Corruption and Money Laundering: A Symbiotic Relationship by David Chaikin, J. C. Sharman
By David Chaikin, J. C. Sharman
Corruption is the most important unmarried trouble to improvement, whereas funds laundering is on the middle of all profit-driven crime. The failure to understand the intimate linkages among those crimes has undermined foreign efforts to wrestle those worldwide scourges. via a coverage and criminal research, this booklet exhibits how corruption enables funds laundering and vice versa. It demonstrates how suggestions applied to counter one kind of monetary crime should be tailored to struggle the other. Chaikin and Sharman supply a pioneering assessment of the present platforms from multi-disciplinary viewpoint according to expert event and large interviews.
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In some instances governments will opt to brazen it out despite the disapproval of their peers, the British government and the BAE al-Yamamah scandal discussed in the next chapter being a good example. Probably more important, though, are those instances where governments may genuinely have the will to fight corruption but not the capacity, and here there is only so much help that peer review can provide. Aside from the Working Group on Bribery, other divisions within the OECD have also been active in designing better responses to corruption, and implementing standards by peer review.
Until his departure in 2007, World Bank president Paul Wolfowitz was in favor of taking a particularly tough line against corruption among borrower governments. Breaking with normal diplomatic protocol, Wolfowitz was prepared to name names. Thus in early 2006 he publicly questioned and in some cases stopped the flow of funds to a number of projects on the grounds of corruption.
The predicate offence), and reintroduce it into the financial system without arousing suspicion. Once again, not only are the crimes related, but the responses to corruption and money laundering are potentially complementary. To the extent that it is difficult to launder kickbacks and bribes, the barriers to corruption are raised, there is more likelihood of getting caught, and the amount of corruption in the system should decline. Some examples in the following paragraphs help to establish this proposition.