ORGANISED CRIMES & THE LAW: A Comparative Study on Combating Money Laundering in Nigeria, India and Germany

ORGANISED CRIMES & THE LAW: A Comparative Study on Combating Money Laundering in Nigeria, India and Germany.
2009 Adv. Chitengi Sipho Justine1

cjnsipho@gmail.com

Regimes) compatible with their respective national legal systems.4 However, following the globalisation of money laundering there is general agreement that one of the most appropriate measures to obviate such threats of this crime with its attendant nefarious characteristics is for countries to borrow a leaf from one another.5 2.0 Main Text Therefore, as per the scope and gist, this article critically compares the anti- money laundering regimes of Nigeria, India and Germany with specific reference to i) predicate crimes; ii)suspicious transaction reporting and other reporting; iii)obligations imposed on non-financial businesses and professions; and iv) financial intelligence gathering. The paper will deal with the aforementioned in four consecutive segments under their respective headings, and finally deduce a conclusion highlighting the strengths and weaknesses of each comparator country so as to suggest how they may learn from one another. 2.1 Predicate Offences Money Laundering is a peculiar crime in that it is often the expression of other underlying economic criminal activities such as corruption or drug trafficking, inter alia.6 When these underlying crimes are committed, it is the instrumentality of
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1.0 Introduction Money laundering being a burgeoning threat to the international economy as well as national economies and systems of governance, the fight against this menace needs concerted efforts by all countries.2 It may also adversely impact on investors confidence thereby affecting the growth of the economy. Therefore, not only does it result in loss of citizens rights but also has the potential to ruin the moral fabric of the society.3 Against the backdrop of sophistry of money laundering (in nature, content and character), different countries have taken different approaches to legislate anti-money laundering regimes (hereafter AML
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Justine Sipho Chitengi (PhD Cand; LLM; LLB merit; BSc. Forestry; PGC; CPD; PGC; PGC; AHCZ) is an Advocate of the High Court for Zambia and author of a number of articles on Law and Policy.
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A. Itzikowitz, Combating Money Laundering: The South African Solution in Goo, Arner and Zhou, The International Financial Sector Reform Standard Setting and Infrastructure Development cited in R. Ezeani, Impact of International and Domestic Laws on Money Laundering Activities in the ECOWAS: A Legal Perspective (2005) 2, available at www.aeandelegal.com/dynamicdata/flash/MONEY%20LA UNDERING%20in%20Ecowas%20reviewed.pdf accessed on 30 September 2009. 3 A. Bharti et al, The Economic Crimes Including Money Laundering; Its Legal and Financial Implications in UNAFEI, Group 2 Resource Material Series No.67, 128th International Training Course Reports [for India, Japan, Albania, Laos, Vanuatu, and Bangladesh], 246. Copy is available with the author.

A. Dadoo, Money Laundering (21 February 2008) available at www.globalpolitician.com/24153-financecrime#0200001E and accessed on 3 October 2009. 5 Cf: I. S. Kingwai (chairperson) et al, Components and Legal Frameworks for Combating Transnational Organised Crime: Criminalisation of Participation in Organised Criminal Groups/Conspiracy; Anti- Money Laundering System; Asset Forfeiture System (For Assets Derived from Organised Crimes) in UNAFEI, Group 3, Phase 2 Resource Material Series No.58, 116th International Training Course Reports [for Tanzania, India, Nigeria, Japan, Pakistan, and Italy], 259. Copy is available with the author. 6 N. S. Okogbule, Regulation of money laundering in Africa: the Nigerian and Zambian approaches in Emerald Insight, Journal of Money Laundering Control (2007) Vol. 10 No. 4, 449-463 at 451.

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