THE MECHANISMS FOR HARMONISATION OF GLOBAL ANTI-MONEY LAUNDERING LAWS: AN INSTITUTIONAL FRAMEWORK

Norman Mugarura, University of West England

Abstract

The article examines various institutional mechanisms for harmonisation of private and public international law, the realm within which global anti-money laundering are harmonised. Some of the said mechanisms are generated by specialist institutions such as harmonisation of private international law, coordinated by the International Institute for Unification of private Law (“UNIDROIT”). This is an independent inter-governmental organisation with its seat in Rome. Then there is the United Nations Commission on International Trade Law (UNCTRAL) with its seat in Vienna. This is a core legal body within United Nations system in the field of international trade law. It was established in (1966) by the General Assembly with the Mandate to further the progress of harmonisation and unification of international trade law. The above two institutions are specifically created for harmonizing a specialized area of law, whatever this may happen to be. There are other bodies specifically created to foster harmonization of global anti-money laundering laws such as the Financial Action Task Force (FATF), the Basle Committee Principles on Supervision of Banks (BCSB) and the Financial Stability Forum (FSF). These bodies provide a platform for interstate cooperation on matters of money laundering and combating financing of terrorism. This paper explores the institutional mechanisms for harmonization of global anti-money laundering laws at a national level.