Research Topics: Challenges Of Fighting Money Laundering

Challenges of Fighting Money Laundering in West Africa

Challenges of fighting Money Laundering in West Africa   Statement of Purpose The purpose of this research is to recognize and at the same time be aware of the challenges faced by West Africa in terms of fighting against money laundering as well as the factors imposed towards the alarming situation in African countries particularly in the Western part. Thus, to be able to understand how money laundering is possible and recommends ways to resolve negative challenges towards fighting against the situation. In addition, there is a need to engage into primary as well as secondary research wherein preliminary literature review should be applied in the study along with full coverage to research methodologies such as case studies and survey questionnaires and others whichever suits the need of the focal point of the overall research process.   Review of Literature The devastating effects of crimes such as money laundering and financing of terrorism especially on the socio-economic growth of Africa, no doubt contributes to the creation of instability and insecurity, which in turn hampers development much needed to catapult Africa continent to such great height to be reckoned with within the comity of nations that are respected for their self sustenance and ability to carter for the welfare of their peoples, without going cap in hand to other nations begging for loans and what to feed them (Ibrahim Balarabe at http://www.gamji.com/article4000/NEWS4898.htm). Although the concept of money laundering was not widely known in the West African sub-region until relatively recently, members of the Economic Commission of West African States (ECOWAS) were in 1988 called upon to sign an agreement to engage in the fight against this crime and based upon information received from more developed countries, Africans themselves became convinced that the fight against money laundering was justified on several grounds one of which was recently highlighted at a meeting of inter-governmental action group against money laundering in Africa held at the ECOWAS Secretariat in Abuja (Ibrahim Balarabe at http://www.gamji.com/article4000/NEWS4898.htm). The siphoning of huge sums of monies by corrupt political persons amongst us is another disturbing problem which also encourages money laundering, since it is the only convenient way these corrupt persons can hide the source of their ill-gotten wealth and hope to enjoy it. They live like kings, damning the rest of us and making our countries turn to beggar nations, as a result, ending up receiving a lot of humiliation from the so called developed nations who plan for Africa’s down fall and swim in perpetual sea of poverty (Ibrahim Balarabe at http://www.gamji.com/article4000/NEWS4898.htm). There is a need to emphasize the need for all right minded persons to assist both the EFCC and GIABA in their battle against this monster called corruption and to also understand that the amount of money being laundered in the West African sub region alone totals to billions of Naira (Ibrahim Balarabe at http://www.gamji.com/article4000/NEWS4898.htm)   Source: Ibrahim Balarabe. EFCC And Money Laundering In West Africa (Public Affairs Unit, EFCC) The objectives of GIABA are to protect the banking and financial systems of member-states from proceeds of crime; to ensure harmonized and correct adoption of appropriate measures to combat money laundering and financing of terrorism thus, the need to facilitate the implementation by member states of the FATF (EAG and ITMCFM, 2009 at http://www.eurasiangroup.org/en/giaba.html) Recommendations and related international conventions and resolutions; to strengthen international cooperation among its members; to evaluate progress and the efficacy of measures to combat money laundering and financing of terrorism (EAG and ITMCFM, 2009 at http://www.eurasiangroup.org/en/giaba.html) Impact of money laundering The infiltration and sometimes saturation of dirty money into legitimate financial sectors and national accounts can threaten economic and political stability. An IMF working paper concludes that money laundering impacts financial behavior and macro-economic performance in a variety of ways including policy mistakes due to measurement errors in national account statistics; volatility in exchange and interest rates due to unanticipated cross border transfers of funds; the threat of monetary instability due to unsound asset structures; effects on tax collection and public expenditure allocation due to misreporting of income; misallocation of resources due to distortions in asset and commodity prices; and contamination effects on legal transactions due to the perceived possibility of being associated with crime. It is known that influx of tainted money into several banks in the Baltic States resulted in their collapse due to the high number of withdrawals triggered by customers’ knowledge of dirty deals and lack of consumer confidence. Methodology The methodology for this research is focused on case study analysis, comprehensive encounter towards challenges of fighting against money laundering in West Africa, this will be realized through utilization of critical appraisal of about three to five research articles/journals to appraise and critically assess by means of integrating research critique tools, rigorous application and assessment of the case study approach. The methodology sets forth validity and reliability of case study outcomes and interpretation putting money laundering in West Africa at the center core. Case study approach is a method that allows the researcher to express freely ideas and concepts based on causal knowledge and understanding. In addition, it caters to desirable flow of literature studies that come along with feasible research tenets and domain. Credit:ivythesis.typepad.com

Challenges of Fighting Money Laundering in West Africa

Challenges of fighting Money Laundering in West Africa Statement of Purpose The purpose of this research is to recognize an...