The Money Laundering Phenomenon- Preventive And Practical Problems Of Implementation, A Case Study Of East Africa Region

ABSTRACT

The above research was carried out on a cross-section of the East Africa region with an intention of examining the prevalence, causes, effect and factors impeding the fight against money laundering. The research attempts to trace the genesis of money laundering and its progress to date, showing the shifts of circumstances that have occured overtime making money laundering more multifaceted and mystifying to the layman. The research critically examines the various stages of money laundering known today, explaining the techniques applied by launderers. These are; placement, layering and integration. This research therefore serves as an eye opener to the authorities to know the modus operandi of criminals and catch them through the implementation of the recommendations stated herein. The research also discusses, the sources of illicit money that is laundered, giving them as the central causes of money laundering in East Africa. Briefly stated these inter alia include; corruption, piracy jure gentium, terrorism and drug trafficking. The research gives a critical analysis to the anti-money laundering laws in the East African states. The Anti-Money Laundering Act of 2006, Laws of the United Republic of Tanzania and the Proceeds of Crime and Anti-Money Laundering Act of 2010 Laws of Kenya are considered in this work giving an insight on what ought to be included in the Ugandan law for the same purpose. The research will scrutinized the noble principle of client-advocate privilege in relation to money laundering, given the allegation that this privilege hinders the fight against money laundering. This having been argued as the most contentious element of the law against money laundering in many jurisdictions, it is likely to prove its controversial nature, thus triggering further research on the same. During the research process, different methods of data collection were are applied which included; questionnaires whereby information was gotten through structured questions containing both open and closed ended questions, interviews with professionals, observations which included fact finding missions whereby the researcher would observe the factors in the actual sense by interracting with the respondents, library research which involved comparisons of literature that was previously researched on a relevant field both in local and international level.