Open AccessBolstering Corporate Sector Partnership in the Fight against Financial Crimes in the Developing World: The Experience of West Africa
Author(s) -
Abdullahi Y. Shehu
Publication year - 2014
Publication title -
journal of social sciences research
Language(s) - English
Resource type - Journals
ISSN - 2321-1091
DOI - 10.24297/jssr.v5i1.6653
Subject(s) - credibility , general partnership , business , private sector , terrorism , money laundering , developing country , finance , financial sector , public–private partnership , compliance (psychology) , financial system , economic growth , political science , economics , law , psychology , social psychology
Financial crime threatens the credibility and efficiency of systems and the stability of countries. Countering it requires concerted and collaborative efforts and strategic partnership between the public and private sectors. This paper discusses the roles of the private sector and challenges of compliance with acceptable international standards against money laundering and terrorist financing. The paper suggests that most of challenges, especially with regard to the reporting of suspicious transactions have almost been overcome, yet, there other challenges that remain. It concludes by making recommendations to address those challenges and improving the efficiency of the financial system.