Corruption and Money Laundering: A Symbiotic Relationship by David Chaikin, J. C. Sharman

By David Chaikin, J. C. Sharman

Corruption is the most important unmarried main issue to improvement, whereas cash laundering is on the center of all profit-driven crime. The failure to understand the intimate linkages among those crimes has undermined foreign efforts to wrestle those worldwide scourges. via a coverage and criminal research, this publication exhibits how corruption allows cash laundering and vice versa. It demonstrates how concepts applied to counter one kind of monetary crime might be tailored to struggle the other.  Chaikin and Sharman supply a pioneering evaluate of the present platforms from multi-disciplinary standpoint in accordance with specialist adventure and wide interviews.

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Extra resources for Corruption and Money Laundering: A Symbiotic Relationship (Palgrave Series on Asian Governance)

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12 Peer review has now come to be referred to in some quarters as “the OECD method,” and is the basis of the FATF and regional AML bodies’ mutual evaluation process. Various regional bodies also have sought to emulate this mechanism, for example, the African Union. Peer review is of course not a panacea. In some instances governments will opt to brazen it out despite the disapproval of their peers, the British government and the BAE al-Yamamah scandal discussed in the next chapter being a good example.

In January 1992, Cyclone Betsy caused extensive damage to the South Pacific archipelago state of Vanuatu. Among others, the French government sent $30,000 to aid recovery efforts. Maxime Carlot Korman, the prime minister of Vanuatu at the time, opened an account “Carlot Maxime Comité Secours [Relief Committee] Cyclone Betsy” with the Banque d’Hawai’i (Vanuatu), citing himself as sole beneficiary, and granting power of attorney over the account to his secretary Gerald Leymang. The French aid money was deposited into the account, which formed the nucleus for a personal and political slush fund.

This is evidenced by the fact that some member countries have developed financial sector reform strategies and anti-corruption strategies that have failed to address the FATF recommendations . . Country policy makers should be aware that . . money laundering is the flip side of corruption and other criminal activity. Corruption is one of the predicate offences for money laundering. Cutting off the means to use the proceeds of crime is a major deterrent . . 31 Those interviewed from international organizations responsible for providing technical assistance in these areas say it is common for AML and anticorruption bodies from the same country to have never heard of each other, let alone cooperated operationally.

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