Money laundering laws and principles ofShari'ah: dancing to the same beat?

Siti Faridah Abdul Jabbar

Journal of Money Laundering Control, 2011, vol. 14, issue 3, 198-209

Abstract: Purpose - The purpose of this paper is to analyse the criminalisation of money laundering, corporate criminal liability for money laundering, equitable liability of professional intermediaries for money laundering and defence of disclosure from the perspective ofShari'ah. Design/methodology/approach - The approach is to interpret and analogise the injunctions in the primary sources ofShari'ah, namely theQur'anandSunnah. Findings - In Islam, money laundering can be classified as a criminal offence ofta'zir, corporations cannot be made criminally liable for money laundering, professional intermediaries can be made equitably liable for money laundering and defence of disclosure is acceptable. Practical implications - Money laundering laws can be adopted with some modifications by Muslim jurisdictions whereShari'ahis the principal source of law. Originality/value - The paper presents novel insights into the compatibility of money laundering laws with the principles ofShari'ah.

Keywords: Crimes; Finance; Islam; Money laundering (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:13685201111147513

DOI: 10.1108/13685201111147513

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