Mitigating Money Laundering: The Role of Designated Non-financial Businesses and Professions in Southeast Asian Countries

Normah Omar (), Razana Juhaida Johari, Muhammad Asri Mohamed Azam and NurulAini Othmanul Hakim
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Normah Omar: Universiti Teknologi MARA
Razana Juhaida Johari: Universiti Teknologi MARA
Muhammad Asri Mohamed Azam: Universiti Teknologi MARA
NurulAini Othmanul Hakim: Universiti Teknologi MARA

Chapter Chapter 15 in A New Paradigm for International Business, 2015, pp 285-294 from Springer

Abstract: Abstract Money laundering (ML) is a process to make “dirty money” appear to be clean. The Asia/Pacific Group on Money Laundering (APG) was established in Bangkok, Thailand, in 1997 through an initiative by the “Financial Action Task Force (FATF) Asia Secretariat” in 1995. Its primary objective was to obtain wide regional commitment to implement anti-money laundering (AML) policies and initiatives and secure agreement to establish a more permanent regional anti-money laundering body. The role of APG is to combat money laundering and the financing of terrorism in the Asia/Pacific region. This paper examines the compliance to FATF Recommendations into national legislation of ten Southeast Asian countries in relation to the role of professionals such as accountants, lawyers and company secretaries. These professionals are known as “designated non-financial businesses and professions” (DNFBPs). The paper suggests some recommendations that are considered vital in combating money laundering activity.

Keywords: Money laundering assessment; Financial Actions Task Force (FATF); Asia/Pacific Group on Money Laundering (APG) (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-981-287-499-3_15

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DOI: 10.1007/978-981-287-499-3_15

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