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Title: Compliance with the global AML/CFT regulation : parameters and paradoxes of regulation in African countries and emerging economies
Author: Azinge, Nkechikwu Nkeiruka Valerie
ISNI:       0000 0004 8497 8419
Awarding Body: University of Warwick
Current Institution: University of Warwick
Date of Award: 2018
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In the light of the agency theory, this thesis examines the extent to which ACs/EEs can harness and comply with the global AML/CFT standards. Whilst appreciating the importance of cross-border AML/CFT regulation, it critiques the requirement for uniformly applicable standards, thereby exposing the parameters and paradoxes of such standards when applied to ACs/EEs. This is achieved by examining the displacement of ACs/EEs in the evolution of IFIs/FATF and resulting AML/CFT standards by IFIs/FATF, which do not consider the socio-economic and political uniqueness of ACs/EEs. It argues that ACs/EEs do not possess the pre-conditions for effective AML/CFT regulations, hence the behavioral impact of the FATF's standards on ACs/EEs do not align with the IFIs/FATF's expectations. This regulatory design flaw persists irrespective of the adopted RBA. Consequently, ACs/EEs engage strategically with IFIs/FATF to evade sanctions from non-compliance whilst facilitating their continued integration into the global economy. This is indicative of an unfavorable agency relationship between ACs/EEs and IFIs/FATF and an ingrained legitimacy crisis which are further undermined by ACs/EEs capacity challenges. Through multidisciplinary research on law and economics, this thesis examines the impact of uniform standards on ACs/EEs. This thesis assesses the agency theory, legislations, design of law, FATF and FSAP reports, and interviews. Consequently, this thesis gives a detailed analytical account of the compliance experiences of ACs/EEs, and identifies their sources of behaviour within the context of existing pre-conditions. Findings from the analysis of secondary data revealed that although ACs/EEs had similar socio-economic and political backgrounds, EEs were better able to comply with AML/CFT standards. A crucial factor was legitimacy as EEs had slightly more leverage in the re-formulation of AML/CFT standards. The main strength of this thesis is that it contributes to understanding the factors that influence ACs/EEs' compliance, and therefore, the conditions under which the FATF standards are likely to facilitate proactive compliance.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available
Keywords: HB Economic Theory ; HG Finance ; K Law (General)