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Anti-money laundering laws: Enhancing the agility of the enforcement authority in Malaysia

A. Rahman, Aspalella (2012) Anti-money laundering laws: Enhancing the agility of the enforcement authority in Malaysia. In: Sixth National Human Resource Management Conference 2012, 05-06 December 2012, Holiday Inn, Melaka. (Unpublished)

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Money laundering may be defined as the process of cleaning 'dirty money' derived from criminal activities so that it appears to have originated from legitimate sources. It helps distance criminals from the proceeds of the underlying crimes so that they can enjoy their ill-gotten gains without fear of prosecution and confiscation. As such, money laundering not only encourages crime, but if left unchecked, it can also pose devastating political, social and economic consequences for any countries.The underlying rationale behind anti-money laundering (AML) laws is that if money laundering is criminalized and criminal proceeds are confiscated, crime will no longer pay and there will be less motivation for criminals to commit crimes.In fulfilling its international obligations and commitment in the war on money laundering, Malaysia passed Anti Money Laundering and Anti-Terrorism Financing Act (AMLATFA) in 2001. AMLATFA is implemented by multi-law enforcement authorities led by Bank Negara Malaysia. AMLATFA also provides more powerful and innovative measures which may facilitate the recovery of illegal proceeds from money laundering and any other serious crimes.This paper will focus on the provisions relating to the investigation of money laundering and measures for the freezing, seizure and forfeiture of criminal proceeds under AMLATFA. It is hoped that this piece of information will provide a better insight for the law enforcement official son some legal issues that have arisen in implementing the AML laws in Malaysia. Indeed, the AML laws should be allowed to operate effectively and efficiently to bring criminals to justice.

Item Type: Conference or Workshop Item (Paper)
Uncontrolled Keywords: Money Laundering, Law Enforcement Authority, Bank Negara Malaysia
Subjects: K Law > K Law (General)
Divisions: College of Law, Government and International Studies
Depositing User: Dr. Aspalella A. Rahman
Date Deposited: 23 May 2013 04:21
Last Modified: 23 May 2013 04:21
URI: http://repo.uum.edu.my/id/eprint/7981

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