Islamic financial institutions: conduits for money laundering?

Siti Faridah Abdul Jabbar

Journal of Money Laundering Control, 2020, vol. 23, issue 2, 285-295

Abstract: Purpose - The purpose of this paper is to discuss various situations in the Islamic financial services industry that are asserted to facilitate money laundering and the counter-arguments to the assertions. Design/methodology/approach - The approach adopted by this paper is a review of literature and of several practices of Islamic financial institutions in a number of countries. Findings - There is no evidence to support the contentions that Islamic financial institutions facilitate money laundering. Further, Islamic financial institutions are not any more susceptible to money laundering than conventional financial institutions are. Originality/value - This paper demonstrates that Islamic financial institutions are not conduits for money laundering.

Keywords: Finance; Money laundering; Islam; Crimes (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-09-2019-0074

DOI: 10.1108/JMLC-09-2019-0074

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