Money laundering in Malaysia

Bala Shanmugam, Mahendhiran Nair, R Suganthi

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    13 Citations (Scopus)

    Abstract

    Highlights the growth of money laundering in Malaysia and the efforts of the Malaysian government to curb it, including the Anti‐Money Laundering Act 2001; Malaysia was named by the US Pentagon as one of the countries through which terrorist funds pass to become legitimate, and the country includes the Labuan International Offshore Financial Center, which is likely to be a target for money laundering. Outlines the Act’s provisions and the involvement of Malaysia in the Asia Pacific Group of Money Laundering since May 2000. Suggests improvements in the system: improved international cooperation, proper mechanisms for handling suspicious reports, implementing a compliance culture among financial institutions, strict application of bank‐licensing procedures, plus training and new technology investment.

    Original languageEnglish
    Pages (from-to)373-378
    Number of pages6
    JournalJournal of Money Laundering Control
    Volume6
    Issue number4
    DOIs
    Publication statusPublished - 1 Oct 2003

    Keywords

    • Criminal law
    • Malaysia
    • Money laundering

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