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The Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Thematic Review of Banking & Insurance sectors conducted by Bank Negara Malaysia (BNM) in 2013 indicated that oversight functions are still inadequate in the areas of compliance, internal audit, board of directors and senior management. The oversight functions refer to the AML/CFT compliance programme, which financial institutions, including Islamic banks, are obliged to execute as a part of mitigating activities against money laundering and terrorist financing. The main purpose of this chapter is to analyse whether there is any improvement in the oversight functions at the Islamic banks in Malaysia since the release of the thematic review report by BNM on 17 September 2014. This research is important as penalty for non-compliance under Section 22 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA) is severe. Section 22 of AMLATFPUAA entails personal responsibility on the compliance officer of an Islamic bank and not the reporting institution as a whole. Qualitative research method via interview is employed to gauge the extent of Islamic banks’ adherence to AML/CFT compliance programme. This chapter is significant as it provides Islamic banks and future researchers with the details of the compliance study as well as the current status of AML/CFT compliance programme within the Islamic banks in Malaysia.

The global Islamic financial landscape is changing with rapid advances in technology. The increasingly tech-savvy demography is presenting both opportunities and challenges to the industry. With the advances in e-finance and mobile technologies, financial technology (Fintech) innovations emerged by combining the e-finance, Internet, social networking services, social media, artificial intelligence (AI) and big data analytics. Fintech promises to reshape the Islamic financial landscape by improving processes’ efficiencies, cost-effectiveness, increased distribution, Sharīʿah compliance and financial inclusion. As far as the Islamic fund management industry is concerned, AI seems to be the keyword. Islamic fund managers have recently started to incorporate AI and big data analytics into their strategy in the process of making accurate decisions based on facts and figures, which eliminates any biases and personal intuition. This disruption in status quo is raising new issues, new concerns and new exciting opportunities. While disruption may carry negative connotations, the industry players have been embracing the innovation and potential revolution the technology could offer. Thus, the objective of this chapter is to discuss legal aspects of Fintech and its impact on the Islamic fund management industry in Malaysia. This chapter introduces a historical overview of Fintech and its evolution in the Islamic fund management industry. This chapter further provides an overview of the legal and regulatory aspects of Fintech with regards to the industry. Finally, legal issues and challenges are identified and discussed. Being a legal research, this chapter adopts a qualitative method by analysing the relevant literatures on the subject. This chapter is expected to provide an insight into the application of Fintech and its impact on the Islamic fund management industry in Malaysia.

Purpose: This study aims to employ bibliometric analysis to condense multiple studies into a single publication that not only gives insights into the growth and advancement of the research area but also establishes a future research agenda. This study provides a summary of advances in academic research on money laundering. The research includes bibliometric analysis and visualisation of bibliographic data using the Scopus database. The results of the study show that there has been a significant increase in the number of publications in the field of money laundering research, with topics focussed on specific areas. This study will also benchmark existing and preliminary themes, designs, and methodological choices for future money laundering research.

Methodology: With the help of the ‘visualisation of similarities’ (VOS) viewer open-source software, bibliometric analysis was performed using Scopus data. Citation analysis, topic mapping, country collaboration, co-citation analysis, and keyword co-occurrence analysis are some of the approaches used in bibliometric analysis.

Findings: Based on a bibliometric analysis of 1,391 research papers retrieved from the Scopus database over the past three decades (1990–2021), the study identified the most prominent authors, studies, journals, affiliations, and countries in the field of money laundering, as well as the most co-cited authors and journals. The writers also highlight future study issues in the field of money laundering.

Practical implications: The study’s findings might provide academics and practitioners with information on the present state of money laundering research and trend subjects. It can also be used as a guideline for identifying possible research gaps in the existing literature.

Guided by Ericson’s counter-law analytic, the focus of this paper is how peace bonds erode traditional criminal law principles to govern uncertainty and provide applicants with a “freedom from fear” (Ericson, 2007a). Peace bonds permit the courts to impose a recognizance on anyone likely to cause harm or “personal injury” to a complainant. This paper conducts a critical discourse analysis to answer the question: how and to what extent are peace bonds a form of counter-law? Facilitated by the erosion of traditional criminal law principles and rationalized under a precautionary logic, proving that a complainant is fearful through a peace bond can result in the expansion of the state’s capacity to criminalize and conduct surveillance.

In our chapter we describe the analysis of categorisations as an important part of narrative criminology. Categorisations of people (as offenders, victims, witnesses, etc.) are a central component of the communicative construction and processing of crime. Categories are associated with assumptions about actions and personal characteristics. Therefore, categorisations play a prominent role in the question of whether and how someone should be dealt with or punished. Narratives essentially consist of categorisations as well as the representation of a temporal course of interactions and actions. Analysing categorisations can therefore provide decisive insights for narrative criminology. With the research method of ‘Membership Categorisation Analysis’, categorisations can be reconstructed in detail. We describe this potential by reconstructing how the defendant ‘Dave’ categorised himself in the context of his main trial and how he was categorised by others in order to justify a judgement against him. Our analysis shows that categorisations, which are socially impactful and often controversial, must be established by particular narrative manoeuvres.

This chapter examines the impact of changes in foreign exchange legislation on the levels of R&D undertaken by pharmaceutical firms in India. Foreign exchange legislation in India was codified as the FERA, passed in 1973, and the legislation was based on the mens rea principle, assuming criminal intent on the part of transgressor. The provisions of FERA were replaced with those of new legislation, called FEMA, in 1999. The impacts of the changes have been examined.

The examination has been based on panel data of Indian pharmaceutical firms over a period of fifteen years, from 1991–1992 to 2005–2006.

The results of the analysis have shown that, controlling for a variety of other factors, a transition from FERA to FEMA has been associated with a significant rise in pharmaceutical firms’ average levels of R&D undertaken.

The research establishes that institutional changes have significantly impacted innovation performance in India. The sector examined, pharmaceuticals, is important for the Indian economy as well as for general welfare, since its products help enhance the quality of lives. How innovation can be enhanced in this sector is an important policy consideration.

The research is the first to examine the impact of changing the laws relating to foreign exchange transactions in India on capability building, via undertaking research activities, in an important sector of Indian industry.

Purpose: A cyber insurance policy’s purpose is to help in the recovering of a person or corporation following a cyber breach and to compensate for civil suit expenses stemming from first- and third-party responsibility claims.

Methodology: The usage of cybersecurity spending has forecast a variety of security categories using F&S projection methodology. Each of these is suited to the end-user organisations of in-scope security mechanisms, as well as the particular market circumstances. Critical national infrastructure (CNI), immigration control, big events, first responding, executive branch, infrastructure, and transportation security are among the worldwide forecast categories. This segmentation is further subdivided into 16 subsegments, each with its own security forecasting system. F&S protection marketplaces are anticipated using a bottom-up technique for each nation, which adds up to worldwide market penetration. This covers 177 nations spread throughout seven zones.

Findings: The cybersecurity insurer industry was valued at USD 7.36 billion in 2020 and is predicted to be worth USD 27.83 billion by 2026, growing at a compound annual growth rate (CAGR) of 24.30% during the forecast time frame (2021–2026). The expanding use of digitalisation innovations such as the cloud, big data, mobile computing, internet of things (IoT), and artificial intelligence (AI) across more lines of employment and society, as well as improved connectivity, have enhanced the burden of already overburdened information technology (IT) staff.

Practical implications: Accepted the innovative Insurance Data Security Model Law (#668), which necessitates insurance providers and other agencies registered by government insurance agencies to advance, integrate, and establish an information security management system; start investigating any cybersecurity events; and advise the private insurance superintendent of such happenings. Too far, the approach has been embraced by governorates.