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Asset recovery proceedings increasingly target corrupt foreign officials who acquire lavish assets as a result of capital gained through criminal acts. One extremely difficult issue arising in asset recovery proceedings is whether the capital used to acquire the assets can be traced to a criminal act. The purpose of this paper is to critique US tracing procedure through comparative analysis.

A prominent series of cases brought by the USA and France against assets owned by Teodoro “Teodorín” Nguema Obiang, second Vice President of the Republic of Equatorial Guinea, produced mixed results on the tracing element. This paper utilizes a qualitative comparative case analysis to examine the US and French cases.

The US results reflect serious weaknesses in the US law as compared to more effective French asset recovery procedure.

Though this paper is certainly a comparative case study analysis, nearly identical facts and two different jurisdictions reaching separate conclusions bring us in the legal community as close as we can realistically come to quasi-experimental research. Comparative research in this area is severely lacking and sorely needed. The mechanisms identified in the French system clearly show flaws that are present in the US system.

The purpose of this paper is to focus on circumvolutions taken by the accounting standard-setting process in French-speaking African countries which have delayed convergence toward IFRS standards and to identify how different factors shape accounting standards in a context in which post-colonial hysteresis interact with globalization.

This study uses archival data and interviews with key individual actors. Two case studies from two successive periods are contrasted: the design of the OCAM accounting standards in the 1970s, and the development of the SYSCOA/OHADA accounting standards during the 1990s before the partial adoption of IFRS.

The study shows the convergence toward international accounting standards in French-speaking African countries emerged from a complex, multimodal process mingling competition with collaboration and negotiation. They have followed a different path from most English-speaking African countries, where convergence to IAS/IFRS took place earlier and faster. The evidence indicates the significance of the interaction between the ex-colonization and the indigenous accounting standards, the importance of key actors and the level of the educational institutions.

No African written sources were located. Most of the sources used were French.

The paper includes implications for the standards setting in developing countries. The examination of the development of accounting rules in French-speaking African countries between 1960 and 2010 shows the complexity of the accounting standards’ diffusion dynamic.

This study provides novel insights over a 30-year period of accounting standards in French-speaking African countries. This research explains why IFRS have not yet adopted in French-speaking African countries as it was in English-speaking African countries.

With heterogeneous findings dominating the growth and natural resources relations, there is a need to explain the variances in Africa's growth process as induced by robust measures of factor endowments. This study used a comprehensive set of data from the updated database of the World Bank to capture the heterogeneous dimensions of natural resource endowments on growth with a particular focus on establishing complementary evidence on the resource curse hypothesis in energy and environmental economics literature in Africa. These comprehensive data on oil rent, coal rent and forest rent could provide new and insightful evidence on obscure relations on the subject matter.

This paper considers the panel vector error correction model (PVECM) procedure to explain changes in economic growth outcomes as induced by oil rent, coal rent and forest rent. The consideration of the PVECM was premised on the panel unit root process that returns series that were cointegrated at the first-order differentials.

The paper found positive relations between oil rent, coal rent and economic development in Africa. Forest rent, on the other hand, is inversely related to economic growth in Africa. Trade and human capital are positively related to economic growth in Africa, while population growth is negatively associated with economic growth in Africa.

Short-run policies should be tailored towards the stability of fiscal expenditure such that the objective of fiscal policy, which is to maintain the condition of full employment and economic stability and stabilise the rate of growth, can be optimised and sustained. By this, the resource curse will be averted and productive capacity will increase, leading to sustainable growth and development in Africa, where conditions for growth and development remain inadequately met.

The originality of this paper can be viewed from the strength of its arguments and methods adopted to address the questions raised in this paper. This study further illuminated age-long obscure relations in the literature of natural resource endowment and economic growth by taking a disaggregated approach to the component-by-component analysis of natural resources factors (the oil rent, coal rent and forest rent) and their corresponding influence on economic growth in Africa. This pattern remains underexplored mainly in previous literature on the subject. Many African countries are blessed with an abundance of these different natural resources in varying proportions. The misuse and mismanagement of these resources along various dimensions have been the core of the inclination towards the resource curse hypothesis in Africa. Knowing how growth conditions respond to changes in the depth of forest resources, oil resources and coal resources could be useful pointers in Africa's overall energy use and management. This study contributed to the literature on natural resource-induced growth dynamics by offering a generalisable conclusion as to why natural resource-abundance economies are prone to poor economic performance. This study further asks if mineral deposits are a source or reflection of ill growth and underdevelopment in African countries.

The purpose of this paper is to appraise existing literature on International Financial Reporting Standards (IFRS) in Africa. It covers all 54 African countries and their membership in regional and international accounting bodies.

This paper uses qualitative research methods, including review and synthesis of a variety of archival materials.

Unlike the numerous variations in IFRS adoption on other continents, IFRS countries in Africa have adopted the standards as issued by International Accounting Standard Board (IASB). However, most countries are slow to implement the ROSC (AA) recommendations for IFRS adoption due to lack of institutional and professional capacity. With regards to the unintended consequences, IFRS adoption has made international professional qualifications such as Association of Certified Chartered Accountants popular in Africa; hence, national accounting qualifications are not attractive to prospective accountants. Similarly, IFRS adoption has created a competitive advantage for the Big4 audit firms because companies in IFRS countries prefer the services of the Big4 to that of the local audit firms.

It is concluded that international organisations that recommend IFRS to Africa, such as the IFRS foundation, IMF and World Bank, should build the sustainable professional and institutional capacity of the countries before persuading them to adopt IFRS, because in Africa, adopting a law is easy but operationalising it has always been the challenge.

This paper aims to investigate the debated nexus of financial inclusion (FI) and financial stability (FS) in a comprehensive way, with several indicators of FI, considering nonlinearity and cross-country heterogeneity.

The authors introduce several indexes for FI by applying principal component analysis (PCA) and explore their impact on stability for a sample of 108 countries and subsamples based on income grouping as well as for pre- and post-crisis episodes over the period 2004–2017. To address the heterogeneity and endogeneity, the authors use the two-step quantile regression (2SQR), three-stage least square (3SLS) and two-step system-GMM (System-GMM).

The findings reveal that the relationship of FI and stability depends on the measurement of FI used and the heterogeneity of different macroeconomic factors. Besides, there is nonlinearity, irrespective of the measurement of inclusion used. The findings also confirm that the effect of FI is more prominent in countries with strong governance. The results are robust to several robustness validations, which could be useful for policymakers to align the divergence of these policies and ensure FS while expanding access to formal financial services.

This study makes an attempt to explore the reasons behind the debated empirical findings of the existing literature by revisiting the nexus using several disaggregated indexes, each representing individual dimension and a multidimensional index, examine the possible nonlinearity and investigate the conditioning effect of different macroeconomic factors that might play a significant role in this relationship.

This study aims to decompose financial development into its three key components (depth, access and efficiency) to investigate whether they can help to overturn the negative impact of foreign direct investment (FDI) on the environment.

The study uses a dynamic panel of 43 economies from 1982 to 2018 and decomposed financial development into its three key components: depth, access and efficiency.

The results from the various estimations indicate that financial deepening and efficiency reduce environmental risk and can overturn the negative impact of FDI on the environment. In addition, the study finds that low levels of financial access worsen environmental risk but doubling financial access is likely to reduce it which makes the relationship between access and environmental risk non-monotonic. After splitting the data set into high and low financially developed economies, the study reports that FDI is more environmentally depressive among low financially developed economies.

The practical implications are that improvement in financial efficiency guarantees high returns on savings and investment and can reduce environmental risk. So, central governments should invest in financial technologies and formulate financial regulations through monetary and fiscal policies to enhance financial efficiency and depth.

If inward FDI to Africa continues the business-as-usual trend, the environmental risk in the region may continue to rise, environmental conditionalities for FDI must be strengthened.

The study uses a comprehensive measure of financial sector development and decomposes financial development indicators to assess their efficacy in mitigating the relationship between FDI and environmental quality.

The purpose of this paper is to investigate whether the proposed eco currency union has sufficient business cycle synchronization among its members to avoid problems such as those experienced in the last several years by countries in the eurozone. This monetary union would potentially include 18 countries – Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Republic of the Congo, Cote d’Ivoire, Equatorial Guinea, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Mali, Niger, Nigeria, Senegal and Togo – which collectively have a GDP of over 744 billion dollars and a population of over 300 million people.

The authors will apply some recently created econometric tools that were developed specifically to investigate business cycle synchronization in the eurozone. These tools – denoted synchronicity and similarity – overcome some of the limitations of previous studies which have used vector autoregressions and suffered simultaneity bias as a result.

The different measures employed suggest that the potential members of the eco exhibit a very low level of synchronization. Nigeria in particular, which is heavily dependent on oil, as are some, but not all potential members, would be the largest member, and exhibits a very low level of synchronization with other prospective eco member nations. Finally, preliminary evidence from several countries which have joined the existing African currency unions does not indicate that the act of joining a currency union improves synchronization, and this result contradicts the “endogenous optimal currency area” hypothesis.

Like previous studies on the topic, the authors rely on the available data. The number of observations is more limited than would be optimal.

The results would strongly caution against the creation of the eco currency union, as members appear even less ready for monetary integration than countries in the eurozone did.

This is the first study to apply the synchronicity and similarity tools to the prospective West African eco nations.

Discusses the most significant criminal prosecutions and regulatory actions in response to recent anti‐money laundering compliance lapses and the resulting concern in the financial community.

Reviews earlier criminal enforcement actions; the recent prosecution of Riggs Bank; non‐criminal regulatory enforcement actions toward Banco de Chile, Korea Exchange Bank, Arab Bank, and Gulf Corporation; additional consent orders and supervisory agreements requiring enhancement of PATRIOT Act and Bank Secrecy Act compliance systems at more than 20 banks; broker‐dealer actions; and other actions.

Concludes that both law enforcement and regulators have embraced stricter anti‐money‐laundering enforcement standards despite some criticism from the financial industry, and that recent criminal enforcement actions bear careful analysis by the financial community; predicts that regulators and law enforcement officials will broaden their scope from banking institutions to include broker‐dealers and other non‐bank institutions as well; and recommends that all financial institutions devote greater resources to establish effective anti‐money‐laundering policies and procedures, particularly in the areas of due diligence for high‐risk customers and suspicious activity reporting (SAR).

A detailed review of recent anti‐money‐laundering violations and enforcement actions along with practical recommendations for financial institutions by two expert compliance lawyers with a specialty in anti‐money‐laundering.

The purpose of this paper is threefold: it examines and analyzes the extent to which corruption and bribery have become the quintessential problem of international business and economies; analyzes the effect of corruption and bribery on international business at the macro level; and recommends specific action-oriented sustainable initiatives to help mitigate corruption and bribery.

This paper has conducted an in-depth global analysis of extant literature on corruption and bribery affecting international business.

This paper provides a succinct analysis of corruption and bribery relevant and critical to international business. It shows that corruption undermines democracy and the rule of law; leads to violations of human rights; distorts markets; erodes the quality of life; and allows organized crime, terrorism and other threats to human security.

This paper realizes that not all corruption and bribery have the same degree of impact on all countries and economies. This issue is not discussed, as it is outside the scope of the paper.

This paper serves as a good reference for international business community, anti-corruption agencies, law enforcement and for pedagogy in the classroom.

Provides a concise macro level of pertinent corruption and bribery issues useful as a learning material for international business, trade and development and corporate social responsibility.

In answer to the urgent need to adapt conservation strategies and approaches to climate change, the purpose of this paper is to locate the climatically stable forests in West and Central Africa and to assess whether they overlap with the existing network of protected areas and if not, to prioritize them for protection.

With ongoing global warming, rain forest will survive where locally soil moisture content remains high compensating for the regional drought stress. As a proxy for a soil moisture‐driven model, rainfall >2,000 mm, altitude >500 m and strong relief (standard deviation in elevation data pixels) were overlapped in a GIS analysis to locate the climatically stable forest within the present continuous forest of Central Africa and within the degraded forest of West Africa. As a means of verification, the biodiversity was measured in and outside the identified areas in Gabon and Equatorial Guinea as high levels of biodiversity are related to the survival and stability of the forest in the past. Biodiversity was calculated (measured as Fisher‐α diversity) for all trees (dbh >5 cm) on 66 transects (200 × 5 m).

The forest areas identified as climatically stable in the GIS analysis showed a higher biodiversity than the forest outside these areas (student T‐test: P<0.000035, stable = 54.7 and unstable = 33.7), supporting the validity of the model. Mapping the results of the GIS query showed that most of the climatically stable forests in West and Central Africa are located outside the park systems, and that it is already too late to protect the climatically stable forest in West Africa as almost nothing is left of it.

Wedged in between large‐scale drought tolerant ecosystems the African rain forest is most vulnerable to global climate change. Knowing which parts are climatically stable and resilient helps to set and focus conservation priorities and efforts. This approach is a powerful tool which has helped to identify areas with a high‐conservation priority in Africa.