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IS S78 U43 2004 (COL)
Thesis
 
Study on the FATF and the reconfiguration of national legal frameworks in the Philippines, Cayman Islands and Guatemala
by Umaly, Leslie Anne
iii, 97 leaves ; 28 cm. + CD-ROM

©2004 Published by The Authors
Added Author:  Cancino, Vanessa Kris
Thesis:  (International Studies) - Miriam College, 2004.
ABSTRACT:  The globalization of finance has changed the nature and scope of financial activities. Today, financial transactions transcend geographical border and even time itself. The development of transportation and communications technology facilitated an era of intensified economic activities between states and non-state actors today. A number of debates have surfaced with regard to the implications of globalization to the state, the international system and to people, as well. Although much emphasis have been given on the so-called "benefits" of globalization, it is equally important to note the negative ramifications of the globalization process. One of which is the evolving nature and scope of money laundering. Financial Globalization has provided money laundering with additional and easier methods in going about with their activities. The expansion of the financial sector has opened the doors for many countries to provide an alternative financial environment with lower taxes and stricter restrictions. The response of the money laundering is the creation of the Financial Action Task Force on Money Laundering. The said organization is the focus of this research paper. This study inquires into the nature of the organization as well as its role in today's globalized finance. The Financial Action Task Force, as a creation of Group of Seven/Eight (G7/8) is representative of the interests of the said group. As such, it is the contention of the researchers that the said Task Force is a mechanism of the G7/8 for the protection of its power and status in the world today. The Task Force provides the organization with the necessary legal reforms that will, in turn, provide a stable environment for its capital and the neo-liberal world order. This is achieved through the reconfiguration of national legal framework in many countries, especially in the South. The regulatory policies of the Task Force, embodied in its Forty Recommendations, entail an amendment or creation of laws that will incorporate the demands of FATF upon its member countries and non-member countries as well. For the purpose of the study, the paper is divided into three main segments. It first discusses briefly the emergence of global financial mechanism in a globalizing world. Here, the FATF and its objectives and regulatory policies are identified while its ways of managing financial globalization are analyzed. The second section mainly takes account of the cases of Philippines, Cayman Islands and Guatemala and provides a discussion on how the said countries harmonized their anti-money laundering laws in compliance with the FATF prescription. The remaining section offers an analysis of FATF as a global financial governance mechanism by using Stephen Gill's Theory of New Contitutionalism of Disciplinary Neo-liberalism. It provides a critique on the FATF and how it reconfigures national legal framework in the South in the context of global financial discipline. For its final argument, this study argues that the FATF, along with other financial global financial governance mechanisms is associated with, cannot possibly offset problems in the international political economy as long as such mechanisms merely serve as extensions of globalizations wherein only a privileged few benefits.
Book ID 1000083371
FINANCIAL ACTION TASK FORCE
International economic relations
Money laundering -- Philippines
MONEY LAUNDERING -- CAYMAN ISLANDS
MONEY LAUNDERING -- GUATEMALA
 
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