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Money laundering laws and principles of Shari'ah: dancing to the same beat?

Siti Faridah Abdul Jabbar (School of Accounting, Faculty of Economics and Management, Universiti Kebangsaan Malaysia, Bangi, Malaysia)

Journal of Money Laundering Control

ISSN: 1368-5201

Article publication date: 19 July 2011

Abstract

Purpose

The purpose of this paper is to analyse the criminalisation of money laundering, corporate criminal liability for money laundering, equitable liability of professional intermediaries for money laundering and defence of disclosure from the perspective of Shari'ah.

Design/methodology/approach

The approach is to interpret and analogise the injunctions in the primary sources of Shari'ah, namely the Qur'an and Sunnah.

Findings

In Islam, money laundering can be classified as a criminal offence of ta'zir, corporations cannot be made criminally liable for money laundering, professional intermediaries can be made equitably liable for money laundering and defence of disclosure is acceptable.

Practical implications

Money laundering laws can be adopted with some modifications by Muslim jurisdictions where Shari'ah is the principal source of law.

Originality/value

The paper presents novel insights into the compatibility of money laundering laws with the principles of Shari'ah.

Keywords

Citation

Faridah Abdul Jabbar, S. (2011), "Money laundering laws and principles of Shari'ah: dancing to the same beat?", Journal of Money Laundering Control, Vol. 14 No. 3, pp. 198-209. https://doi.org/10.1108/13685201111147513

Publisher

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Emerald Group Publishing Limited

Copyright © 2011, Emerald Group Publishing Limited