Statutory obligations for banks to comply with the anti-money laundering legislation in Malaysia: lessons from the United Kingdom

Statutory obligations for banks to comply with the anti-money laundering legislation in Malaysia: lessons from the United Kingdom

As a result of the existence of the ‘Forty Recommendations’, all countries are expected to have anti-money laundering and anti-terrorism financing legislation and regulations. Because most national legislation came into being due to the existence of the Recommendations, the laws of all countries oug...

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Bibliographic Details
Main Author: Mohd. Yasin, Norhashimah
Format: Article
Language:English
Published: Palgrave Macmillan 2014
Subjects:
HG1501 Banking
Online Access:http://irep.iium.edu.my/42852/
http://irep.iium.edu.my/42852/
http://irep.iium.edu.my/42852/1/yasin2014.pdf
id iium-42852
recordtype eprints
spelling iium-428522018-06-11T01:35:40Z http://irep.iium.edu.my/42852/ Statutory obligations for banks to comply with the anti-money laundering legislation in Malaysia: lessons from the United Kingdom Mohd. Yasin, Norhashimah HG1501 Banking As a result of the existence of the ‘Forty Recommendations’, all countries are expected to have anti-money laundering and anti-terrorism financing legislation and regulations. Because most national legislation came into being due to the existence of the Recommendations, the laws of all countries ought to be in pari materia with each other. To illustrate this fact, this article will compare United Kingdom and Malaysia legislation and regulation and how they match each other. The focus is on banks because although money launderers use many methods to clean their dirty money, the banking system is still a popular way to launder money. The article will look at Part 4 of the Malaysian Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) and its UK equivalent. It can be seen that despite banks being subject to regulation for at least 20 years, banks in countries such as the United Kingdom are still being given huge fines for not having adequate anti-money laundering procedures. Palgrave Macmillan 2014-11-05 Article PeerReviewed application/pdf en http://irep.iium.edu.my/42852/1/yasin2014.pdf Mohd. Yasin, Norhashimah (2014) Statutory obligations for banks to comply with the anti-money laundering legislation in Malaysia: lessons from the United Kingdom. Journal of Banking Regulation. pp. 1-19. ISSN 1745-6452 doi:10.1057/jbr.2014.21
repository_type Digital Repository
institution_category Local University
institution International Islamic University Malaysia
building IIUM Repository
collection Online Access
language English
topic HG1501 Banking
spellingShingle HG1501 Banking
Mohd. Yasin, Norhashimah
Statutory obligations for banks to comply with the anti-money laundering legislation in Malaysia: lessons from the United Kingdom
description As a result of the existence of the ‘Forty Recommendations’, all countries are expected to have anti-money laundering and anti-terrorism financing legislation and regulations. Because most national legislation came into being due to the existence of the Recommendations, the laws of all countries ought to be in pari materia with each other. To illustrate this fact, this article will compare United Kingdom and Malaysia legislation and regulation and how they match each other. The focus is on banks because although money launderers use many methods to clean their dirty money, the banking system is still a popular way to launder money. The article will look at Part 4 of the Malaysian Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) and its UK equivalent. It can be seen that despite banks being subject to regulation for at least 20 years, banks in countries such as the United Kingdom are still being given huge fines for not having adequate anti-money laundering procedures.
format Article
author Mohd. Yasin, Norhashimah
author_facet Mohd. Yasin, Norhashimah
author_sort Mohd. Yasin, Norhashimah
title Statutory obligations for banks to comply with the anti-money laundering legislation in Malaysia: lessons from the United Kingdom
title_short Statutory obligations for banks to comply with the anti-money laundering legislation in Malaysia: lessons from the United Kingdom
title_full Statutory obligations for banks to comply with the anti-money laundering legislation in Malaysia: lessons from the United Kingdom
title_fullStr Statutory obligations for banks to comply with the anti-money laundering legislation in Malaysia: lessons from the United Kingdom
title_full_unstemmed Statutory obligations for banks to comply with the anti-money laundering legislation in Malaysia: lessons from the United Kingdom
title_sort statutory obligations for banks to comply with the anti-money laundering legislation in malaysia: lessons from the united kingdom
publisher Palgrave Macmillan
publishDate 2014
url http://irep.iium.edu.my/42852/
http://irep.iium.edu.my/42852/
http://irep.iium.edu.my/42852/1/yasin2014.pdf
first_indexed 2023-09-18T21:01:04Z
last_indexed 2023-09-18T21:01:04Z
_version_ 1777410626505670656

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