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Ill-gotten Money and the Economy : Experiences from Malawi and Namibia

ABUSE ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ADVANCED ECONOMIES AGRICULTURAL BANK AGRICULTURE ANTI-CORRUPTION ANTI-MONEY LAUNDERING ANTICORRUPTION ANTICORRUPTION BUREAUS ASSETS AVAILABILITY OF CREDIT BANK ACCOUNT BANK ACCOUNTS BANK CHARGES BANK FAILURE BANKING SECTOR BANKING SYSTEMS BANKS BLACK MARKET BRIBE BRIBERY BRIBES BUSINESS INVESTMENTS BUSINESS OWNERS CAPACITY BUILDING CAPITAL FLIGHT CAPITAL INFLOWS CENTRAL BANK CITIZENS COMPLIANCE COSTS CONFIDENCE COPYRIGHT CLEARANCE COPYRIGHT CLEARANCE CENTER CORRUPT CORRUPT PRACTICES CORRUPTION CORRUPTION SURVEY COUNTRIES MUST CRIME CRIMES CRIMINAL CRIMINAL LAW CRIMINALS CURRENCY CYBER CRIME DAMAGES DEMAND FOR MONEY DEMOCRACY DEMOCRATIC ELECTIONS DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT BANK DEVELOPMENT COMPANY DEVELOPMENT PROJECTS DOMESTIC VIOLENCE DRUG TRAFFICKING DUE DILIGENCE ECONOMETRIC ANALYSIS ECONOMETRIC MODELING ECONOMIC CONDITIONS ECONOMIC CRIMES ECONOMIC DEVELOPMENT ECONOMIC EFFECTS ECONOMIC EMPOWERMENT ECONOMIC GROWTH ECONOMIC JUSTICE ECONOMIC RELATIONS ECONOMIC RESEARCH ECONOMIC SECTORS ECONOMIC STATISTICS EMBEZZLEMENT ENFORCEMENT AGENCIES EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPLOITATION EXPORTS EXTERNALITIES EXTERNALITY FAMILIES FIGHTING CORRUPTION FINANCE CORPORATION FINANCIAL CRIME FINANCIAL CRIMES FINANCIAL EXCLUSION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTELLIGENCE FINANCIAL INTELLIGENCE UNIT FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL REGULATIONS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL SERVICE FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TRANSACTION FINANCIAL TRANSACTIONS FOREIGN AID FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FORMAL FINANCIAL INSTITUTIONS FRAUD GDP GDP PER CAPITA GINI COEFFICIENT GLOBALIZATION GOOD GOVERNANCE GOVERNMENT BUDGET GOVERNMENT CORRUPTION GOVERNMENT EXPENDITURES GREATER ACCESS GROSS DOMESTIC PRODUCT GROWTH RATES HUMAN CAPITAL ILL-GOTTEN MONEY INCOME INCOME TAX INCOMES INFORMAL ECONOMIC ACTIVITIES INFORMAL ECONOMIES INFORMAL ECONOMY INFORMATION MANAGEMENT INFORMATION SYSTEM INITIATIVE INTEGRITY INTEREST PAYMENTS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL COMMUNITY INTERNATIONAL COOPERATION INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCE INTERNATIONAL ORGANIZATIONS INVESTIGATION INVESTIGATIONS INVESTIGATORS JUDICIARY JURISDICTION JURISDICTIONS JUSTICE LABOR FORCE SURVEY LACK OF AWARENESS LAW ENFORCEMENT LAWS LAWYERS LEGAL FRAMEWORK LIQUIDITY LOW-INCOME COUNTRY MARKET DISTORTIONS MIDDLE-INCOME COUNTRIES MIDDLE-INCOME COUNTRY MONEY LAUNDERING MULTINATIONAL MULTINATIONAL CORPORATIONS MULTIPLIER EFFECT MULTIPLIER EFFECTS NATIONAL ECONOMY NATURAL RESOURCES NEGATIVE EXTERNALITY NONPROFIT ORGANIZATIONS OFFENSE OFFENSES OPPORTUNITY COST ORGANIZED CRIME OUTPUT PENSION PENSION FUND POLICE POLICES POLITICAL INSTITUTIONS POLITICAL RISKS POLITICAL STABILITY PORTFOLIO PORTFOLIO INVESTMENTS POSITIVE EFFECTS POST OFFICE POST OFFICE SAVINGS POST OFFICE SAVINGS BANK PRICE DISTORTIONS PRIVATE SECTOR DEVELOPMENT PRIVATE SECTOR GROWTH PRIVATIZATION PROCUREMENT PROSECUTORS PUBLIC CORRUPTION PUBLIC PROCUREMENT REAL ESTATE RECEIPT REMEDIES REPUTATION ROBBERIES ROBBERY RULE OF LAW SAFE HAVEN SHADOW ECONOMIES SHADOW ECONOMY SOCIAL COSTS SOCIAL SECURITY SOLVENCY SOURCE OF INCOME STABLE ECONOMIES STOCK MARKET TAX TAX BASE TAX EVASION TAX HAVENS TERRORISM THEFT TRANSPARENCY TREASURY UNEMPLOYMENT UNFAIR COMPETITION UNION VIOLENCE VOLATILITY WAGES WEALTH
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World Bank
Africa | Sub-Saharan Africa | Southern Africa | Malawi | Namibia
2012-03-19T09:04:51Z | 2012-03-19T09:04:51Z | 2011-10-11

Over the last 20 years, the international community has significantly stepped up its efforts to prevent, detect, and deter money flows related to criminal activities and terrorism financing. Since the early 2000s, this drive has extended to developing countries, with most of them introducing anti-money laundering (AML) policies. The primary driver behind this is law enforcement; these policies are aimed at detecting and tracing flows of ill-gotten money, which would enable authorities to fight and prevent crime and recover assets of crime, corruption, and tax evasion. The core objective of this study is to introduce economics into the international debate about anti-money laundering, and to introduce the idea of the usefulness and effectiveness of such policies. The study focuses on two developing countries: Malawi, a low-income country, and Namibia, a middle-income country. The findings presented in this study are based on an extensive literature research; World Bank discussions with numerous public- and private-sector officials and representatives of the Governments of Malawi and Namibia during a Bank mission in November 2010; and workshops conducted in both countries in February 2011 to obtain feedback on the preliminary findings. In conducting this study, the team adopted an interactive approach. This was critical because mobilization of local expertise is essential not only in establishing a complete picture of current and future AML challenges, but also in designing policy considerations that subsequently are widely supported.

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