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The purpose of this paper is to provide an assessment of soft law as a technique for repressive and preventive anti-money laundering control (hereinafter AMLC).

This article focuses heavily on understanding the nature of international anti-money laundering (AML) law-making process. The approach towards this question is interdisciplinary and looks at the treaty and non-treaty AML obligations through a prism of two theoretical lenses (legal positivism and liberal/legal process theory) to explain the role of soft law in the area.

Current international effort to combat money laundering (ML) is fragmented (as evident in the enormous variety of law-making processes), despite the role of soft law. Part of the problem is the divergent nature of domestic criminal legislation, which is reflected in the choice of predicate crime and a lack of procedural rule to identify and enforce the law at the state level. To address the limit of current efforts, the paper will propose a uniform codification of AML law directed by a more representative body or commission of experts offering means of restating, clarifying and revising the law authoritatively and systematically.

The research is focused mainly on the theoretical issues relating to the subject of ML and less on any empirical case study.

The paper will focus on the role of soft law as a technique for repressive and preventive AMLC. Based on current analyses of the role of soft law as an alternative to hard law or as a complement to hard law (leading to greater cooperation), it attempts to outline the possible advantages and disadvantages that soft law could have in the context of AMLC. For example, the use of soft law promotes harmonisation of international AML standards through the Financial Action Task Force, while the role of the FATF remains unclear in international law. This is important for the purpose of responsibility, as the law on state responsibility clearly states when a State is responsible, in the event of a breach, and the consequence in international law.

The implication of the paper is that it contributes to the on-going debate about the increasingly role of soft law-making in international law.

The research perspective to the study of ML is theoretical and focuses on the nature of the law.

The purpose of the paper was to examine the challenges inherent in harnessing the UN and other AML counter‐measures, paying particular attention to the United Nations Resolutions on countering financing of terrorism and why the UN Security Resolutions have not been easy to invoke. As regards other AML counter‐measures, the paper examined the legal status of soft law instruments, articulating the possible reasons why they are easy to implement.

The paper was written by the analysis of UN and other AML counter‐measures – which were evaluated in the gaze of how they have been implemented across states. While states are under an obligation to implement UN AML counter‐measures such as international treaties and soft law instruments, private banks as non‐state actors have exploited some loopholes in the law to flaunt them. This has undermined the efficacy of global AML counter‐measures. Many banks have been fined for violating UN sanctions on countries like Iran and Sudan. These examples were utilized in appraising the current UN and other AML counter‐measures across states.

The findings of the paper were compelling in demonstrating that global anti‐money laundering laws are often emasculated by the fact that they are implemented in the realm of international law. International law manifests itself within independent member states' vested strategic self‐interests. In the event of conflicts, national self‐interests will prevail. But again, money laundering is an opportunistic crime because it generates both synergies and externalities and the response of individual states often depends on how it is affected by it. It is wrong to assume as doing things in the realm of international law is not as easy as it is presumed to be.

It would have been better to carry out interviews so as to corroborate secondary data sources used in writing this paper. But due to some constraints, this option was not possible. It would also have been better to undertake the analysis of data based on a large sample of countries rather than cherry picking. While implementing AML counter‐measures in the realm of international law is necessary to foster international co‐operation, there are still some loopholes that need to be paid more attention.

The paper was written, analysed and evaluated based on the most recent literature on implementation of UN and other AML counter‐measures across countries. It also utilized the recent cases involving violations of UN AML counter‐measures by banks on sanctioned countries such as Iran and Sudan.

The purpose of this paper is to present an empirical assessment and outline issues in criminal regulation relating to international anti‐money laundering (AML) programs.

In the first part, this paper outlines the serious threats posed by transnational laundering operations in the context of economic globalization, and calls for highly co‐ordinated international responses to such a crime. The second part of the paper centres on elements of international criminal regulation of ML.

The focus is on the phenomenological aspect of ML and highlights that to a large extent it is an economic issue. Economic analysis calls for an accurate legal response, with typical trade‐offs: it should deter criminals from laundering by increasing the costs for such illicit operations, calling for enhanced regulatory and enforcement activities; however, stronger enforcement yields increased costs and reduces privacy. These features have lately inspired the recent paradigm shift from a rule‐based regulatory framework to a risk‐based approach which still represents an extremely delicate regulatory. Both at the international level and within the single domestic legal system, AML law is typically characterised by a multidisciplinary approach combining the repressive profile with preventive mechanisms: an empirical evaluation of the International Monetary Fund‐World Bank AML program is presented, where these two aspects are assessed. The non‐criminal measures recently implemented under the auspices of the main inter‐governmental public organisations with competence in these fields seem to be consistent with the insights of economic analysis. However, some key criminal issues need to be better addressed.

The paper offers insights into international AML programs, focusing on criminal regulation.

The purpose of this paper is to explore the law relating to European Union (EU) Anti-Money Laundering (AML) Directives and the effect of Brexit on money laundering regulation in the UK and the EU. The first part of the paper involves a review of AML Directives and how they are transposed into the UK. The question whether the fourth AML directive or other directives due to become law in the UK will be implemented or culled will largely depend on the relationship between the UK and the EU going forward. The UK will have the full autonomy in terms of making decisions as to which laws to implement or which laws to scrap or to cull, as it sees fit. The UK having relinquished its membership of the EU notwithstanding could still be bound by EU anti-money directives particularly if it chooses to remain in the EU single market. The UK could also forge alliances with EU member states and in which case it will be expected to apply the same EU market rules as its other EU counterparts. The fourth AML directive that was due to become law in all EU member countries in June 2017. This directive was introduced to streamline the third AML directive (2005/60/EC) largely with regard to beneficial ownership of nominee accounts and politically exposed persons (PEPs). The paper scoped current EU AML directives, and how they have been used in the fight against money laundering both in the UK and beyond. Brexit is likely to have far-reaching implications on many regulatory areas, including in prevention of money laundering and its predicate offences in the UK and the EU. The fourth AML directive was due to become law in the UK on 26 June 2017, and whether the UK Government will go ahead and implement it or bin remains to be seen.

The paper has evaluated the potential effect of BREXIT on EU AML Directives in the UK, drawing examples in non-EU countries. It articulates the raft of EU AML Directives to assess whether the fourth AML directive (which was due to become law in June 2017) will become law in the UK or be culled. It draws on experiences of non-EU countries like Switzerland and Norway, which despite not being members of the EU, have full access to the EU single market. The first part of the paper provides a review of AML Directives in Europe and how they are internalised into member countries. Data were evaluated often alluding to existing mechanisms for harnessing EU AML Directives in member countries. The last part of the paper proposes the measures that are ought to be done to minimise or forestall the threat of money laundering and its predicate offences in the post-Brexit regulatory environment.

The BREXIT has already unravelled markets both in the UK and in the EU with far-reaching implications on money laundering regulation in multiple ways. The paper has articulated the mechanisms for internalisation of EU AML directives in all Member countries and countries that want to exit the EU. It is now clear that, as the UK voted to relinquish its membership of the EU, it will not be under any obligations to apply EU AML regimes or any other EU laws for that matter. The findings of the paper were not conclusive, as the UK government has not yet triggered Article 50 of Treaty of Lisbon on the functioning of the EU. The fourth AML directive, which was due to become law in the UK on 26 June 2016, could still be adopted or culled depending on the model the UK decides to adopt in its relationship with the EU going forward. There is a possibility for the UK to remain a member of the EU single market and to retain some of the regulatory rules it has operated in relation to money laundering regulation and its predicate offences. It could adopt the Norway, Switzerland or the Canadian model, each of which will have different implications for the UK and the EU in terms of their varied AML obligations. It will be in the commercial interests of the UK Government to not cull the fourth AML directive (which was due to become law in June 2017) but to transpose it into law.

There were not so many papers written on the issue of Brexit in the context of this topic. It was therefore not possible to carry out a comparative review of Brexit and its effect on money laundering regulation in the UK, drawing on experiences of other countries that have exited.

Brexit is likely to have far-reaching implications on many regulatory areas, including prevention of money laundering and its predicate offences in the UK and the EU.

The Brexit has elicited debates and policy discussions on many regulatory issues and not the least money laundering counter-measures in the post-Brexit environment. Brexit will have far-reaching implications for markets, people and national governments both in the EU and beyond. It has already unravelled social and economic life both in the UK and in the EU. The significance of paper is that it could enhance future research studies on money laundering regulation within countries delinking from regional market initiatives to address attendant changes.

This paper proffers insights into the Brexit and its implication on AML regulation in the UK and the EU during and post-Brexit era. To curtail the social-economic effect of Brexit on financial markets regulation, the UK should remain a member of the European single market not only to minimise the potential of losing more ground and leverage as a financial capital of the world but also to protect financial markets tumbling downhill!

The purpose of this paper is to underscore the current supranational anti‐money laundering (AML) regimes articulating challenges of harnessing them as a robust framework. Some aspects of the above framework are created under the auspices of the United Nations treaties, some are regional‐based initiatives while others are ad hoc arrangements.

The paper was written on the basis of the supranational framework against money laundering such as the United Nations Convention against drug trafficking and other psychotropic substances. Owing to the limitations of the above AML model law, the paper utilised a qualitative research methodology, exploring a wide range of the current AML regimes. The paper has also exploited the revised AML framework which expands the scope of the offence to encompass, not only proceeds from drug trafficking but also serious criminal activities (smuggling, fraud, serious financial crimes, and the sale of stolen goods). Ideally, the paper has been written based on the provisions of the United Nations Convention against transnational organised crimes and its attendant three protocols adopted in Palermo (2000); and the Financial Action Task Force (2004). The foregoing regimes underscore an essential framework for the study of money laundering and its attendant predicate offences globally.

The findings of the study clearly demonstrate that the current AML framework is not robust enough to caution countries against the threat of money laundering. There is a gaping gap in the law of money laundering within and between regions even though there is a global framework in place. This is presumably the reason why some countries have not fully transposed some aspects of current AML regimes locally.

The gaps in the law against money laundering – both in relation to the way they are created and enforced signify that states still need to do more collectively to stem the threat of money laundering. The current intransigence in application of AML laws in some countries sign‐post the inherent challenges of globalisation of international finance.

While there is a growing body of literature generated on supranational AML regimes, this paper is distinctly based on the interplay of global and local factors in harnessing it. Thus, the research design of this paper is connected by two strands – a review of existing supranational AML framework and the inherent challenges faced by individual states in domesticating it. The paper is also written based on some practical experiences of harnessing global AML regimes in some countries.

The paper aims to argue the case for the introduction of a global anti‐money laundering (AML) court. The proposed court as an institution can engender a rule‐based ethos as well as an environment for the transposition of AML regimes and requisite global changes into the society.

The paper was written by exploiting the significance of the court system to the development of any society. In particular, the paper draws on a pivotal role played by the European Court of Justice in enhancing economic integration of European member countries. Another example utilised by this paper was the dispute settlement mechanism (DSM) in the WTO. The DSM evolved an effective framework for settling international trade disputes and fundamentally helped to streamline the system. This paper is of the contention that the court would ease the adoption of global AML regimes and consequently ease the co‐existence of countries in relation to global AML initiatives.

The paper has delineated that any global initiatives either on money laundering (ML) or otherwise will have to reside in a form of institutional framework for them to work effectively. Short of that, it is possible that there will be enormous challenges for global AML regimes to function properly as envisaged.

The author is cognizant of the fact that states are still mandated to veto his prepositions based on the principle of sovereignty of nations. States can also refuse to lend their support – in its various dimensions to the proposed court.

It has to be noted that creating global AML regimes that are not going to work is not good enough and in case it amounts to a wastage of scarce resources that would better be utilised somewhere else.

ML in its various manifestations has far reaching consequences for lives of people wherever it is committed and should be accorded the seriousness it deserves.

The paper has been written based on the appreciation of the need to create enforcement mechanisms of engendered global AML/combating financing of terrorism (CFT) regimes. There are so many regimes masquerading as global, having been constituted with the mandate that give them a global reach and yet, they do not live up to their expectation.

This paper aims to examine how banks in Tanzania have been vulnerable to money laundering activities and how the banking institutions have been implicated in enabling or aiding the commission of money laundering offences, and highlights the banks’ failure or inability to prevent, detect and thwart money laundering committed through their financial systems.

The paper explores Tanzania’s anti-money laundering law and analyzes non-law factors that make the banks exposed to money laundering activities. It looks at law-related, political and economic circumstances that impinge on the banks’ efficacy to tackle money laundering offences committed through their systems. The data are sourced from policy documents, statutes, case law and literature from Tanzania and other jurisdictions.

Both law-related and non-law factors create an enabling environment for the commission of money laundering offences, and this exposes banks in Tanzania to money laundering activities. Some banks have been implicated in enabling or aiding money laundering offences. These banks have abdicated their obligations to fight against money laundering. This is attributed to the fact that the banks’ internal anti-money laundering policies, regulations and procedures are inefficient, and Tanzania’s legal framework is generally ineffective to tackle money laundering offences.

This paper uncovers a multi-faceted nature of money laundering affecting banks in Tanzania. It is recommended that Tanzania’s anti-money laundering policy should address law-related, political, economic and other factors that create an enabling environment for the commission of money laundering offences. Tanzania’s anti-money laundering law should be reformed to enhance its efficacy and, lastly, banks should reinforce their internal anti-money laundering policies and regulations and policies.

This paper critiques the recent anti‐money laundering (AML) legislation in Turkey and the European Union (EU) in order to determine whether there is convergence between them. Given the fact that Turkey is a candidate country for the EU membership, harmonisation of Turkish and the EU AML frameworks has become increasingly important. These AML laws pose important responsibilities for the financial and legal sectors.

In order to facilitate the evaluation process, the AML regimes examined are compared in regards to various aspects, such as criminalisation of money laundering, recording and reporting obligations, enforcement and sanctions mechanisms. Findings from activity reports from the regulatory bodies as well as semi‐structured interviews conducted with relevant professionals are incorporated into the discussion.

It can be argued that the Turkish AML regime is in line with the EU AML framework. However, there is a need for government authorities to coordinate their efforts with the relevant independent regulatory professional bodies that represent the liable professionals in Turkey. While it is evident that each national regime in the EU has adopted a unique AML framework, minimum standards provided by international (e.g. the Financial Action Task Force) and regional (e.g. EU) instruments have been the main driving force behind all national laws.

The involvement of professional regulatory bodies will enhance competence to monitor compliance and provide training mechanisms and guidance for liable professionals pertaining to AML regulations.

Effectiveness of AML initiatives will enhance with improved cooperation and communication between the executive, law enforcement agencies and businesses. This will improve the reporting of suspicious financial activities and subsequent enforcement.

The paper provides an up‐to‐date account of the Turkish legal regime pertaining to AML and demonstrates its shortcomings whilst assessing it against the EU AML framework. The findings of the study contribute to the existing literature and shed light on areas for reform.

This paper aims to articulate the complexities posed by tax havens and offshore financial centres (OFCs) in the global fight against financial crimes such as tax avoidance and money laundering. It suggests possible measures to mitigate the effect of tax avoidance on economic development of countries, especially less developed poor countries.

Data were evaluated using examples and case studies drawn from tax havens and OFCs in newspaper reports to demonstrate how illicit proceeds of crime are spirited out of countries for safe custody in tax haven jurisdictions around the globe. The author also carried out a scoping review of the literature to delineate the correlation between tax havens, OFCs and the growth in financial crimes such as tax avoidance and money laundering.

There is a close correlation that bank secrecy laws in OFCs fuel the growth of financial crimes such as tax avoidance and money laundering around the globe. The findings also suggest that while imposition of sanctions on countries which transgress international financial regulatory regimes is an essential component in the international efforts against financial crimes, they need to be enforced on all states so that they are not seen as politicized and subsequently undermined.

It is important that states work in tandem to initiate desired regimes to address financial crimes but enunciating regimes alone cannot generate a far reaching impact unless they are enforced against all transgressing states.

The paper has practical implications for states, people, governments, oversight institutions, markets and other stakeholders because it unravels varied issues relating to tax avoidance, money laundering and policies that need to be adopted to address these challenges.

The paper draws attention to the impact of asymmetric information and data generation capacity in some countries on tax avoidance and other financial crimes and the need for international harmonization of tax and AML regimes.

The issues explored in this paper help to highlight the challenges posed by tax havens and OFCs for economic development of countries. While the paper was undertaken by the review of primary and secondary data, it offers important contributions that could potentially enhance the fight against tax avoidance.

The purpose of this paper is to determine whether anti‐money laundering measures are capable of providing a solution to the growing problem of public sector corruption in Iraq and, if so, the extent to which changes are required to the current Iraqi AML regime to enhance its effectiveness against such corruption.

This paper will initially explore the growing problem of public sector corruption in Iraq and the measures taken to address such corruption. Subsequently, the corruption‐money laundering relationship and the ability of AML measures based on prevailing international standards to serve as an anti‐corruption tool will be analysed. Finally, the current Iraqi AML regime will be examined to observe whether and to what extent changes are required to enhance its effectiveness against public sector corruption.

Considering the widely acknowledged nexus between corruption and money laundering, a robust AML regime can be effectively utilised by Iraq to combat endemic public sector corruption. This regime must involve a system where financial institutions at their own expense monitor transactions and file suspicious transaction reports with the Iraqi Money Laundering Reporting Office. This, in turn, must identify cases from those suspicious transaction reports that require further investigation by Iraqi anti‐corruption bodies and other law enforcement authorities, who should be empowered to investigate, freeze, seize and confiscate the suspected corrupt proceeds. Such a regime would provide a clear avenue for the obtaining of financial intelligence capable of exposing corruption, thereby addressing the fundamental issue presently encountered by Iraqi anti‐corruption bodies. Amendments are, however, needed to Iraqi anti‐money laundering laws to enhance their effectiveness in combating public sector corruption. Most importantly, financial institutions must be required to apply enhanced customer due diligence measures to domestic politically exposed persons.

This paper is a result of a remote analysis of material published in relation to the subject matter of the paper. Local and regional analysis (e.g. including interviews with the relevant agencies) would be required to confirm the practicality of the propositions made in the paper. Further, the draft version of the revised Iraqi anti‐money laundering law was not examined in an in depth manner due to the uncertainty in its status, including, in particular, whether it has been submitted to the Council of Representatives for approval.

Although the topics of corruption in Iraq, the Iraqi AML regime and the corruption‐money laundering relationship have been the subject of academic analysis, the related topics have not collectively been examined to determine whether, and to what extent, the Iraqi AML regime can address the rapidly growing problem of public sector corruption in Iraq. Accordingly, the findings in this paper will be of interest to Iraqi lawmakers, Iraqi law enforcement agencies, Iraqi financial institutions and investors in Iraq, particularly in the oil and gas industry.