The disruption of money laundering in the western hemisphere as an effect on developing states – Can international customary law maintain and create a standard to improve financial regulation at an international level?

Following the recent increase in money laundering activities, prominent substantial hubs for finance are becoming increasingly subjected to abuses within the financial sector. With all the systems and regulatory bodies in place assumptions are that the financial sector within the western hemisphere would assume more of a rigid position in the event of market abuses. As the years go by it seems like market abuses are increasingly dominating the western hemisphere subjecting them to a higher level of crime and terrorism. This LLM dissertation focuses specifically on financial regulation within the western hemisphere in comparison to the legal advances of developing states, particularly, on measures provided by the international community to reinforce anti money laundering regimes. One concludes that the West assumes a lot of power concerning the global financial sector, assuming that developing states emulate/ mimic established rules in order partake in global financing. It assesses why globalisation has both contributed towards, and helped to resolve money laundering, by measure of international combatting rates, whilst enforcing international standards which close any existing gaps to reduce / eliminate the likelihood of financial abuses.