Corruption - Money Laundering Nexus: An Analysis of Risks and Control Measures in West Africa
- Senegal: . GIABA, 2010
The Inter-governmental Action Group against Money Laundering in West Africa (GIABA) commissioned this research on the corruption/money laundering nexus in West Africa. The overriding aim is to provide a contextual and better understanding of the nexus between corruption and money laundering in order to enhance the implementation of international and regional AML standards in the region. The following constitute the specific objectives addressed by the study: i. Analysis and understanding of available literature and work already undertaken on the link between corruption and money-laundering; ii. Identification of corruption techniques and trends in the region; iii. Determination of the impediments which corruption creates in the way of effective implementation of international anti-money laundering standards in the region; iv. Examination of the adequacy of existing Mutual Legal Assistance (MLA) Agreements to assist with the pursuit and recovery of the proceeds of corruption; v. Identification and case studies of PEPs (Politically Exposed Persons) or VIs (Vulnerable Individuals); and vi. Suggestions on regulatory safeguards, education and training programmes against the inhibition of anti-money laundering regimes by corrupt activities. The expected outcome included the provision of a deeper understanding of the nexus between corruption and money laundering, knowledge about how the former undermines the implementation of provisions against the latter, and suggestions to minimize the vulnerabilities of AML regimes to corruption in member states of the region.
