ABSTRACT
Whilst African Countries (ACs) struggle with compliance with the Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) regulations enunciated by the Financial Action Task Force (FATF), emerging economies record better compliance levels. Surprisingly, the drive for improved AML/CFT compliance by ACs usually fosters a regulatory paradox. The FATF, strengthened by the international financial institutions (IFIs), was established to advance standards and ensure compliance with AML/CFT regulation. Limited literature discusses the bias that ACs/EEs encounter in complying with AML/CFT regulations due to their limited integration to the global economy. IFIs recognised the dire consequences that money laundering/terrorist financing can have on the integrity of the international financial market and its likely contribution to financial crises. The FATF, strengthened by the IFIs, was established to advance standards and ensure compliance with AML/CFT regulation. The chapter also presents an overview of the key concepts in this book.
