Name
Lovina Otudor
What is the title of your thesis? Who are your supervisors? When did you start your doctoral research?
Title: The Future of Anti-Money Laundering Regulations and Its Implications for Developing Economies Supervisors: Prof. Chizu Nakajima, Prof. Stuart Bazley Commencement Date: September 2015
Tell us about your thesis.
My thesis is on the effort of the west to tackle money laundering through the instrumentality of the FATF and the reasons why the effort failed to achieve its objectives especially in developing economies. It is noted that the peculiarities embedded in developing economies were never considered neither were their views sought in the epoch-making process which culminated in the creation of the FATF and her global regulatory standards. The research examines the evolution of the FATF anti- money laundering regulatory governance; the reasons for its evolution and the global dual socio-economic conditions that characterise the developed-developing countries divide. The research posits that the FATF regime did not evolve primarily for the acclaimed purposes of detection and fighting crime or to protect the global financial system from use and abuse by criminals. It may have evolved to deal with competition issues as it relates to tax and regulatory arbitrage. Evidence now abound which tend to show that developing economies had no choice but to adopt and implement the FATF regulatory bias of rich western nations without having any say as to its coming into force and how to repatriate laundered money trapped, as it were, in developed western nations. The international geographical spread of the FATF regime points towards a deliberate and concerted effort to arouse or manipulate public sentiment about the crime of money laundering and why it should not pay. This resulted in the stigmatisation of small and developing economies from which money laundering crimes emanate significantly to the benefit of the political and economic interests of some Western countries that were the founding fathers of the FATF. The research gives a detailed account of the determinant of compliance behaviour in developing economies to the FATF regulatory standards by looking at the sources, industry response to the FATF regulation and the implication of this response on developing economies. The main contribution of the work is to advocate for a rethink in the application of the FATF global AML regulatory standards by going back to the drawing board to deliberate and ensure that the FATF membership is open to all to ensure a platform of equal opportunity to deliberate on her regulatory standards to accommodate the inherent peculiarities or circumstances of developing nations which act as a drawback in the full realization of the laudable aims and objectives of the FATF global Anti-Money Laundering regulatory framework that all countries of the world are supposed to partake in.
What motivated you to study that topic? Why is that research important?
I come from a developing economy. Developing economies are accused of not having enough regulatory framework and even if they have, the implementation is not to the letters with the standards of the FATF. This aroused my quest to investigate the historical antecedent of the FATF, her membership and standards with a view of discovering whether there was any collateral relationship with the shortcomings as envisaged in developing econ0mies. The research is important because not only a one size fit all does not work in all situations but that the unequal playing field, double standards and closed membership of the FATF has a lot to play in the global response to Anti-Money Laundering regulation thus calling for a revisit of the FATF and her standards as a means of finding lasting solutions to global money laundering pandemic.
What did you do before starting your PhD at IALS?
I worked and practiced as a lawyer with the government of Cross River State, Nigeria in the Ministry of Justice.
Why did you choose to study at IALS for your PhD? What do you most enjoy about IALS?
I choose IALS because not only was it centrally located in London but is known for its outstanding law library which meant I would have access to as many resource materials as I wanted for my research. I enjoyed the opportunities IALS created for me to interact, the training sessions which meant I was not alone and above all the staff were polite and ever ready and willing to help.
What do you hope to do at the end of your PhD?
My choices are still open for now but wherever I find myself in regulatory governance either as a lecturer, regulator or regulated, I will ensure I uphold the standards and ethics of the job.
Anything else that you would like to add.
I want to say thank you to IALS for making my doctoral dream a reality. Today I am a proud alumnus and if I was to choose again, It will be IALS.