Dissertation Proposal - page 1
Keywords: Institutionalisation of Anti-Money Laundering Regulations: A Comparison - The Bahamas vs. the United Kingdom, Is one more effective than the other, and if so, Why?
By artclub on 14/08/2010
Level: Master's degree (MA, MBA, MSc, MEng, MRes, MPhil etc)
Page Number: 1 of 6 pages: 1 2 3 4 5 6
LLM DISSERTATION PROPOSAL
Institutionalisation of Anti-Money Laundering Regulations: A Comparison - The Bahamas vs. the United Kingdom, Is one more effective than the other, and if so, Why?
Introduction
Domestic and International standards to combat money laundering has been subject to a copious amount of primary and secondary legislation within the last century. Money laundering laws has evolved from charges against individuals in the drug trade to indictment charges of politically exposed persons; for example the former Republican Majority leader in the United States Congress – Tom Delay. It is alleged that Mr. Delay illegally steered corporate donations to state legislative candidates in 2002 under the disguise of funding campaign committees.1 This example evidentially refutes the claim of academic writers who have limited the scope of laundering monies to the illegal drug trade facilitated by corrupt governments in third world countries.2 Essentially, there is no single definition of money laundering. The evolution appears to assert, that charges for money laundering is any activity that seeks to conceal the proceeds of activities that is strictly prohibited by the laws of a jurisdiction. As a result of this new definition, anti-money laundering rules have grown in complexity and volume. Financial and non-financial institutions now face tougher legal requirements and harsher penalties than ever before. This evolution could be compared to the emergence of the single regulator for all financial institutions in the United Kingdom, empowered by the Financial Services Market Act 2000 establishing the Financial Services Authority. Prior to the FSMA, 2000 the financial services sector was based on self regulation, however as the distinctions between banks, security firms and insurance companies became blurred supervision became difficult and investor confidence was eroded in the wake of financial scandals; for example Barings Bank.
History of Regulation
The emergence of anti-money laundering regulations in both jurisdictions as it exists today was greatly influenced by the Financial Action Task Force forty and special recommendations. This body was originally called the G-7 Financial Action Task Force and accelerated its efforts in the international fight against money laundering at its annual economic summit in Paris in 1989.3 The original G-7 members were the nations of Canada, France, Germany, Great Britain, Italy, Japan and the United States. The recommendations provoked significant changes in the customary ways that banks and businesses around the world conducted their affairs and also influenced changes in laws in many jurisdictions. This moral dilemma and the FATF
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