Asian Drivers Working Papers
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Browsing Asian Drivers Working Papers by Author "Ayogu, Melvin D."
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- ItemGOVERNANCE AND ILLICIT FINANCIAL FLOWS(AERC, 2014-09) Ayogu, Melvin D.; -Smith, Folarin GbadeboInsofar that it corrodes governance, engendering opportunistic crimes, grand corruption lies at the core of the problem of illicit financial flows. We identify at least two likely antagonistic circles in the illicit flow process—a virtuous circle and a vicious circle—both rooted in one common factor, namely, the strategic complementarity between corruption and governance. Also, we consider the scope of global governance architecture in encouraging banks to “do the crime, pay the fine, and do no time.” Given this structure, the observed, rampant impudence of banks’ participation in illicit financial flows is understandable and society would not be shocked should global mega-banks increasingly resemble a police establishment run by ex-convicts. Curbing illicit flows in such a circumstance would be daunting. Therefore, civil society must live up to its civic responsibilities by displacing the vicious cycle first through creating the right incentives for politicians to identify negatively with illicit financial flows.
- ItemILLICIT FINANCIAL FLOWS AND STOLEN ASSETS VALUE RECOVERY(AERC, 2014-09) Ayogu, Melvin D.; Agbor, JuliusValue recovery of stolen assets is both an enforcement of anti-money laundering laws and a potent weapon against corruption. When obtainable, it represents society’s credible commitment to ensure that “crimes do not pay.” We explore these linkages by reviewing international experiences on the implementation of value recovery. Lessons suggest country-level studies that are more likely to strengthen local initiatives, leading to regional strategies capable of improving negotiations for assistance and cooperation at the global level.