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ANTI-MONEY LAUNDERING RECOMMENDATIONS FOR CASH-BASED ECONOMIES IN WEST AFRICA
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Ronald Henry Mynhardt 
, Johan Marx
Abstract
Money laundering can boost corruption, worsen poverty, and bankrupt vulnerable financial institutions. In view of this, a study was conducted amongst the banks in West Africa, in cash-based economies, with the objective to ascertain the level of their Financial Action Task Force implementation. The study found that the implementation of the Financial Action Task Force recommendations in these countries was at different stages due to these countries being cash-based economies. The majority of these countries have anti-money laundering legislation but lack the capability to monitor and counter money laundering activities. This may be ascribed to a lack of adequate resources, expertise, investigations and prosecution capabilities. Some amendments to the Financial Action Task Force recommendations are proposed to incorporate cash-based economies in order to effectively combat money laundering.
Keywords: Money Laundering, Cash-Based Economies, Anti-Money Laundering, Corruption, Financial Action Task Force, Corruption Perception Index, Financial Intelligence
How to cite this paper: Mynhardt, R. H., & Marx, J. (2013). Anti-money laundering recommendations for cash-based economies in West Africa. [Conference issue]. Corporate Ownership & Control, 11(1-1), 24-32. https://doi.org/10.22495/cocv11i1conf1p3
