COMBATING FINANCIAL CRIME: The Legal, Regulatory, and Institutional Frameworks

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This book examines the efficacy of the legal, regulatory, and institutional framework for combating financial crime. Advancing original and constructive thoughts, the book brings out important linkages between different kinds of financial crime and money laundering. The comparative treatment of legal aspects of financial crime strongly sets this book apart from other works on the topic. Many institutions and individuals concerned with the fight against financial crime, such as financial intelligence units, financial investigative units, criminal investigative agencies, anti-money laundering training, and research bodies, policy makers, central banks and banking supervisors, securities regulators and securities firms, insurance companies and pension funds, regulators of insurance and pension businesses, corporate lawyers and financial services lawyers, legal scholars in financial crime, financial economists, academics, universities, multilateral development banks and other international organizations, including the Financial Action Task Force, the International Monetary Fund, the World Bank and the Bank for International Settlements, will find this book a valuable intellectual contribution to the fight against financial crime. Chapters in the book are developed around the concept of anti-money laundering while maintaining a focused analysis of other financial crimes as well.


“Entrepreneurs need certainty of legally permissible practices in the financial services industry so that they can map out a programme that will entail profits and growth in their businesses. It is not easy to maintain profitable enterprises in a country where government provides little or no guidance in matters of monetary policy. But, a lot can be done with the economy by avoiding or eliminating crime in the financial sector ... The author has established himself as an authority on financial services regulation, and his published work is pioneering in this field. In the present book, Dr. Mwenda examines selected topics in financial crime, posing relevant questions that would help to support both fiscal and monetary policies for sustainable economic growth ... His well thought-out discussions are a challenge to those who wish to understand legitimate business conduct in the financial sector, and those that desire to stir the legal frontiers in the right direction ...” – (from the Foreword) Judge Florence N.M. Mumba, Judge of the Appeals Chamber of both the United Nations International Tribunal for the Former Yugoslavia (UNICTY) and the United Nations International Criminal Tribunal for Rwanda (UNICTR), The Hague, Netherlands

“This book is an excellent treatment of the jurisprudence surrounding and underpinning white collar crime. Detailed in account and insightfully analytical in approach, the book provides a first-class treatment of a complex topic and subject – money laundering! No doubt, social science and legal researchers, financial institutions, financial intelligence units ... and others interested in matters pertaining to money laundering and financial crime will find this book a valuable contribution to the field of combating white collar crime ... I have no doubts that this book has come at the right time, and from the hands and pen of the right author and expert, as the world continues to grapple with complex issues of money laundering and other forms of white collar crime.” – Dr. Patrice Talla Takoukam, World Bank, Washington, DC

“Dr. Mwenda, in this book, handles the difficult and seldom-tackled subject of financial crime with high analytical pedagogue. With great scholastic finesse, he elucidates on several forms of financial crime: insider trading, money laundering, tax evasion, unsafe and unsound financial practices by banks, and wrongful and fraudulent trading by directors ... Apart from the breadth and depth of intellectual detail and analysis, the added value of this book is its practicality and relevance to those who serve the public [financial] interest ...” – Evelynne Change, African Peer Review Mechanism (APRM) Coordinator for Corporate Governance, The New Partnership for Africa’s Development (NEPAD)/APRM Secretariat, Midrand, Republic of South Africa

Table of Contents

Foreword by Judge Florence N. M. Mumba
1. Insider trading and money laundering
2. Tax evasion and money laundering
3. Drug trafficking and money laundering
4. Financial assistance in the acquisition of a company’s shares as financial crime
5. Unsafe and unsound practices by banks and financial institutions as financial crime
6. Liability of company directors for wrongful trading, fraudulent trading, and fraud by officers of companies that have gone into liquidation as financial crimes

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