Legal Approaches to Supporting Good Governance and Integrity in Africa
Chapter 10: Preventing the looting of state assets: combating corruption-related money laundering
Corruption and money laundering are often inextricably linked. While some proceeds of corruption may well be laundered domestically,in cases of grand corruption in particular, in order to enjoy the fruits of their corrupt activities, the laundering by the politically exposed person (PEP) or his/her family and associates will almost inevitably at some stage include a transnational dimension. Indeed the bribe-payers themselves may also indulge in money laundering: for example, a foreign corporation 'might have recourse to the techniques of laundering whenever they need to disguise the payment of a bribe or kickback'. Here the corrupt payments may go directly into a foreign bank account owned or controlled by the bribee or family members. Corruption is a major predicate offence to money laundering throughout Africa. It is therefore not surprising that in the Preamble to UNCAC, State Parties note with concern 'the links between corruption and other forms of crime, in particular organized crime and economic crime, including money laundering' (my emphasis). It follows that two other major corruption prevention mechanisms are for states to: (i) put in place effective anti-money laundering (AML) laws and regulations; and (ii) enable 'victim' states to recover the proceeds of corruption no matter where in the world they are located. This chapter analyses the challenges faced by African states in seeking to combat the laundering of the proceeds of corruption.
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