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1 – 5 of 5Saslina Kamaruddin and Zaiton Hamin
The purpose of this paper is to provide some empirical findings on the predicaments of lawyers’ anti-money laundering (AML) compliance in Malaysia and the rationales for such…
Abstract
Purpose
The purpose of this paper is to provide some empirical findings on the predicaments of lawyers’ anti-money laundering (AML) compliance in Malaysia and the rationales for such predicaments.
Design/methodology/approach
This paper adopts a qualitative research in which the primary data are obtained from seven case studies involving legal firms within the Klang Valley, Selangor, Malaysia, which is triangulated with the data from the Central Bank and the Malaysian Bar Council.
Findings
The authors contend that despite the vulnerability of their profession to money laundering, the level of awareness of the AML obligations amongst Malaysian legal practitioners is rather minimal. Also, the imposition of obligations upon them in policing their clients and regulating money laundering is not only onerous but also contrary to the ethics of their profession.
Originality/value
This paper fills the gap in providing the empirical evidence on lawyers’ compliance to their statutory AML obligations in Malaysia. Also, this paper could be a useful source of information for practitioners, academicians and students. It could also be a beneficial guide for policymakers for any possible future amendments to the law.
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Zaiton Hamin, Normah Omar and Muhammad Muaz Abdul Hakim
The purpose of this paper is to examine the broad concept of forfeiture, its legal positions in the UK and Malaysia, and to highlight the implications of such forfeiture systems…
Abstract
Purpose
The purpose of this paper is to examine the broad concept of forfeiture, its legal positions in the UK and Malaysia, and to highlight the implications of such forfeiture systems and legislations.
Design/methodology/approach
This paper uses a doctrinal legal analysis and secondary data, which analyses primary sources, the POCA (2002) and the AMLATFA 2001, and secondary sources including case law, articles in academic journals, books and online databases.
Findings
The authors contend that the civil forfeiture system and law have far-reaching implications, affecting not only law enforcement agencies, but also on property owners, the courts and bona fide third parties. Also, civil forfeiture law as contained in AMLATFA 2001 represents one of the most serious encroachments on private property rights. Not only that, such a legal rule has made property, and not the owner, guilty until proven innocent.
Originality/value
This paper could be a useful source of information for practitioners, academicians and students. It could also be a beneficial guide for policymakers for any possible future amendments to the law.
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Keywords
The aim of this paper is to examine some of the recent changes to the old anti-money laundering and anti-terrorism financing law, which is now known as the Anti-Money Laundering…
Abstract
Purpose
The aim of this paper is to examine some of the recent changes to the old anti-money laundering and anti-terrorism financing law, which is now known as the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. The paper will highlight the newly consolidated money laundering offences and the newly created offences including structuring of transactions or “smurfing”. Also, the transgression of cross-border movement of cash and negotiable instruments and tipping off about a money laundering disclosure will be assessed.
Design/methodology/approach
The paper uses a doctrinal legal research and secondary data, with the new AML/CFT legislation as the primary source. For comparative analysis, legislations in the UK, Australia and New Zealand are also examined. Secondary sources include case law, articles in academic journals, books and online databases.
Findings
The review of the AML/CFT law is timely and indicates the Malaysian government’s efforts to adhere to international standards set by the financial action task force. However, it is imperative that the Malaysian government addresses the remaining instrumental and normative deficiencies in the AML/CFT law to ensure that the recent legal changes are sufficiently comprehensive to prevent and regulate money laundering and terrorist financing within Malaysia.
Originality/value
This paper is a useful source of information for legal practitioners, academicians, law enforcement, policymakers, legislators, researchers and students.
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Zaiton Hamin, Rohana Othman, Normah Omar and Hayyum Suleikha Selamat
The purpose of this paper is to conceptualize the concept of terrorism, terrorism financing, the relationship between money laundering and terrorism financing and the governance…
Abstract
Purpose
The purpose of this paper is to conceptualize the concept of terrorism, terrorism financing, the relationship between money laundering and terrorism financing and the governance of terrorism financing.
Design/methodology/approach
This paper adopts a doctrinal, content analysis and secondary data, of which the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 and the Penal Code are the primary sources. The secondary sources for this paper include articles in academic journals, books and online databases.
Findings
Several methods are involved in the commission of terrorism financing such as raising, moving and using of funds. The activities relating to terrorism financing under the Penal Code are broader than such activities. Despite the adherence by Malaysia to international policies established by the Financial Action Task Force, terrorism financing has remained a threat that must be addressed by the relevant authorities.
Practical implications
This paper could be a useful source of information for the practitioners, academicians, policymakers and students studying this particular area of crime.
Originality/value
This paper contributes to a discourse on terrorism financing in the Malaysian context.
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Zaiton Hamin, Wan Rosalili Wan Rosli, Normah Omar and Awang Armadajaya Pengiran Awang Mahmud
The purpose of this paper is to examine the way in which the courts in the UK have interpreted the meaning of criminal property in the principal money laundering offenses under…
Abstract
Purpose
The purpose of this paper is to examine the way in which the courts in the UK have interpreted the meaning of criminal property in the principal money laundering offenses under the Proceeds of Crime Act 2002 (POCA).
Design/methodology/approach
This paper employs a doctrinal legal analysis and secondary data, which analyze the primary source, which is POCA itself, and secondary sources including case law, articles in academic journals, books and online databases.
Findings
The authors contend that the courts in the UK have been dynamically interpreting the ambit of money laundering offenses in POCA and that despite such judicial activism in the construction of criminal property, it has provided a much needed certainty to the law.
Originality/value
This paper could be a useful source of information for the practitioners, academicians, policymakers and students in this particular area of crime.
Details