The effectiveness of the financial intelligence unit in Maldives in combating money laundering / Ahmed Jaleel … [et al.]

Jaleel, Ahmed and Syed Mustapha Nazri, Sharifah Nazatul Faiza and Zolkaflil, Salwa and Omar, Normah and Shafie, Nur Aima (2021) The effectiveness of the financial intelligence unit in Maldives in combating money laundering / Ahmed Jaleel … [et al.]. Asia-Pacific Management Accounting Journal (APMAJ), 16 (3): 27. pp. 409-435. ISSN 2550-1631

Abstract

Money laundering has become a vast global concern, and the rates are growing. Hence, there is a need for a good preventive and monitoring mechanism that monitors suspicious transactions at the source. In Maldives, a Financial Intelligence Unit (FIU) was introduced to gather, analyse, and provide financial intelligence report to law enforcement agencies to proceed with an investigation. The FIU plays a vital role in the Anti-Money Laundering (AML) Regime in successfully combat money laundering activities. Since the AML Regime in Maldives was established in 2014, there is a need to conduct a study to investigate the effectiveness of the FIU in combating money laundering in the Maldives. Based on questionnaires collected from 122 enforcement officers, findings show that reporting mechanisms significantly influence the effectiveness of the FIU. The legal framework and the role of the officer did not significantly influence the effectiveness of FIU. It shows that the competency of LEAs in combating money laundering in the Maldives is still low. Therefore, the government needs to enhance the awareness and competencies of enforcement officers in combating money laundering. Future research may conduct a comparative study to understand further the best reporting mechanism that can help enhance the effectiveness of law enforcement agencies.

Metadata

Item Type: Article
Creators:
Creators
Email / ID Num.
Jaleel, Ahmed
UNSPECIFIED
Syed Mustapha Nazri, Sharifah Nazatul Faiza
shari744@uitm.edu.my
Zolkaflil, Salwa
UNSPECIFIED
Omar, Normah
UNSPECIFIED
Shafie, Nur Aima
UNSPECIFIED
Subjects: H Social Sciences > HG Finance
H Social Sciences > HG Finance > Money
Divisions: Universiti Teknologi MARA, Shah Alam > Accounting Research Institute (ARI)
Journal or Publication Title: Asia-Pacific Management Accounting Journal (APMAJ)
UiTM Journal Collections: UiTM Journal > Asia-Pacific Management Accounting Journal (APMAJ)
ISSN: 2550-1631
Volume: 16
Number: 3
Page Range: pp. 409-435
Keywords: financial intelligence unit, money laundering, reporting mechanism
Date: December 2021
URI: https://ir.uitm.edu.my/id/eprint/56540
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