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The Economic and Social Implications of the Anti-Money Laundering and Countering the Financing of Terrorism Act on a Small, Developing Economy

Author

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  • Rambarran, Richard

Abstract

This paper seeks to critically examine the likely economic and social implications of the recent amendments to the ‘Anti-Money laundering and countering the Financing of Terrorism (Amendment) Act 2015’ (AML-CFTA 2015 Act) on a small, developing, open economy, Guyana. This paper examines the amendments to original 2009 Bill and whether this new act, given the complexities of the small, developing country, would serve to promote the best economic interest of its people who, are at critical juncture of their national development. The paper serves to hypothesize and examine not only macroeconomic implications, but also microeconomic behaviour, and the implication on the behaviour of agents within society directly and indirectly affected by this bill.

Suggested Citation

  • Rambarran, Richard, 2015. "The Economic and Social Implications of the Anti-Money Laundering and Countering the Financing of Terrorism Act on a Small, Developing Economy," MPRA Paper 68056, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:68056
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    More about this item

    Keywords

    Anti-Money laundering; Terrorism; Narco-trafficking; Growth; Crime; Development; Guyana;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption
    • K14 - Law and Economics - - Basic Areas of Law - - - Criminal Law
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law

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