The role of Financial Intelligence Units in combating money laundering

Musonda Simwayi and Muhammed Haseed

Journal of Money Laundering Control, 2012, vol. 15, issue 1, 112-134

Abstract: Purpose - The purpose of this paper is to present a comparative position of Financial Intelligence Units (FIU) in Zambia, Zimbabwe and Malawi and assess their role in combating money laundering. Design/methodology/approach - The study employed a multiple case study research methodology. The units in the three countries are compared using a framework based on the Financial Action Task Force (FATF) recommendations, the International Monetary Fund, the World Bank and Commonwealth guidelines and the Egmont Group guidelines. Findings - The study established that the three countries have made tremendous progress in the fight against money laundering. The units in the three countries have several commonalities and differences. Zimbabwe is left behind in the process of establishing an effective FIU. Malawi is on top with Zambia coming second. Research limitations/implications - Apart from the common limitations of the multiple case study methodology, the major limitation of this study was the utilization of secondary data in the case of Zimbabwe. Practical implications - The practical implication of these findings is that policy makers and FIU authorities the world over would be particularly interested in regard to strengthening their units and comparing themselves with international standards. Originality/value - By focusing on three countries the study has addressed weaknesses usually associated with single country case studies. These findings may be generalized without difficulties. It is envisaged that that research will encourage similar studies in other regions of the world.

Keywords: Zambia; Zimbabwe; Malawi; Money laundering; Government agencies; Financial Intelligence Units (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:13685201211194754

DOI: 10.1108/13685201211194754

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