LEVERAGING ANTI-MONEY LAUNDERING POLICIES AND PROCEDURES TO COMBAT ILLICIT TRAFFICKING IN NARCOTIC DRUGS

24 Pages Posted: 23 Jun 2020 Last revised: 24 Jun 2020

See all articles by Ehi Esoimeme

Ehi Esoimeme

University of Wales System - Cardiff Law School

Date Written: May 29, 2020

Abstract

PURPOSE – This paper aims to examine the different methods that drug dealers employ to launder their illicit funds, and the strategies that countries can adopt to combat the laundering of the Proceeds of Illicit Trafficking in Narcotic Drugs.

DESIGN/METHODOLOGY/APPROACH – This paper uses selected drug trafficking case studies i.e. R v. Adam Maybury and Caroline Wakefield; R v. Daniel Harris; and R v. Nicholas Strange and Neil Strange to help build awareness with the regulatory, enforcement and customs authorities as well as reporting entities about the risks and vulnerabilities of money laundering, and how to mitigate them. This is the only Article to adopt this kind of approach.

FINDINGS – This paper determined that with a host of measures, including enhanced cooperation among law enforcement, financial institutions and judiciary; the adoption of legislation that criminalizes the laundering of the proceeds of all serious crimes; establishing a financial intelligence unit; repealing bank secrecy laws; and establishing effective anti-money laundering programs in banks i.e. customer due diligence, enhanced customer due diligence, recordkeeping, account monitoring, suspicious activity reporting and training for officers and employees, countries can reduce the risks associated with the laundering of the Proceeds of Illicit Trafficking to the barest minimum.

ORIGINALITY/VALUE – This paper examined the different methods that drug dealers usually adopt to launder their illicit funds through selected drug trafficking case studies i.e. R v. Adam Maybury and Caroline Wakefield; R v. Daniel Harris; and R v. Nicholas Strange and Neil Strange and expounded on the ten strategies listed by William R. Schroeder to combat money laundering using the United Kingdom as a case study. This is the only Article to adopt this kind of approach.

Keywords: Drug Trafficking, Money Laundering, Financial Intelligence Unit, Bank Secrecy Laws, Suspicious Transaction Reporting, Customer Due Diligence, Record Keeping

Suggested Citation

Esoimeme, Ehi, LEVERAGING ANTI-MONEY LAUNDERING POLICIES AND PROCEDURES TO COMBAT ILLICIT TRAFFICKING IN NARCOTIC DRUGS (May 29, 2020). Available at SSRN: https://ssrn.com/abstract=3613697 or http://dx.doi.org/10.2139/ssrn.3613697

Ehi Esoimeme (Contact Author)

University of Wales System - Cardiff Law School ( email )

PO Box 427
Cardiff, Wales CF10 3AX
United Kingdom

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