The global anti‐money laundering court as a judicial and institutional imperative

Norman Mugarura

Journal of Money Laundering Control, 2011, vol. 14, issue 1, 60-78

Abstract: Purpose - The paper aims to argue the case for the introduction of a global anti‐money laundering (AML) court. The proposed court as an institution can engender a rule‐based ethos as well as an environment for the transposition of AML regimes and requisite global changes into the society. Design/methodology/approach - The paper was written by exploiting the significance of the court system to the development of any society. In particular, the paper draws on a pivotal role played by the European Court of Justice in enhancing economic integration of European member countries. Another example utilised by this paper was the dispute settlement mechanism (DSM) in the WTO. The DSM evolved an effective framework for settling international trade disputes and fundamentally helped to streamline the system. This paper is of the contention that the court would ease the adoption of global AML regimes and consequently ease the co‐existence of countries in relation to global AML initiatives. Findings - The paper has delineated that any global initiatives either on money laundering (ML) or otherwise will have to reside in a form of institutional framework for them to work effectively. Short of that, it is possible that there will be enormous challenges for global AML regimes to function properly as envisaged. Research limitations/implications - The author is cognizant of the fact that states are still mandated to veto his prepositions based on the principle of sovereignty of nations. States can also refuse to lend their support – in its various dimensions to the proposed court. Practical implications - It has to be noted that creating global AML regimes that are not going to work is not good enough and in case it amounts to a wastage of scarce resources that would better be utilised somewhere else. Social implications - ML in its various manifestations has far reaching consequences for lives of people wherever it is committed and should be accorded the seriousness it deserves. Originality/value - The paper has been written based on the appreciation of the need to create enforcement mechanisms of engendered global AML/combating financing of terrorism (CFT) regimes. There are so many regimes masquerading as global, having been constituted with the mandate that give them a global reach and yet, they do not live up to their expectation.

Keywords: Money laundering; Law courts (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:13685201111098888

DOI: 10.1108/13685201111098888

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