impact. Unfortunately, this is the scenario in most developing countries of the world including Nigeria. Potent strategies are therefore required for effective implementation of the legislations. This paper seeks to examine money laundering activities in Nigeria while focusing on implementation challenges and obstacles. Suggestions and recommendations are also included on how to achieve enforcement and the subsequent effective implementation of AML/CFT. It is therefore the contention of this paper that achieving deterrent is hinges on a strengthen AML/CFT framework and to this effect, having a strong political commitment and well-functioning coordination structures is essential. Proper resources to achieve the policy objectives, in addition to coordination arrangements that will effectively support the implementation of activities are also fundamental to reach the deterrent effect. Zes Rokman Resources 2016-12 Article PeerReviewed application/pdf en http://irep.iium.edu.my/65823/1/Money%20laundering%20Paradox.pdf Adeniyi, Nasir Maruf and Zul Kepli, Mohd Yazid and Mohd Yasin, Norhashimah (2016) Money laundering: The paradox of deterrence mechanism. International Journal of Business, Economics and Law, 11 (3). pp. 1-11. ISSN 2289-1552 http://ijbel.com/wp-content/uploads/2017/01/ECON-125.pdf
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	K Law (General)
spellingShingle	K Law (General) Adeniyi, Nasir Maruf Zul Kepli, Mohd Yazid Mohd Yasin, Norhashimah Money laundering: The paradox of deterrence mechanism
description	The menace of money laundering is globally acknowledged and the spate of its increase remains unabated. However, a potent tool to deal effectively with this problem lies in the procedure and efficacy of prosecution. Though a lot has been achieved in term of legal and regulatory framework, it is imperative to note that in an environment where corrupt practises remained unpunished due to lack of enforcement, all efforts are likely to be lost. Law enforcement and other supporting agencies will unlikely have any real impact. Unfortunately, this is the scenario in most developing countries of the world including Nigeria. Potent strategies are therefore required for effective implementation of the legislations. This paper seeks to examine money laundering activities in Nigeria while focusing on implementation challenges and obstacles. Suggestions and recommendations are also included on how to achieve enforcement and the subsequent effective implementation of AML/CFT. It is therefore the contention of this paper that achieving deterrent is hinges on a strengthen AML/CFT framework and to this effect, having a strong political commitment and well-functioning coordination structures is essential. Proper resources to achieve the policy objectives, in addition to coordination arrangements that will effectively support the implementation of activities are also fundamental to reach the deterrent effect.
format	Article
author	Adeniyi, Nasir Maruf Zul Kepli, Mohd Yazid Mohd Yasin, Norhashimah
author_facet	Adeniyi, Nasir Maruf Zul Kepli, Mohd Yazid Mohd Yasin, Norhashimah
author_sort	Adeniyi, Nasir Maruf
title	Money laundering: The paradox of deterrence mechanism
title_short	Money laundering: The paradox of deterrence mechanism
title_full	Money laundering: The paradox of deterrence mechanism
title_fullStr	Money laundering: The paradox of deterrence mechanism
title_full_unstemmed	Money laundering: The paradox of deterrence mechanism
title_sort	money laundering: the paradox of deterrence mechanism
publisher	Zes Rokman Resources
publishDate	2016
url	http://irep.iium.edu.my/65823/ http://irep.iium.edu.my/65823/ http://irep.iium.edu.my/65823/1/Money%20laundering%20Paradox.pdf
first_indexed	2023-09-18T21:33:23Z
last_indexed	2023-09-18T21:33:23Z
_version_	1777412659788906496

Money laundering: The paradox of deterrence mechanism

Similar Items