money laundering and corruption
,
what is money laundering
,
suspicious transaction means such transaction:
,
what are some of the challenges
,
why and how to combat money laundering
,
money laundering
,
money laundering process
,
mlpa-2012
,
incentives to launder
This is my presentation about what is money laundering crime and what is the role of financial institutions in the fight against it. I used it during my speech for a bunch of Business School Students (ISM).
money laundering and corruption
,
what is money laundering
,
suspicious transaction means such transaction:
,
what are some of the challenges
,
why and how to combat money laundering
,
money laundering
,
money laundering process
,
mlpa-2012
,
incentives to launder
This is my presentation about what is money laundering crime and what is the role of financial institutions in the fight against it. I used it during my speech for a bunch of Business School Students (ISM).
‘Musharakah’ is a word of Arabic origin which literally means sharing. In the context of business and trade it means a joint enterprise in which all the partners share the profit or loss of the joint venture. It is an ideal alternative for the interest-based financing with far reaching effects on both production and distribution. In the modern capitalist economy, interest is the sole instrument indiscriminately used in financing of every type. Since Islam has prohibited interest, this instrument cannot be used for
providing funds of any kind. Therefore, ‘Musharakah’ can play a vital role in an economy based on Islamic principles.
Shariah equity screening is a dynamic process to determine if investment in the equity of a listed company is permissible from a Shariah perspective. Shariah Equity screening is guided by a Shariah Equity Screening Criteria.
Trust transaction monitoring and aml for swift messagingKeith Furst
This presentation was given at the prestigious ONE Aldwych hotel in London on July 14th 2016. The presentation discusses the implications to finance as regulatory and compliance controls become increasingly strict. How confident can you be that you are doing enough to spot and prevent risky transactions and money laundering attempts? And could technologies like blockchain help to increase confidence in transactions?
In July's edition we're talking about Trust, Transaction Monitoring, and anti-money laundering (AML) for financial messaging specifically:
How secure are current transaction methods?
What are the key weaknesses which can be exploited?
What approaches can be used to identify anomalies in financial messaging traffic?
What are the risks to Compliance Officers and financial institutions?
Are there improvements which can be made transaction monitoring systems?
Can technologies like blockchain be used to increase trust and confidence in financial messaging?
Second Edition of the e-magazine for compliance professionals,it has one article and latest happenings around the world in regards to financial crime and compliance.
#KYC # AML #Knowyourcustomer #BeneficialOwnership #
The three major financial Scams that shook the economy of India and Financial sector,
- The Satyam saga
- The Sahara Scam
- Saradha chit fund embezzlement
This pdf briefly explains how the scams were unearthed and brought to light.
We're turning from cash but demande for notes has never been higherCashlessSociety
Last December, Atlas the Labrador was added to the Australian Federal Police force’s Canine Wall of Excellence, honoured for his service as the country’s first cash detection dog.
Atlas has sniffed out hundreds of thousands of dollars in his nine-year career, some hidden in stereo speakers or buried underground. And since he began work, Australian Customs and Queensland Police have followed the AFP’s lead, introducing canine squads focused on currency.
The dogs have their work cut out for them.
Volunteer work is always associated with free and unpaid employment and is never accounted for in the national data of Malaysia. This paper argues that voluntary work should be made visible by according it with economic value for it to be part of the national asset of the country. The empirical basis of this paper is reflected in a research survey conducted in 2003 on the tangible and intangible contributions of the public service retirees who belonged to the Professional and Managerial group within the Malaysian civil service. It is premised on the belief that providing a decent and livable monetary value to the retirees’ voluntary contribution in community development would usher in more retirees to come forward to engage in meaningful and productive work during the so-called transition period of their waking life.
‘Musharakah’ is a word of Arabic origin which literally means sharing. In the context of business and trade it means a joint enterprise in which all the partners share the profit or loss of the joint venture. It is an ideal alternative for the interest-based financing with far reaching effects on both production and distribution. In the modern capitalist economy, interest is the sole instrument indiscriminately used in financing of every type. Since Islam has prohibited interest, this instrument cannot be used for
providing funds of any kind. Therefore, ‘Musharakah’ can play a vital role in an economy based on Islamic principles.
Shariah equity screening is a dynamic process to determine if investment in the equity of a listed company is permissible from a Shariah perspective. Shariah Equity screening is guided by a Shariah Equity Screening Criteria.
Trust transaction monitoring and aml for swift messagingKeith Furst
This presentation was given at the prestigious ONE Aldwych hotel in London on July 14th 2016. The presentation discusses the implications to finance as regulatory and compliance controls become increasingly strict. How confident can you be that you are doing enough to spot and prevent risky transactions and money laundering attempts? And could technologies like blockchain help to increase confidence in transactions?
In July's edition we're talking about Trust, Transaction Monitoring, and anti-money laundering (AML) for financial messaging specifically:
How secure are current transaction methods?
What are the key weaknesses which can be exploited?
What approaches can be used to identify anomalies in financial messaging traffic?
What are the risks to Compliance Officers and financial institutions?
Are there improvements which can be made transaction monitoring systems?
Can technologies like blockchain be used to increase trust and confidence in financial messaging?
Second Edition of the e-magazine for compliance professionals,it has one article and latest happenings around the world in regards to financial crime and compliance.
#KYC # AML #Knowyourcustomer #BeneficialOwnership #
The three major financial Scams that shook the economy of India and Financial sector,
- The Satyam saga
- The Sahara Scam
- Saradha chit fund embezzlement
This pdf briefly explains how the scams were unearthed and brought to light.
We're turning from cash but demande for notes has never been higherCashlessSociety
Last December, Atlas the Labrador was added to the Australian Federal Police force’s Canine Wall of Excellence, honoured for his service as the country’s first cash detection dog.
Atlas has sniffed out hundreds of thousands of dollars in his nine-year career, some hidden in stereo speakers or buried underground. And since he began work, Australian Customs and Queensland Police have followed the AFP’s lead, introducing canine squads focused on currency.
The dogs have their work cut out for them.
Volunteer work is always associated with free and unpaid employment and is never accounted for in the national data of Malaysia. This paper argues that voluntary work should be made visible by according it with economic value for it to be part of the national asset of the country. The empirical basis of this paper is reflected in a research survey conducted in 2003 on the tangible and intangible contributions of the public service retirees who belonged to the Professional and Managerial group within the Malaysian civil service. It is premised on the belief that providing a decent and livable monetary value to the retirees’ voluntary contribution in community development would usher in more retirees to come forward to engage in meaningful and productive work during the so-called transition period of their waking life.
Tinjauan syariah terhadap transaksi muamalat asuransi kesehatan badan penyele...An Nisbah
Abstract: Insurance business can be distinguished on some reviews. It includes general insurances, life insurances and reinsurances (on the basis of its function). Based on its basic policy, It includes term life insurances, whole life insurances, two benefcial insurances, insurances of investment unit (unit linked). Based on its belongings, it includes national private-owned insurances, state-owned
insurances, foreign corporations-owned insurances, and multiplicity-owned insurances. Based on the nature of its implementation, it includes voluntary and compulsory insurances. Based on the business support activities, it includes insurance brokers, reinsurance brokers, insurance loss assessor, consulting
actuary, and insurance agents. Mean while, mechanisms of Takaful (shari’a insurances) include underwriting, insurance policies, premiums, management of premiums, claims and insurance coverage. The main obstacles to develop shari’a insurance are lack of socialization, limitation of human resources of Takaful’s expert; lack of Muslim support, weakness of government support.
Keywords: Insurance, Syari’ah, BPJS.
Tinjauan syariah tentang pembiayaan bermasalah di perbankan syariahAn Nisbah
Abstract: Islamic banking function as intermediaries from surplus units to units depisit, Islamic banks as well as the unit of funding (fundraising) also function in fnancing (fnancing). In the application of Islamic banking
operations face technical constraints associated with the sharing
system (Proft and Loss Sharing), therefore Islamic banking fnancial
intermediary, in this case the Islamic banks are not just trying to
maximize the expected utility of its shareholders, but also pay attention
to expected utility entrepreneurs and depositors. In Islamic banking
operations apply for the results as a measure of return in the economy.
Penentua technically specifed ratio is fxed at the beginning of the
transaction but the nominal value can not be known with certainty,
but see the income that will happen later. In determining the ratio
ratio known as 1) Revenue sharing system; 2) Groos Proft System;
and 3) Proft Sharing System. But with the objective conditions of our
economy now Revenue Sharing System.
Keywords: Islamic Banking, Proft Sharing Sytem Revenue sharing,
Groos Proft System
Perbandingan Metode Partial Least Square (PLS) dengan Regresi Komponen Utama ...Marnii amiru
Dalam mengatasi multikolinearitas pada suatu data, ada beberapa metode yang dapat digunakan, diantaranya yaitu metode Partial Least Square (PLS) dan metode regresi komponen utama (RKU). Data yang digunakan dalam penulisan ini adalah data sekunder yang diperoleh dari Tugas Akhir (Sam, 2015). Hasilnya menunjukkan bahwa metode regresi komponen utama lebih baik dari pada metode Partial Least Square (PLS) berdasarkan nilai koefisien determinasi (R2) yang tinggi.
Financial Technology (Fintech) is attracting great deal of attention from consumers, investors, banking and finance professionals, investment industry, asset managers, microfinance professionals and regulators across the globe. Islamic Fintech (combination of Islamic Finance and technology) can create a new economy, new market and new growth in the financial sector. It has enormous potential to reduce poverty through the application of state of the art technology and unique Islamic financial instruments and tools. The Certified Islamic Fintech Professional (CIFP) e-learning course provides students, researchers, and professionals with the advanced level of understanding about latest knowledge and competencies at the intersection of Islamic Finance and technology. The objectives of this study program are: to provide sound functional understanding of each area of Fintech, and gain the ability to implement it in a variety of fields and industries such as Islamic banking and finance, Islamic microfinance and Takaful. Finally, this course will explore and highlight the global potential of Fintech for Islamic financial industry and participants of this course will be able to gain benefits from this promising field.
Akuntansi Corporate Social Responsibility (CSR) Pada Bank SyariahAn Nisbah
Abstract: This journal describes how the Islamic banks reporting and exposing their corporate social responsibility to the community in general and shareholders in particular. As we know, that every company, especially companies tbk., Must set aside part of its profts to social activities, which is better known as Corporate Social resposibility (CSR). CSR is intended to demonstrate corporate responsibility to the communities in which they operate. This CSR activity should be reported by the company to the public and shareholders, in
the form of CSR report. However, in practice, there are still some companies that have not been compiled neatly the CSR report. Even in Islamic banks, only a few banks that have issued its CSR report. In this paper, the author will discuss how CSR report should be made, and disclosure.
Keywords: Bank Syariah, CSR, Responsibility Accounting
Penyelesaian kredit macet perbankan dalam pandangan islamAn Nisbah
Abstract: The existence of bank (Islamic and conventional) as an intermediary fnancial institution whose existence and operations are regulated by a set of rules and regulations often experiences the uncertainity in taking decisions related to bad loans caused by natural disasters. Like a coin, one hand there are the interests
of the owners of capital and the other side there is a sense of humanity to creditors. It is certain that the settlement efforts should involve the appropriate authorities and require a long time. The taken Decisions often differs from the real cases. It looks not giving the sense of justice for creditors.
Keywords: Bad Loans, Regulations, and Islam.
Pengaruh biaya periklanan dan personal selling terhadap penjualan deposito pa...An Nisbah
Abstract: The purpose of this research is to test infuence: (1) the expense of advertisement to improvement of deposit sale; (2) the expense of personal selling to improvement of deposit sale; (3) at the same time the expense of advertisement and the expense of personal selling to improvement of deposit sale. The research uses six sekunder data in the year 2011 up to 2013 in semester. The technique of data analysis uses the double analysis regresi with the program SPSS 21. The finding of the research was the expense of advertisement is not signifcant infuence to improvement of deposit sale and the expense of personal selling is signifcant infuence to improvement of deposite sale. At the same time the expense of advertisement and personal selling are
signifcant infuence to improvement of deposite sale.
Keywords: Expense, Advertisement, Personal Selling, Deposit
The Importance of Ultimate Beneficial Owner for Businesses.pptxmohakbariatric
The UBO plays a crucial role in the KYC process and is responsible for performing various assessments, such as determining the company's status and who owns the company. Additionally, organizations must collect, store, and file beneficial owner information with appropriate registers to comply with the laws. They must also monitor the transactions of UBOs and determine whether they are risky. When someone enters the information, it must be verified through a SWIFT KYC Registry if the UBO is an individual or a corporation.
Governments across the globe have been taking measures to increase the scrutiny of AML/CFT processes and controls, to fight Financial crimes. Individuals and firms are required to comply with minimum standards; failure to keep up with the changing requirements can lead to penalties and legal consequences.
Threads Of money Laundering. I am Introducing a very big Issue, a big problem of our Country. I have written many ways to be out of the situation. So guys If you have chosen this topic be careful and Hit like and Download my PPT.
Money Laundering The Juxtaposition of Laws for Comparative Analysisijtsrd
Money laundering is a problem that has become increasingly pervasive in recent times and a major concern for governments around the world. It is a process of concealing the proceeds of illegal activities as legitimate income. It is a serious crime that has implications for national security, economic stability, and financial integrity. Money laundering is a global problem, and countries have developed various legal frameworks to prevent, detect, and prosecute it. This research journal will provide a comparative analysis of money laundering laws in the United States, Saudi Arabia, and India. Further, this paper will also examine whether India needs to make changes to its money laundering laws. Siddesh Dasari "Money Laundering: The Juxtaposition of Laws for Comparative Analysis" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-3 , June 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd56291.pdf Paper URL: https://www.ijtsrd.com.com/humanities-and-the-arts/other/56291/money-laundering-the-juxtaposition-of-laws-for-comparative-analysis/siddesh-dasari
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Here are some common scenarios in which courts might lift the corporate veil:
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Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
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1. LAW OF BANKING & FINANCIAL INSTITUTIONS
JOURNAL REVIEW
Title of Journal:
Review of Bala Shanmugam and Haemala Thanasegaran, JournaL
“Combating Money Laundering in Malaysia”
Bala Shanmugam and Haemala Thanasegaran (2008), “Combating Money Laundering in
Malaysia”, journal of Money Laundering Control, Vol. 11 Iss 4 pp.331-344
I hereby confirm that the work contained in this assignment is solely our own, except for reliance on
material that is identified and cited according to accepted academic practice.
Marti Sigi
2. SUMMARY
This is a summary of the journal reviewed is titled “Combating Money Laundering in
Malaysia”, journal of Money Laundering Control, Vol. 11 Iss 4 pp.331-344, published in
linking research and practice, Emerald Insight. The author named, Bala Shanmugam and
Haemala Thanasegaran.
In this journal, Bala’s, and Haemala’s aiming to highlight the significance of opposing the
exposed dangers through money laundering activities. The journal stated that, it is
important to present guideline towards battling at risk of terrorism financing and criminal
elements. Bala’s, and Haemala’s also list out the related law which connects to the matter of
tackling the threat of money laundering. One of the most proactive law that has been
attempted is the implementation of Anti-Money Laundering (AML) Act 2001, which
previously an enactment.
Bala’s, and Haemala’s conduct this research by reviewing the real case in onshore and
offshore financial services centre and first-hand resource from BNM regardings to collecting
data of reporting institution under AMLA.
In this Journal, Bala’s, and Haemala’s actual concern about the technique of Malaysian to
encounter with such money laundering activities. Later aspect will be emphasised about the
initiative, but first, Bala’s, and Haemala’s wants the reader to know how money laundering
routine are and to reach the reader's mind about the purpose of an outcome for combating.
Intentionally, it asserts on to the development and ensure the proper implementation law
taken to perceive good deed of protection. To consolidate it, Malaysian banking play role to
make sure AMLA Law implemented at the very first place and so have the title for a positive
business entity through world-wide. Thus, in my opinion, this journal is making way of
important entity such as BNM to think the other side, as to attract and to build trust from
another country for the sake of economic contribution. Apart from that, Manageable or
decreasing number of money laundering could improve Malaysia in income or KDNK. We
need to bear in mind that, gambling activity brings zero benefit to the country as well as
personal ourselves. The term ‘money laundering’ in Islamic called ‘Riba’. Then, it relates to
self-satisfaction later when a person caught on realization of legal and feeling or sinner to
God.
Still with its significance, the significance of the journal are more emphasised on its role to
diminish money laundering activity in Malaysia by looking at quite a number of terrorism and
financial reporting with its bad effect. Bala’s, and Haemala’s bring about the September
11,2001 tragedy (9/11) which gives a clear effect of money laundering activities. Along with
that, at some point USA itself was utilizing a delicate enforcement of anti-money laundering
(AML). Bala’s, and Haemala’s also stressed out the “who started money laundering?” along
with specified answer of US Mafia. An innocence money look falls under an essential
technique as such disguising the trail leading of the money. In Malaysia, money laundering
3. mostly happen with structured transaction. A method with frequent deposit in countless
branches of one financial institution. Other than that, currency exchange, postal order and
buying share take place as another popular money laundering activities which almost
transparent. The Internet, according to author placed at the very possibility with such
illegitimate activities. Well-known as “cyber payment”, the availability to perforated to
international border is high with specialities of instant and anonymous. The success of those
methods at most depending to its speed and anonymity via internet. To resemble its
significant, here are some of institution provide in Malaysia which stated in Bala’s, and
Haemala’s journal, consists of. Malaysian fledging Islamic finance sector subject to the very
same strict supervision towards financial crime such as riba and gharar. FTZ however,
exposes to money laundering resulting from lenient tax and custom treat relative.
Meanwhile, International cooperation performs an agreement to sign a joint declaration to
encounter the absence of criminal terrorist financing.
The big part of Bala’s, and Haemala’s journal is about the regulation and law enforcement to
combat the money laundering activities. There were plenty of measurement that Bala’s, and
Haemala’s has discussed in this journal. The First and utmost is the national coordination
committee (NCC). NCC is the secretariat that will represent internationally meeting for yearly
coordination of initiative regarding counterattacking terrorism financing. Second
measurement which highly influences the government proper curbing is the anti-money
laundering act 2001 (AMLA). There were cited that, section 44 & section 45 of the AMLA
states that, AMLA has the right to freeze and seize property with sound of gains obtained by
way of money laundering activities. AMLA announced to be an official law to consolidate its
role in restricting the illegal activities. If there were suspicious transaction detected, it is “a
MUST” to report it to AMLA and thereafter to Bank Negara Malaysia (BNM). This matter has
been approved and seen as a under law provision. Thirdly is the financial intelligence unit
(FIU). This agency is the one who connects with foreign agencies in term of receiving,
analysing and sharing information & financial intelligence. Thus, this agency plays a role to
supervise offshore banking especially in relate to money laundering. Fourth and fifth are a
department which also important consist of the custom department and the police force.
Customs department is a judicial system follow ALMA, focus on several companies that
believe involved smuggling. While police force entitled to tract the committees as individual
especially. Next is, the Malaysian bar council (MBC). This is another effort to combat money
laundering, which elaborate the lawyer. The bar council follows the amendments of the
AMLA. It is ‘mandatory’ for lawyer of one company to report any suspicious transaction.
Failure to act as mandatory will be penalize of not exceed RM100, 000 or imprisonment or
both. Apart from that, MBC will be helping the lawyer to be able to understand any new
reporting procedure. Non-governmental organization (NGOs) not scattered about by playing
a role to against money laundering. Registration of the company is a “mandate” and to
submit an annual report. AMLA about to expand its scope in reporting charity contribution to
avert charitable giving. This is because, the Malaysian tax law allows deduction of total tax
liability. This could lead to any suspicions of, money laundering if such charity abuse occurs.
The securities commission (SC) conducts under the Securities Industry Act (SIA). It much
relates to the Board of director (BOD) of one companyAs such CEO’s are engaged with
section 130 company act 1965 which stated that any kind of fraudulent including mislead
money using are convicted to imprison of maximum 5 years. SC also not hesitate to remove
or band director of the office under seek of the court order (relates to section 99C (3) of SIA
for non-compliance with exchange rules. SIA enroll under the amendments of act 2004.
Money Changing Act 1998 is one of the acts that being used under foreign exchange issues
It is restricted in control of money cash flow. The procedure then activated which a
statement of the country, not permitted for transmitting money. The procedure involves
4. reporting to the police and registration of the customer identification and transaction record.
Lastly, the journal mentions The International Centre (IOFC). In Malaysia, it's called Labuan
Offshore Financial Service Authority (LOFSA). It is under BNM supervision to make sure an
integrity of an offshore financial institution falls under AMLA framework. Offshore companies
must establish under trust company where the beneficial owner needs to submit a
transaction report as required in AMLA law. LOFSA work close to large enforcement agencies
to certify an effectiveness and initiative to combat money laundering. And therefore,
Malaysia prohibit offshore casino and Internet gaming site.
Bala’s, and Haemala’s journal also point out the KPMG survey conducted in 2004 to
improvise and maintain its aim to eliminate money laundering. KPMG is one of a consulting
firm. The argumentation begins to emerge when the authority of the policymaker and law
enforcement happen to be so effective in avoiding from financial criminal. There is no doubt.
The KPMG result of survey brings extremely positive as many financial service institutions
have met the requirement of AMLA law since previously as they begin to realize the
importance on fighting the money laundering while afraid of experiencing loss from terrorist
of financial. As a result, Malaysian banking shall increase its monitoring service. Likewise,
the system are all upgraded which require the implementation of sophisticated IT system.
Thus, the training being conducted of the staff to have a major experience person in
handling such system. It was revealed that continues survey like what KPMG has done could
affect a continues improvement and enhancement towards effective regulatory and
supervisory framework. Most importantly, to bar terrorism of financial.
The key suggestion of the journal appoint by Bala’s, and Haemala’s is throughout Malaysian
institute of accountant (MIA). The need in exchange information between MIA, AMLA and
CFT will enhance the arrangement of the proper regulation. First to be lookup is the need to
close the chance for financial terrorist operation. By the Exchange Control Act 1953 by
United Nation Security Council Resolution and Controller of foreign Exchange stated that,
any funds that source belong to Osama bin Laden will be frozen immediately. LOFSA is
making its way to issue this regulation. Second is to consent Anti-terrorist laws. It falls
under The panel (1), AMLA 2001, Subordinate Courts Act 1948, Court of judicature Act 1964
and The Criminal Procedure Code. These were the domestic legislation to incorporate with
domestic law while need an amendment. The mechanism to detect and prevent a suspicious
activity through major criminal procedure. The implication include, forfeit an asset and
prosecution of individual who convicted support surveillance of terrorist suspects. Thirdly,
the suggestion, stick with the reporting suspicion transaction. Section 14 (b) AMLA set a
statutory obligation to report compulsory. In order to support the reporting matters, any
financial and non-financial institution need to pay very attention to the client identity for
ongoing monitoring of transactions. Any mismatch arises suspicion. Bala’s, and Haemala’s
makes a relation of ‘due diligence’ as the best practice approach the AMLA on “Know your
Customer” (KYC) policy. While, Malaysia’s bank privacy laws prevent general admission on
financial information. Lastly, the suggestion to combat money laundering through training
initiative. It usually, involve the required skill and proficiency. Continual training making it
even more important.
The final point of Bala’s, and Haemala’s is a little more serious which stressing to call all
financial and non-financial institution to examine and develop stage of financial regulation by
using a consultative approach for BNM’s to minimize potential attack of financial fraudulent.
5. In closing, this journal reveals that, Malaysian is in a middle of conducting an aggressive and
progressive in constructing a wide-ranging AMLA regime. Malaysia is not a centre of money
laundering, however defenceless to abuse of the criminal element of financial. The
establishment of Law from NCC, AMLA, FIU, LOFSA and a lot more as mention above shows
a massive supervision framework at the purpose of combating money laundering. All
guidelines are intended to identify unusual activities. Malaysian has been commended for its
rigorous of efforts in reducing money laundering internationally. This has encouraged
Malaysia to be more professional as a society and responsible as the entity who work
directly with the institution. Not to forget the “fit and proper test” for all management to be
concerned on beneficial owner. There would be a confidential auditing and examination
require for any financial centre to prevent the mismanagement. Practice, by-law and
inspection should be reinforced. Ratification on the conventional order as such Malaysian
Parliament applied to be enacted on terrorist financing legislation. Malaysia continue making
a constant effort in order to overcome money laundering and terrorist financing within its
boundaries.
OPINON
Based on the journal, it came out with a success carry out of needed key point. Money
laundering being explained very details with its implication. The trend applied in Malaysia in
order to encounter Money laundering also sufficient. The utmost priority is the regulation
and law enforcement that has been emphasised is understandable. There were much
enough of a listed section of the act to be aware of. The terrorism awareness and financial
reporting method that's been stressed for combating money laundering in Malaysia gives
unveil as criminal.
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