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The legal Quagmires in the Anti-Money Laundering And Anti-Terrorism Financing Act 2001 / Zaiton Hamin ... [et al.]

Money laundering is considered as a significant worldwide phenomenon, with grave economic, political and social ramifications. Widespread international concerns over such crime have led to the establishment of international policies and standards by the Financial Act...

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Main Authors: Hamin, Zaiton, Abdul Razak, Muhammad Umar, Wan Rosli, Wan Rosalili
Format: Conference or Workshop Item
Language:English
Published: 2014
Subjects:
Record keeping. Bank secrets. Including money laundering
Law enforcement
Online Access:https://ir.uitm.edu.my/id/eprint/51183/1/51183.pdf
https://ir.uitm.edu.my/id/eprint/51183/
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spelling my.uitm.ir.511832021-10-28T00:58:06Z https://ir.uitm.edu.my/id/eprint/51183/ The legal Quagmires in the Anti-Money Laundering And Anti-Terrorism Financing Act 2001 / Zaiton Hamin ... [et al.] Hamin, Zaiton Abdul Razak, Muhammad Umar Wan Rosli, Wan Rosalili Record keeping. Bank secrets. Including money laundering Law enforcement Money laundering is considered as a significant worldwide phenomenon, with grave economic, political and social ramifications. Widespread international concerns over such crime have led to the establishment of international policies and standards by the Financial Action Task Force (FATF) aimed at preventing it, and ultimately criminalizing it within the national boundary. In accordance with such policies, Malaysia introduced the Anti-Money Laundering Act in 2001(AMLA) as a legal modality in governing such crime. It was amended and renamed to AMLATFA in 2003 to include terrorism financing. However, of late concerns have been voiced relating to some of its instrumental flaws including the exclusion of certain offences from the predicate offence list and the comparatively low sanctions for money laundering. Such deficiencies would inevitably raise the question of the utility of AMLATFA in curbing money laundering and terrorism financing in the country. Within this uncertain legal landscape, this paper will highlight the conundrums surrounding the said legislation. The authors contend that despite the adherence to global governance standards, legal deficiencies in the AML/CFT regime in Malaysia remained, and that such a problem merit urgent attention and action from the relevant authorities. This paper employs a doctrinal legal research and secondary data of which the AMLATFA is the primary source. The secondary sources for this article include decided cases, articles in academic journals, books and online databases. 2014-09-10 Conference or Workshop Item PeerReviewed text en https://ir.uitm.edu.my/id/eprint/51183/1/51183.pdf ID51183 Hamin, Zaiton and Abdul Razak, Muhammad Umar and Wan Rosli, Wan Rosalili (2014) The legal Quagmires in the Anti-Money Laundering And Anti-Terrorism Financing Act 2001 / Zaiton Hamin ... [et al.]. In: “Harmonising Law and Social Norms” International Conference on Law, Policy and Social Justice (ICLAPS 2014), 10 - 11 September 2014, Park Royal Hotel. Penang.
institution Universiti Teknologi Mara
building Tun Abdul Razak Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Mara
content_source UiTM Institutional Repository
url_provider http://ir.uitm.edu.my/
language English
topic Record keeping. Bank secrets. Including money laundering
Law enforcement
spellingShingle Record keeping. Bank secrets. Including money laundering
Law enforcement
Hamin, Zaiton
Abdul Razak, Muhammad Umar
Wan Rosli, Wan Rosalili
The legal Quagmires in the Anti-Money Laundering And Anti-Terrorism Financing Act 2001 / Zaiton Hamin ... [et al.]
description Money laundering is considered as a significant worldwide phenomenon, with grave economic, political and social ramifications. Widespread international concerns over such crime have led to the establishment of international policies and standards by the Financial Action Task Force (FATF) aimed at preventing it, and ultimately criminalizing it within the national boundary. In accordance with such policies, Malaysia introduced the Anti-Money Laundering Act in 2001(AMLA) as a legal modality in governing such crime. It was amended and renamed to AMLATFA in 2003 to include terrorism financing. However, of late concerns have been voiced relating to some of its instrumental flaws including the exclusion of certain offences from the predicate offence list and the comparatively low sanctions for money laundering. Such deficiencies would inevitably raise the question of the utility of AMLATFA in curbing money laundering and terrorism financing in the country. Within this uncertain legal landscape, this paper will highlight the conundrums surrounding the said legislation. The authors contend that despite the adherence to global governance standards, legal deficiencies in the AML/CFT regime in Malaysia remained, and that such a problem merit urgent attention and action from the relevant authorities. This paper employs a doctrinal legal research and secondary data of which the AMLATFA is the primary source. The secondary sources for this article include decided cases, articles in academic journals, books and online databases.
format Conference or Workshop Item
author Hamin, Zaiton
Abdul Razak, Muhammad Umar
Wan Rosli, Wan Rosalili
author_facet Hamin, Zaiton
Abdul Razak, Muhammad Umar
Wan Rosli, Wan Rosalili
author_sort Hamin, Zaiton
title The legal Quagmires in the Anti-Money Laundering And Anti-Terrorism Financing Act 2001 / Zaiton Hamin ... [et al.]
title_short The legal Quagmires in the Anti-Money Laundering And Anti-Terrorism Financing Act 2001 / Zaiton Hamin ... [et al.]
title_full The legal Quagmires in the Anti-Money Laundering And Anti-Terrorism Financing Act 2001 / Zaiton Hamin ... [et al.]
title_fullStr The legal Quagmires in the Anti-Money Laundering And Anti-Terrorism Financing Act 2001 / Zaiton Hamin ... [et al.]
title_full_unstemmed The legal Quagmires in the Anti-Money Laundering And Anti-Terrorism Financing Act 2001 / Zaiton Hamin ... [et al.]
title_sort legal quagmires in the anti-money laundering and anti-terrorism financing act 2001 / zaiton hamin ... [et al.]
publishDate 2014
url https://ir.uitm.edu.my/id/eprint/51183/1/51183.pdf
https://ir.uitm.edu.my/id/eprint/51183/
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score 13.211869

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