Browsing by Author "Iyanda, Adebayo E"

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    The role of misinvoicing in the money laundering cycle
    (University of Western Cape, 2019) Iyanda, Adebayo E
    Traditionally, the emphasis of trade-based money laundering policy development has been directed towards financial transactions where the origin of capital is illegal, neglecting private sector companies utilising trade to launder money. Thus, can commercial businesses which engage in trade misinvoicing through crossborder trade be prosecuted for money laundering? With limited understanding of the money laundering cycle in international trade, it will be difficult for prosecutors to bring money laundering charges against commercial businesses operating in this sector.
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    The threat of trade-based money laundering To the African continental free trade area
    (University of the Western Cape, 2018) Iyanda, Adebayo E
    Africa has dedicated considerable effort to establishing a Continental Free Trade Area to facilitate intra-African trade and deepen economic integration. However, the liberalisation and facilitation of trade on the continent would increase trade openness significantly in the markets for goods and services, thereby expanding the threat of trade-based money laundering (TBML) and undermining the potential benefits the agreement would bring to economic growth, industrialisation and sustainable development in Africa. This paper focuses on the threat of TBML to the African Continental Free Trade Area (AfCFTA), typically perpetrated through trade mis-invoicing as the main vehicle for illicit financial flows. It deduces that increases in the volume of trade across the continent potentially increase the vulnerability of the AfCFTA to TBML. Several global and regional initiatives by such bodies as the Financial Action Task Force, the Organisation for Economic Co-operation and Development, the World Customs Organisation, the Economic Commission for Africa, the African Union have attempted to curb diverse aspects of illicit financial flows. However, as yet there is no coherent and multi-faceted framework to combat the problem. Moreover, not all initiatives are universal or reflect the interests of the African continent. Hitherto, the African response to TBML has been almost non-existent. In order to combat the potential increase in TBML threats, this paper proposes a uniform African anti-TBML mechanism as an African solution to an African problem.