1,720,971 research outputs found
Recommended from our members
Prologue the management of distressed banks in developing economies: an overview
Full text linkThis chapter explores bank insolvencies and associated laws or policies in a selection of developing economies in Africa. It provides a rigorous scrutiny of the efficacy of asset management companies, bridge banks and securitisation in resolving financially distressed banks in the country often caused by non-performing loans. Nevertheless, the state of banking law in these developing economies, particularly those that relate to their fiscal stability and resolution of insolvency events, is also critical and deserving of tailored consideration for several reasons. The authors now briefly turn attention to the legal nature of banks, and how this nature impacts upon current and proposed treatment of bank-stakeholder interests in developing economies in an insolvency scenario. Indeed, custom-built bank insolvency laws of many countries, some of which are presented in this book, attest to this. They briefly introduce typical bank insolvency procedures or systems that will be amplified in the context of developing economies
Unexplained wealth and financial crime: A global perspective
No full textThis book considers the growing and emerging issue of unexplained wealth and how this issue fits within the larger challenge of financial and economic crime. The collection provides a rich and robust contribution to the dearth of knowledge in this space. Contributions are drawn from legal practitioners, academics and experts from the Global South, Global North, and the Asia Pacific who share their insights to the methods and approaches that have been utilised to tackle unexplained wealth in their respective countries. Each author provides a comprehensive critique of the current regime in addressing the issue and identifies failings. The volume further considers how unexplained wealth can be recognised as an important category, similar in this respect to fraud, bribery, corruption, and tax evasion amongst others. Establishing the issue of unexplained wealth as an independent area of research, the book will be essential reading for researchers, academics and policy-makers working in the areas of financial and economic crime, banking law and international corporate governance
The primary factors contributing to the operational failures of the Serious Fraud Office (SFO) and the strategic reforms that can be implemented to enhance its effectiveness in dealing with financial crimes
No full textThis chapter critically examines the operational shortcomings and reform needs of the United Kingdom's Serious Fraud Office (SFO), a central authority in prosecuting complex financial crimes. Through case studies including the failed Tchenguiz prosecution, the successful London Interbank Offered Rate (LIBOR) investigation, and Turkey's handling of Dilan Polat, it identifies persistent weaknesses in the SFO's approach, such as flawed legal procedures, inadequate case preparation, mismanagement of resources, and inconsistent leadership. In contrast, the LIBOR case demonstrates the benefits of robust legal frameworks, international cooperation, and focused strategy, while the Turkish model highlights the impact of swift legal action and public transparency. The chapter further assesses the SFO's reported performance during 2023 to 2024, acknowledging achievements in asset recovery and victim support. However, it raises concerns regarding the agency's growing reliance on deferred prosecution agreements, extended investigation timelines, persistent staffing gaps, and high-profile legal setbacks, including the Eurasian Natural Resources Corporation Ltd litigation. Finally, the chapter examines the SFO's five-year strategic plan, with particular focus on the integration of emerging technologies. Artificial intelligence platforms, such as Quantexa, present significant opportunities for enhancing financial investigations through advanced data analysis and entity resolution. Nevertheless, the chapter argues that such innovative technology must be matched by sustained investment in legal expertise. It concludes that restoring public confidence in the SFO will require more than procedural transparency; it will depend on the agency's demonstrable ability to deliver timely, effective, and legally sound outcomes in the prosecution of serious financial crime
Implementation of unexplained wealth order in Nigeria
No full textThis book chapter examines the renewed clamour for the introduction of unexplained wealth order (UWO) into Nigerian laws to tackle the growing volume of suspicious wealth generated by its politically exposed persons (PEPs). Though this novel addition into the UK laws introduced by the Criminal Finances Act 2017 has been less than successful, the proponents believe that this asset recovery initiative is suitable to tackle financial crimes in Nigeria, particularly money laundering by PEPs. This chapter is divided into three parts. The first part critically reviews Nigeria's asset recovery initiatives. The second part evaluates extant provisions in Nigeria that are akin to the UWO. The third part considers the introduction of the UWOs in Nigerian laws and the likely challenges. While the conclusion asserts the findings that although the UWO is a welcome addition to the surfeit of anti-money laundering laws in Nigeria, its implementation will be stalled by a lack of political will and systemic flaws that have inhibited previous efforts at asset recovery
Recommended from our members
Banking regulation in Africa ::the case of Nigeria and other emerging economies /
No full text"There is scarce literature on the development of banking regulation in Nigeria, or the scope of powers of the Central Bank of Nigeria, which is its core banking sector regulator. The critical impetus of this book is to contribute to the literature of this area, with a detailed exploration of the Nigerian regulatory architecture. In addition, the book also engages in a comparative analysis with two emerging economies in Africa: South Africa and Kenya. It also considers the UK and the US as comparator jurisdictions in light of their regulatory responses to the global financial crisis of 2008. This book contributes to the ongoing discourse in this area by exploring, in detail, the theoretical underpinnings of regulation and supervision, to determine whether there is an understanding of what constitutes effective regulation in these jurisdictions. Given that Nigeria is the core jurisdictional focus, a historical account of banking exchanges from the pre-colonial era to more recent times is provided. Offering an understanding of how political, local and economic settings, in conjunction with the theories of regulation have impacted and influenced regulatory development in Nigeria, the book engages in an examination of Nigeria's historical experiences with bank failures, including the banking crisis it experienced in 2008. The newly enacted Banks and Other Financial Institutions Act 2020 is also explored as part of this discourse. Through a critical analysis of the law, the book demonstrates that the Nigerian regulator has historically adopted a reactionary strategy, instead of a proactive and pragmatic approach, which is imperative for an effective regulatory regime. The outcome of this analysis is that there are lessons to be learned, and proposals are discussed in order to rethink the act of banking regulation"-
- …
