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Article
Publication date: 1 April 2004

Georgios I. Zekos

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and…

5664

Abstract

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

Details

Managerial Law, vol. 46 no. 2/3
Type: Research Article
ISSN: 0309-0558

Keywords

Open Access
Article
Publication date: 27 May 2021

Olusola Joshua Olujobi

The aim of this study is to investigate how Nigeria can seek legal assistance on recovery of its stolen assets to reduce corruption and to ensure no sheltered havens for…

Abstract

Purpose

The aim of this study is to investigate how Nigeria can seek legal assistance on recovery of its stolen assets to reduce corruption and to ensure no sheltered havens for incomes from corruption.

Design/methodology/approach

The research adopts a conceptual method by using existing literature with the application of doctrinal legal research technique. The research likewise uses primary and secondary sources of legislations such as legislative provisions, case laws and the provisions of Chapter V of the United Nations Convention against Corruption and the process of asset recovery. The study compares the United Kingdom, USA, Hong Kong in China, South Africa and Nigeria proceeds of corruption recovery laws to gain basic legal features that would be beneficial to Nigeria in reforming its anti-corruption laws.

Findings

The principle of territorial sovereignty under the international law makes the offence of corruption not punishable outside the jurisdiction of the state where the offence was committed. As a result, some developed states boost their economy with these proceeds and the developing states are impoverished. There is also an allegation of discrepancies in the figures of funds recovered by the anti-corruption agencies. Thus, there is the need for transparency; law on civil forfeiture of proceeds of corruption; bilateral treaties; and mutual legal assistance on investigation, confiscation among countries for tracing and returning of proceeds of corruption.

Research limitations/implications

The estimates of the volume of assets looted from Nigeria vary widely because of the complexity of collecting data on proceeds of corruption as official statistics on proceeds of corruption recovered do not exist as each anti-corruption agency occasionally makes pronouncements on the volume of assets recovered without any breakdown in terms of assets seized, nature of assets and their locations and its values. Such data would aid policymakers to measure the effectiveness of the present assets legislations and to enhance its effectiveness.

Practical implications

Considering the clandestine manners corruption is being committed, it is tasking to correctly evaluate the amount of money stolen so, their economic impacts on the nation’s economy.

Social implications

Absence of accurate data would aid policymakers to measure the effectiveness of the present assets legislations and to enhance its effectiveness.

Originality/value

The study offers modules on management of proceeds of corruption by establishing “Assets Management Commission” and “Proceeds of Corruption Forfeiture Funds” for reparation of victims’ of corruption. The study suggests the necessity for civil forfeiture of proceeds of corruption, which is presently lacking, and creation of Proceeds of Corruption Recovery and Management Commission to manage such proceeds and advocate establishment of “Proceeds of Corruption Forfeiture Funds” for reparation of victims of corruption.

Details

Journal of Money Laundering Control, vol. 24 no. 4
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 17 February 2022

Olusola Joshua Olujobi and Ebenezer Tunde Yebisi

This study aims to investigate the Federal Government’s failure to combat money laundering and terrorism financing and the various hurdles to enforce the Money Laundering…

Abstract

Purpose

This study aims to investigate the Federal Government’s failure to combat money laundering and terrorism financing and the various hurdles to enforce the Money Laundering (Prohibition) Act, 2012 (as amended), effectively, which prohibits illegal earnings criminally induced investments in and out of Nigeria. This has had an impact on the country’s economic potential and its image in the international community. Despite many anti-corruption laws criminalising money laundering and terrorism financing, it is rated among the nations with the highest poverty index despite its immense natural resources.

Design/methodology/approach

This study uses a conceptual legal method to help a doctrinal library-based investigation by using existing material. This study also makes use of main and secondary legislation, such as the Constitution, the Money Laundering (Prohibition) (Amended) Act 2012 and the Terrorism (Prevention) Act 2013 (as amended), as well as case law, international conventions, textbooks and peer-reviewed publications. A comparison of anti-money laundering legislation in Canada, the UK, Hong Kong, China and Nigeria was conducted, with lessons learned for Nigeria’s anti-money laundering and anti-terrorism financing laws. According to the findings, the Act is silent on the criminal use of legitimate earnings to fund terrorism and cultism.

Findings

There is no well-defined legal framework for asset recovery and confiscation. In Nigeria’s legal system, this evident void must be addressed immediately. To supplement existing efforts to prevent money laundering, the research develops a hybrid model that incorporates the inputs of government representatives and civil society organisations. This study suggests a complete revision of the Act to eliminate ambiguity and focus on the goals of global anti-money laundering and anti-terrorist funding restrictions.

Research limitations/implications

One of the limitations of this study is the paucity of literature and data on money laundering and terrorist financing in Nigeria due to the secrecy around the crimes, which do not give room for the collection of statistical data and due to the transactional nature of the crimes. This is not to submit that no attempts have been made in the past or recent times to quantify the global value of money laundering and its effects on Nigeria’s economy. Such attempts have been inconclusive and inaccurate.

Practical implications

The dearth of records on the magnitude of money laundering in Nigeria has limited generalising the research findings due to the limited access to some required information. However, this study is suitable for adoption in other sectors of the economy in dealing with clandestineness in money laundering and terrorism financing. Future researchers are commended to use the quantitative assessment method to appraise the effects of money laundering and terrorist financing laws and policies in Africa to supplement the current literature in the field.

Originality/value

The research develops a hybrid model that incorporates the inputs of government representatives and civil society organisations. This study suggests a complete revision of the Act to eliminate ambiguity and focus on the goals of global anti-money laundering and anti-terrorist funding restrictions.

Details

Journal of Money Laundering Control, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 9 January 2007

Barry A.K. Rider

Until very recently there was little real concern in governments and inter‐governmental organisations to address the problems and issues of corruption in the context of…

1708

Abstract

Purpose

Until very recently there was little real concern in governments and inter‐governmental organisations to address the problems and issues of corruption in the context of sustainable development and stability. This article aims to focus on the present situation with regard to asset recovery in the domestic and international arena.

Design/methodology/approach

The article takes the form of an analysis and discussion of the present situation.

Findings

The new United Nations Convention on Corruption represents a significant achievement in the on going fight against those who seek to corrupt societies. It does not and cannot provide a panacea. There are numerous compromises, fudges and lacuna. However, it does point in the right direction in regard to many issues and provide a vehicle for those pursuing the fight against corruption.

Originality/value

The article provides some pointers for the interdiction and recovery of the proceeds of corruption.

Details

Journal of Money Laundering Control, vol. 10 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 8 May 2009

Simon N.M. Young

The purpose of this paper is to identify and examine motivating factors for why public and private actors initiate costly and risky civil actions to recover loss due to…

1503

Abstract

Purpose

The purpose of this paper is to identify and examine motivating factors for why public and private actors initiate costly and risky civil actions to recover loss due to corruption in an era of increasing multilateral consensus and cooperation against corruption and organised crime.

Design/methodology/approach

Research into recent global trends and types of civil lawsuits against corruption is conducted. Several cases, particularly from Canada, Hong Kong, the USA and the UK, are used to illustrate the attractions and difficulties of civil litigation. The implications of the recent international treaties on corruption are analyzed. Qualitative findings are made on a range of motivational factors that lie behind different types of civil actions against corruption.

Findings

The paper notes an apparent rise in interest in civil actions against corruption and describes five types of actions brought by governments and companies. Civil actions are indicative of the want of better alternatives to recovery. While recent anti‐corruption treaties help to remove barriers to civil actions, the treaties themselves cannot explain the increased interest in civil lawsuits. Full explanation lies in the empowering effect of suing, the political significance of these lawsuits particularly for a new regime suing to recover plundered property from the old regime, and the ease by which a lawsuit can be launched.

Originality/value

This paper contributes to the literature in identifying types of civil actions against corruption, the practical and political motivations behind civil actions, and the positive relationship between international cooperation regimes and civil actions.

Details

Journal of Financial Crime, vol. 16 no. 2
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 15 February 2021

Ajay Kumar

This paper aims to investigate the obstacles to the sharing of information, as envisaged in the United Nations Convention against Corruption (UNCAC), and therefore, its…

Abstract

Purpose

This paper aims to investigate the obstacles to the sharing of information, as envisaged in the United Nations Convention against Corruption (UNCAC), and therefore, its accessibility to developing countries. The findings of this paper could help States to limit corruption in interstate interactions and civil society groups calling for measures that can help assess potential corruption.

Design/methodology/approach

This research is based on qualitative analysis – usual normative analysis was undertaken in law and economics. For this purpose, an analysis of the literature on cooperation generated by the UNCAC and State practice within defence deals was undertaken.

Findings

It is found that States where defence manufacturers reside can prevent information sharing and thereby hinder investigations against corruption. It is found that defence importing States can overcome the limitations of the UNCAC, to enforce information sharing, by including guarantees into their contracts.

Originality/value

As research on information sharing practices of States are scarce or non-existent, this paper contributes to the literature on this aspect of cooperation envisaged in the UNCAC. Further, this paper elaborates on what States could do to limit non-cooperation in the sharing of information.

Details

Journal of Financial Crime, vol. 28 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 27 March 2020

Gloria Perez Torres

This study aims to investigate the impact of the enforcement of the international anti-bribery legal framework in developing countries.

Abstract

Purpose

This study aims to investigate the impact of the enforcement of the international anti-bribery legal framework in developing countries.

Design/methodology/approach

It uses the PetroTiger case to examine the effects of foreign bribery prosecutions in Colombia, from a bribe-receivers perspective. PetroTiger is a USA-based company that was prosecuted for bribing public officials in Colombia. As a result, the public officials involved were also prosecuted in Colombia for receiving bribes. This case serves to illustrate how international anti-bribery law operates in practice and how it impacts Colombian law enforcement institutions and their capacity to prosecute bribe-receivers. The Colombian response to the international anti-corruption framework is examined in this study through the review of legislative efforts taken to address the problems of bribery and corruption in public procurement.

Findings

This study finds that enforcement of foreign bribery laws raise awareness of the situation of corruption in developing countries, generate parallel prosecutions of individuals at the receiving end of bribes and helps developing countries to develop technical expertise to fight corruption.

Practical implications

In practice, due to the transnational nature of foreign bribery, without international agreements, this type of corruption in international business would seldom lead to prosecution. Although the effectiveness of the enforcement of international anti-corruption law is debated, in reality, prosecutions of foreign bribery by developed countries have more positive than negative implications for developing countries.

Social implications

Assist to continue efforts to deter corruption.

Originality/value

No many studies have looked at the effectiveness of anti-corruption international law in developing countries. As indicated by Mr. Moulette Patrick head of Anti-Corruption Division at organisation for economic co-operation and development more research on the effectiveness of the UN enacted Convention against Corruption, which is what this paper does.

Article
Publication date: 23 March 2020

Kalle Johannes Rose

Recent research has emphasized the need for engaging non-financial companies in combating money laundering for the efforts to be efficient and effective. To incentivize…

Abstract

Purpose

Recent research has emphasized the need for engaging non-financial companies in combating money laundering for the efforts to be efficient and effective. To incentivize engagement, several options are available, such as regulation, voluntary disclosure or commitment to international principles such as the United Nations (UN) Global Compact. The purpose of this paper is to analyze how anti-money laundering fits the aim of the UN Global compact and how anti-money laundering can support the other principles of the UN Global Compact. Furthermore, this paper addresses the necessity to include anti-money laundering in the core principles to reach the overall goal of sustainability by the UN Global Compact. Such an inclusion will incentivize the signatories of the UN Global Compact to include anti-money laundering as a part of their social responsibilities, helping the financial sector in combating money laundering.

Design/methodology/approach

The methodology of this paper is a functional approach to law and economics. It seeks to enhance the efficiency of the regulatory framework combating money laundering by including economic incentive theory and addressing new areas of law.

Findings

The paper finds a strong relationship between the UN Global Compact and anti-money laundering. Furthermore, it is concluded that it is necessary to include anti-money laundering as a core principle in the UN Global Compact if the Global Compact is to be efficient and effective in terms of its sustainability goals. The reason being that money laundering to a great extent supplies operational finances to the illegitimate sector related to core issues of the UN Global Compact such as human trafficking, child labor and corruption.

Originality/value

The paper identifies a significant missing element with regard to the core principles of the UN Global Compact. Although most research within anti-money laundering concerns the financial sector and thereby does not address the UN Global Compact, the focus of this paper is the link between anti-money laundering and the UN Global Compact. Furthermore, most research related to the UN global compact does not connect the core principles to the illegal financing of the businesses contradicting the principles. This paper addresses both of the neglected areas and combines them to improve the overall combating of money laundering while supporting the UN Global Compact sustainability goal.

Details

Journal of Money Laundering Control, vol. 23 no. 2
Type: Research Article
ISSN: 1368-5201

Keywords

Book part
Publication date: 29 August 2017

Antonio Argandoña

Facilitation payments (petty corruption) are small payments to an officer or employee, public or private, who is responsible for a nondiscretionary service, in order to…

Abstract

Facilitation payments (petty corruption) are small payments to an officer or employee, public or private, who is responsible for a nondiscretionary service, in order to facilitate, accelerate, or cheapen a procedure, for example, issuing a passport or connecting a house to a power distribution network. They are widespread in some countries, and are often considered irrelevant, but they have very large negative impacts in generating a culture of corruption, affecting the functioning of public offices or private companies and on costs for citizens. This chapter explains what facilitation payments are, why they are an ethical problem for people who pay and receive them, for companies and for society, and the positioning of the fight against those payments within the overall strategy against corruption.

Details

The Handbook of Business and Corruption
Type: Book
ISBN: 978-1-78635-445-7

Keywords

Open Access
Article
Publication date: 24 August 2021

Muhammad Saleem Korejo, Ramalinggam Rajamanickam and Muhamad Helmi Md. Said

This paper aims to focus on the concept of money laundering and explores the evolution and expansion of criminalization of predicate offences to the money laundering…

3139

Abstract

Purpose

This paper aims to focus on the concept of money laundering and explores the evolution and expansion of criminalization of predicate offences to the money laundering within the international anti-money laundering (AML) regime over the time. It proposes how to limit the size and scope of predicate offences in designing a balanced legal definition.

Design/methodology/approach

This paper opted a content analysis focussed on the criminalization aspect of offences to money laundering in the international AML regime under the United Nations Conventions (Vienna, Palermo and Corruption Convention) and Financial Action Task Force Standards.

Findings

This paper provides how the criminalization of money laundering has evolved and its definition expanded over the time. The international definition is widely drafted with wide range of predicate offences from proceeds of drug money to corruption, including terrorist financing and terrorist acts; however, the two phenomena – money laundering and terrorist financing are quiet distinct apart. This continual expansion of predicate offences quite leads legality issues such as over-criminalization and conflict with principles of criminal law. This paper suggests an approach to limit the size and scope of predicate offences to money laundering.

Practical implications

This paper includes implications for the development of a balanced approach in defining predicate offences through a qualitative limitation approach consistent with the minimalist theory of penalization of criminal law.

Originality/value

This paper attains an identified issue how the legal definition of the money laundering offence can be improved while considering rule of law and principles of criminal law concerns.

Details

Journal of Money Laundering Control, vol. 24 no. 4
Type: Research Article
ISSN: 1368-5201

Keywords

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