CRYPTOLAUNDERING: ANTI-MONEY LAUNDERING REGULATION OF VIRTUAL CURRENCY EXCHANGES, pp. 1 - 15
Ten years on since their invention, virtual currencies are here to stay. However, virtual currencies come with money laundering risks. This paper discusses anti-money laundering regulation for virtual currency intermediaries, by showcasing and comparing regulatory models at the national and international levels. It is found that the anti-money laundering regulation for virtual currencies — more than being merely “nice to have” — carries considerable potential in the fight economic crime. Where financial intermediaries engaged in virtual currencies are required to gather the full spectrum of information needed to identify their customers and the source of funds, virtual currencies become much less attractive to money launderers than traditional fiat money systems. Furthermore, anti-money laundering regulation means that supervisory and investigatory authorities can identify and act against money launderers and other delinquents.
SPECIALISED ANTI-CORRUPTION COURTS: A MEANS OF PROMOTING SUSTAINABLE TRANSFORMATION IN AFRICA? pp. 16 - 35.
Corruption is inimical to Africa’s quest for socio-economic transformation. Available empirical evidence highlights a sustained increase of corruption globally, with an equal emphasis on interdisciplinary interventions. There are also strong arguments for institutional specialisation in the judicature to buttress anti-corruption initiatives. As a result, specialised anti-corruption courts (SACCs) quickly are gaining traction in Africa, at the expense of conventional courts. This paper examines the rationale for SACCs and the variegated institutional SACC design choices by providing an overview of selected African countries. It highlights the position of these courts within the criminal justice system, their size and composition, their jurisdiction and, where relevant, synergies with other complementary institutions. In the main, SACCs provide much needed efficiency, integrity and expertise in the criminal justice system. The paper also examines challenges which SACCs encounter in Africa. Lastly, it provides a brief discussion of calls for an International Anti-Corruption Court.
POLICIES TO PREVENT CORRUPTION IN NIGERIA: ENFORCEMENT OF THE RIGHT TO EDUCATION, pp.36 - 55
This paper investigates how well Nigeria conforms to international best practices on the right to education. The quality of education that is available to Nigerians is affected by inadequate budgetary allocation, which is compounded by mismanagement of scarce resources and generally by corrupt practices. Education at the level of the primary, secondary and tertiary levels suffers on account of corruption, despite government propaganda that the state provides adequate educational opportunities at the three tiers of education. Attempts to prosecute and punish acts of corruption have failed consistently.
THE NEED FOR STATUTORY PROTECTION FOR WHISTLEBLOWERS IN NIGERIA, pp. 56 - 75
Whistleblowers are sentinels of society and of good governance. They are employees who risk their professions and even their lives in the interests of public safety and community well-being. Most countries, especially the developed societies, have formal legal mechanisms that seek to guarantee protection of whistleblowers and to encourage active participation by citizens in the government’s anti-corruption efforts through the disclosure corruption in both the public and private sectors. However, since independence in 1960, Nigeria has been fighting corruption without a comprehensive and dedicated statute that protects whistleblowers, which sets the country’s anti-corruption drive at odds with international best practices.
The New Zimbabwean Government’s War on Corruption: A Lesson for Anti-Corruption and Transitional Justice Scholars and Practitioners? pp. 76 - 98
There is ample academic writing and practical examples extending the principles of transitional justice to corruption. However, very little has been written on how a society’s existing anti-corruption mechanisms may be utilised in a manner compatible with the wider transitional justice processes. In Zimbabwe, the new government is taking a more rigorous approach towards anti-corruption than towards the protection of human rights, which is apparent in its pursuing corruption crimes but not crimes which violate physical integrity, such as torture, disappearances and killings. Using Zimbabwe as an example, this paper proposes ways in which transitional authorities could rely on anti-corruption mechanisms, yet go beyond them by addressing endemic corruption under the broader transitional justice mechanisms.
CYBERCRIME PROLIFERATION, INSTITUTIONS AND POLICIES: HANDWRINGING FOR CYBERCITIZENS, PP, 99 - 116
Legal frameworks and policies on cybercrime operate at different levels and involve several institutions. These include constitutional and regulatory provisions, as well as statutory schemes that can affect cybercrime from global, multilateral, bilateral, national, regional and local perspectives. The current spate of cyber attacks and cyber criminality is alarming and is of great concern for cybercitizens globally. Unfortunately, the extant legal frameworks for cybercrime are not able to deal with the sophistication and techniques of cybercrime perpetrators. This paper examines the cybercrime conspiracy regime of certain governments as the basis of recent cybercrime proliferation globally and decries the unpreparedness and inability of the existing national and international legal cybercrime frameworks to rise to the challenge. It therefore proposes an international criminal law approach for curtailing the ever-increasing menace of cybercrime.
DUBAI: CONFLICT GOLD, MONEY LAUNDERING AND ILLICIT GLOBAL TRADE, PP. 117 - 143
This article considers the role that the UAE and, in particular, Dubai has played in the trade in gold between Asia, Europe and Africa. In the 21st century, Dubai has emerged rapidly as one of the focal points in the illicit gold trade and money laundering. Many authors who have focused on African gold production have concentrated almost solely on Dubai as an export market for African gold. However, this approach is flawed because the country has no LBMA accredited refinery and so gold from Dubai must be reprocessed in other countries in order to enter the global value chain, irrespective of its provenance.
THE ROLE OF MISINVOICING IN THE MONEY LAUNDERING CYCLE, PP. 144 - 168
Traditionally, the emphasis of trade-based money laundering policy development has been directed towards financial transactions where the origin of capital is illegal, neglecting private sector companies utilising trade to launder money. Thus, can commercial businesses which engage in trade misinvoicing through cross-border trade be prosecuted for money laundering? With limited understanding of the money laundering cycle in international trade, it will be difficult for prosecutors to bring money laundering charges against commercial businesses operating in this sector. This paper looks at two cross-cutting themes: trade misinvoicing and trade-based money laundering. It argues that any motivation of trade misinvoicing that generates the proceeds of crime and eventually leads to the concealment or disguise of the true nature, source, location, disposition, movement or ownership rights with respect to property in contravention of the Palermo Convention are variants of money laundering. It finally determines that trade misinvoicing can be used for two purposes: firstly, to generate the proceeds of crime and, secondly, to launder money.
CORRUPTING PERCEPTIONS: THE IMPACT OF THE UNITED NATIONS CONVENTION AGAINST CORRUPTION ON CORRUPTION PERCEPTIONS INDEX SCORES, PP.169 - 192
This paper examines the impact early ratification of the United Nations Convention against Corruption has on a country’s Corruption Perceptions Index score. It builds on much of the recent scholarly work that explores policy diffusion and the role of early adopters (or leaders) in creating the space for later adopters (or laggards) to adopt particular policies and the broader impact this has on country performance in a key international index. It tests empirically the impact of early ratification upon both the diffusion of policy and, more generally, the role of international legal instruments in comparative public policy.
FUNDAMENTALS OF ANTI-BRIBERY AND ANTI-CORRUPTION COMPLIANCE IN SOUTH AFRICA, PP. 193 - 210
Corruption is endemic in jurisdictions throughout the world. The financial and reputational risks that follow incidents of corrupt activity within an organisation are considerable. Often they can be quite severe. The financial consequences include not only the loss that an organisation may suffer from corrupt activity, but also the money that needs to be spent investigating these type of incidents as well as that required for any ensuing legal processes.
BOOK NOTICE: Gold Laundering: The Dirty Secrets of the Gold Trade — And How to Clean Up, PP. 211 - 213
For centuries, humankind has been fascinated by the glitz and glamour of gold. With its multiple uses, ranging from components in mobile phones to medicine, gold remains one of the oldest and most sought after commodities. Regrettably, much like diamonds, this precious metal is mired in conflict. Gold gives rise to significant challenges in various sectors, from mining through industrial applications to retailing. Gold Laundering by Mark Pieth provides us with edifying insights into both the glittering world of the gold industry and the horrific problems caused by the gold trade.