Illicit financial flow and the vulnerability of banks - The link between corruption and money laundering, a socio-legal study of the laws and practice in the UK and Nigeria

Chauhan, Veerendra

Abstract

Secrecy jurisdictions, banking secrecy and corporate secrecy are intricately connected to illicit financial flow (IFF), that facilitate corruption and money laundering but the Corruption Perceptions Indicator (CPI) provides a misleading interpretation for the UK, which does not consider its secrecy jurisdictions.

IFF is a relatively new term yet its connection to bribery, corruption and money laundering and transfer price abuse have long been established which is an impediment to the fight against financial crime.

There is not a legal definition of corruption and the effectiveness of the evolving corruption legislation is questioned in the UK and Nigeria where the former suggests protectionism and the latter suggests a lack of the rule of law.

The adoption of existing or new legislation will not have any impact to the fight against financial crime in Nigeria because the benefits of corruption outweigh the penalties for corruption and the lack of political will and tribal allegiance is an impediment to progress as is the demand for financial services from the UK for corrupt Nigerian public officials.

As these viewpoints are seldom discussed together, this thesis addresses this gap and provides a novel approach to clarifying the wider but accepted face of corruption in modern society.

Citation

Chauhan, V. Illicit financial flow and the vulnerability of banks - The link between corruption and money laundering, a socio-legal study of the laws and practice in the UK and Nigeria. (Thesis). University of the West of England. Retrieved from https://uwe-repository.worktribe.com/output/1491286

• Thesis Type: Thesis
• Publicly Available Date: Dec 15, 2021
• Keywords: Illicit financial flow, bribery, corruption, money laundering, Nigeria, UK, bank, transfer price, secrecy,
• Public URL: https://uwe-repository.worktribe.com/output/1491286
• Award Date: Dec 15, 2021