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Money laundering: The paradox of deterrence mechanism

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

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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.

Item Type: Article (Journal)
Additional Information: 6861/65823
Uncontrolled Keywords: Money Laundering; Enforcement; Prosecution; Deterrence; Nigeria
Subjects: K Law > K Law (General)
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Ahmad Ibrahim Kulliyyah of Laws > Department of Civil Law
Ahmad Ibrahim Kulliyyah of Laws
Depositing User: Dr Mohd Yazid Zul Kepli
Date Deposited: 05 Oct 2018 14:59
Last Modified: 05 Oct 2018 14:59
URI: http://irep.iium.edu.my/id/eprint/65823

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