Anti-money laundering and its effectiveness / Huang Ching Choo ... [et al.]

Huang, Ching Choo and Amirrudin, Mira Susanti and Ahmad Noruddin, Nur Adura and Othman, Rohana (2014) Anti-money laundering and its effectiveness / Huang Ching Choo ... [et al.]. Malaysian Accounting Review, 13 (2). pp. 109-124. ISSN 1675-4077

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Abstract

Anti-money laundering (AML) broadly encompasses procedures, processes, laws, or regulations designed to curtail the practice of generating funds through illicit or criminal activities. Since 2001, Malaysian law enforcement agencies have stepped up their capacities and efforts to curb money laundering. However, implementation costs incurred on AML activities could be burdensome to the regulating, enforcement, and reporting agencies. Although these efforts are generally benefi cial, assessing their effectiveness before increasing the level of AML regulation is necessary. This paper reviews literature on various approaches used to estimate money laundering and assess the effectiveness of AML. Although different measures and models are used to estimate money laundering, no model to quantify money laundering is globally acceptable. The absence of an accurate measurement of costs incurred and the difficulty in linking benefits to AML efforts pose challenges in assessing the effectiveness of AML policy. Nevertheless, the use of both crime data and perceived data on cost and effectiveness serves as a step forward in the determination of the effectiveness of AML in Malaysia.

Item Type: Article
Creators:
CreatorsEmail
Huang, Ching ChooUNSPECIFIED
Amirrudin, Mira SusantiUNSPECIFIED
Ahmad Noruddin, Nur AduraUNSPECIFIED
Othman, RohanaUNSPECIFIED
Subjects: K Law > K Law in general. Comparative and uniform law. Jurisprudence > Record keeping. Bank secrets. Including money laundering > Malaysia
K Law > K Law in general. Comparative and uniform law. Jurisprudence > Law enforcement > Malaysia
Divisions: Accounting Research Institute (ARI)
Journal or Publication Title: Malaysian Accounting Review
ISSN: 1675-4077
Volume: 13
Number: 2
Page Range: pp. 109-124
Item ID: 12414
Last Modified: 30 Jun 2016 09:03
Depositing User: Staf Pendigitalan 1
URI: http://ir.uitm.edu.my/id/eprint/12414

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