Evaluation of the Namibian legal framework on money laundering and associated offences
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Date
2019
Authors
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Journal ISSN
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Publisher
University of Namibia
Abstract
The Money laundering offence was identified as such in the late part of the 20th century in the United States of America. Since this period, it has been a crime that has received immense attention for various reasons. This study aims to illustrate that, although the crime has received so much attention over the years, there still exists some areas on the subject matter that still require further research. In this study it is demonstrated that the concept of money laundering is not properly defined. This is exemplified by the different jurisdictions that have been analysed herein, namely; the United States of America, United Kingdom, South Africa, Singapore and Namibia respectively. Furthermore, it is found that diverse authors fail to question the unclear areas that exist within the conceptual framework of money laundering. Similarly, international treaties of the United Nations are no exception to this analysis. The study further discusses the relationship between money laundering and its associated offences and clearly illustrates that it is a crime that does not operate in isolation from other associated offences, and as such this connection needs to be understood by all concerned stakeholders in the fight against it. This is important in order to effectively and progressively combat the crime of money laundering vis-à-vis its associated offences. In assessing its definition, the study illustrates the relationship that is inherent between the crime of money laundering and its associated offences, how this relationship comes about, and why the two go hand in hand. Additionally, the study shows that money laundering is a world-wide problem, and as such it, without doubt, requires world cooperation in order to be appropriately addressed. This study involves two parts. Firstly, desk research (national, international, case law and writings of various authors mostly from the afore-mentioned jurisdictions, amongst others.) Secondly, the study comprises of interviews amongst selected money laundering regulators or officials in Namibia. The participants in these interviews were chosen by way of sampling technique as it would have been impractical to assess the understanding of all stake-holders in Namibia as far as money laundering and its associated offences are concerned.
This study does not only display problems that border money laundering and its associated offences, but it also suggests solutions to the identified issues bordering this crime.
Description
A research thesis submitted in fulfillment of the requirements for the Degree of Master of Laws
Keywords
Money laundering