Trade-based money laundering through documentary credits: A compliance and legal risk analysis for South African banks

by | Dec 15, 2025 | JCCL, JCCL V10 I1

Trade-based money laundering through documentary credits: A compliance and legal risk analysis for South African banks

Author: Tsanangurai Makuyana

ISSN: 2521-2575
Affiliations: Legal Officer, Manicaland State University of Applied Sciences, Zimbabwe
Source: Journal of Corporate and Commercial Law & Practice, Volume 10 Issue 1, 2024, p. 1 – 29
https://doi.org/10.47348/JCCL/V10/i1a1

Abstract

Trade-based money laundering (TBML) poses a significant risk to the global financial system, with documentary credits being a common yet complex channel for illicit financial flows. This article examines the compliance and legal risks associated with TBML through documentary credits for South African banks, which operate within a dynamic regulatory environment influenced by both domestic and international anti-money laundering (AML) frameworks. The article evaluates the vulnerabilities in trade-finance transactions, including misrepresentation of goods, over- and under-invoicing, and fraudulent documentation. It further assesses the effectiveness of South Africa’s current regulatory and enforcement mechanisms in mitigating these risks, considering the Financial Intelligence Centre Act (FICA) and international standards set by the Financial Action Task Force (FATF). By analysing case studies and compliance challenges faced by banks, the article proposes enhanced due diligence measures, and regulatory reforms to strengthen AML controls. The findings contribute to the broader discourse on combating TBML and offer practical recommendations for banks, regulators, and policymakers in South Africa to improve detection and prevention strategies.

Cross-border insolvency in the age of globalisation: Harmonising domestic laws with international best practices

by | Dec 15, 2025 | JCCL, JCCL V10 I1

Cross-border insolvency in the age of globalisation: Harmonising domestic laws with international best practices

Author: Chengeto Natty Kazangarare

ISSN: 2521-2575
Affiliations: Legal Researcher, University of Zimbabwe
Source: Journal of Corporate and Commercial Law & Practice, Volume 10 Issue 1, 2024, p. 30 – 54
https://doi.org/10.47348/JCCL/V10/i1a2

Abstract

The accelerating pace of globalisation has intensified cross-border commercial transactions, inevitably increasing the incidence of cross-border insolvency. As such, while domestic insolvency laws remain fragmented, businesses and creditors increasingly operate across multiple jurisdictions, raising complex legal questions about the recognition and coordination of insolvency proceedings.1 This article critically examines the challenges and prospects of harmonising domestic insolvency laws with international best practices. It begins by outlining the conceptual foundations of cross-border insolvency, focusing on the tension between universalist and territorialist approaches. The analysis then turns to the role of international instruments, particularly the UNCITRAL Model Law on Cross-Border Insolvency and regional frameworks such as the European Union Insolvency Regulation, evaluating their effectiveness in promoting legal certainty and cooperation among courts. Drawing on landmark cases and comparative insights, the article highlights persistent obstacles, including jurisdictional conflicts, public policy exceptions, and political resistance to the harmonisation of insolvency laws. In response, the article proposes pragmatic recommendations for achieving greater harmonisation, including broader adoption of international standards, regional cooperation initiatives, and the integration of emerging technologies to streamline cross-border insolvency processes. Ultimately, the article argues that fostering a coherent and predictable cross-border insolvency framework is essential not only for creditor protection but also for sustaining confidence in the global commercial ecosystem.

Social security in Nigeria: A comparative perspective

by | Dec 15, 2025 | JCCL, JCCL V10 I1

Social security in Nigeria: A comparative perspective

Author: Philip A Folarin

ISSN: 2521-2575
Affiliations: Associate Professor, Department of Commercial and Industrial Law, University of Lagos
Source: Journal of Corporate and Commercial Law & Practice, Volume 10 Issue 1, 2024, p. 55 – 88
https://doi.org/10.47348/JCCL/V10/i1a3

Abstract

This paper critically examines the state of social security in Nigeria, focusing on its legal and institutional framework, implementation challenges, and alignment with international best practices. Social security is an essential tool for economic stability and social justice, yet Nigeria faces persistent challenges in ensuring comprehensive and effective coverage for its citizens. The paper analyses constitutional provisions alongside statutory instruments such as the Pension Reform Act (PRA), the Employees’ Compensation Act (ECA), and the Nigeria Social Insurance Trust Fund (NSITF). Particular attention is given to the transition from the Workmen’s Compensation Act to the ECA, which marked a shift from lump-sum payments to periodic compensations. By comparing Nigeria’s system with those of South Africa and Kenya, the paper highlights practical lessons and strategies for improvement. Additionally, it evaluates Nigeria’s compliance with International Labour Organization (ILO) conventions and the integration of international standards into local policies. The findings reveal critical gaps in the existing framework, institutional inefficiencies, and underutilisation of global best practices. The paper concludes with recommendations for reform, emphasising the need for robust enforcement mechanisms, institutional accountability, and a greater alignment with international standards to ensure a more inclusive and effective social security system in Nigeria.

Artificial intelligence and the reconfiguration of collective bargaining: Legal implications for employees in Zimbabwe

by | Dec 15, 2025 | JCCL, JCCL V10 I1

Artificial intelligence and the reconfiguration of collective bargaining: Legal implications for employees in Zimbabwe

Author: Noah Maringe

ISSN: 2521-2575
Affiliations: Dean, Faculty of Law, Zimbabwe Ezekiel Guti University, Zimbabwe
Source: Journal of Corporate and Commercial Law & Practice, Volume 10 Issue 1, 2024, p. 89 – 105
https://doi.org/10.47348/JCCL/V10/i1a4

Abstract

The right to engage in collective bargaining is essential for maintaining harmonious industrial relations in Zimbabwe. Nevertheless, it is encountering new challenges due to the emergence of artificial intelligence. The existing legal framework has not been updated to address the swift progress in this technology. This situation also applies to the primary stakeholders involved in the collective bargaining process. A significant number of these individuals, particularly those who are less experienced, may find themselves vulnerable to their employers, who can predominantly depend on decisions made by artificial intelligence in the context of collective bargaining. Furthermore, several traditional principles that have guided and influenced the evolution of the right to collective bargaining for many years, such as the obligation of good faith, may not retain their current form without being entirely consumed by the relentless surge of technological progress. Moreover, the strength of trade unions is also being challenged, as job losses resulting from the application of artificial intelligence in the workplace can negatively impact their membership size. Consequently, comprehensive measures should be implemented to ensure that only the beneficial aspects of artificial intelligence are encouraged while its detrimental effects are mitigated. Thus, this article undertakes a qualitative analysis of the current legal framework and the impact of artificial intelligence before coming up with recommendations to enhance the right to collective bargaining in Zimbabwe.

Balancing the regulation of foreign direct investment to achieve environmental sustainability in Nigeria’s oil and gas sector

by | Dec 15, 2025 | JCCL, JCCL V10 I1

Balancing the regulation of foreign direct investment to achieve environmental sustainability in Nigeria’s oil and gas sector

Author: Amajuoritse Oritsetimeyin Ebijuwa

ISSN: 2521-2575
Affiliations: Salford Business School, University of Salford, Manchester, United Kingdom
Source: Journal of Corporate and Commercial Law & Practice, Volume 10 Issue 1, 2024, p. 106 – 125
https://doi.org/10.47348/JCCL/V10/i1a5

 

Abstract

This paper critically examines the regulation of Foreign Direct Investment (FDI) within Nigeria’s oil and gas sector, emphasising the enduring tension between economic exploitation and environmental sustainability. The historical trajectory of FDI in Nigeria’s petroleum industry, particularly in the post-independence era, reveals a deep-seated economic dependency on oil revenues, with FDI playing a pivotal role in state finance and national development narratives. Yet, this reliance has exposed structural weaknesses in Nigeria’s legal and regulatory architecture, notably through frameworks such as the 1986 Nigerian Investment Promotion Act (NIPA) and the more recent Petroleum Industry Act (PIA) of 2021. While both instruments aimed to modernise and liberalise the sector, they arguably continue to prioritise multinational corporate interests, often to the detriment of environmental integrity and local community welfare. Nigeria’s regulatory framework has struggled to embed sustainability and accountability in practice. My analysis extends this critique, arguing that reforms remain largely superficial, failing to address deeper structural issues at the heart of the country’s FDI strategy. Unless Nigeria adopts a radically reoriented legal and institutional framework that embeds environmental accountability at its core, it will remain caught in a cycle of extractive dependency undermining both national development and ecological sustainability. International investment agreements further constrain regulatory autonomy, reinforcing investor protections at the expense of environmental standards. In response, this paper advocates a bold recalibration of Nigeria’s FDI policy, integrating enforceable Environmental, Social, and Governance (ESG) principles with stronger institutional capacity. Comparative models, such as Norway’s regulatory approach, demonstrate how economic growth can be reconciled with environmental justice, an imperative if Nigeria is to avoid perpetuating unsustainable patterns of resource exploitation.

Promoting and Prioritising Financial Inclusion in Southern Africa: A Contemporary Law and Economics Perspective

by | Dec 15, 2025 | JCCL, JCCL V10 I1

Promoting and Prioritising Financial Inclusion in Southern Africa: A Contemporary Law and Economics Perspective

Author: Sharon Munedzi-Qankase

ISSN: 2521-2575
Affiliations: North-West University
Source: Journal of Corporate and Commercial Law & Practice, Volume 10 Issue 1, 2024, p. 126 – 127
https://doi.org/10.47348/JCCL/V10/i1a6

 

Abstract

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