Statutory obligations for banks to comply with the anti-money laundering legislation in Malaysia: Lessons from the United Kingdom
Norhashimah Mohd Yasin
Journal of Banking Regulation, 2015, vol. 16, issue 4, 326-344
As a result of the existence of the ‘Forty Recommendations’, all countries are expected to have anti-money laundering and anti-terrorism financing legislation and regulations. Because most national legislation came into being due to the existence of the Recommendations, the laws of all countries ought to be in pari materia with each other. To illustrate this fact, this article will compare United Kingdom and Malaysia legislation and regulation and how they match each other. The focus is on banks because although money launderers use many methods to clean their dirty money, the banking system is still a popular way to launder money. The article will look at Part 4 of the Malaysian Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) and its UK equivalent. It can be seen that despite banks being subject to regulation for at least 20 years, banks in countries such as the United Kingdom are still being given huge fines for not having adequate anti-money laundering procedures.
References: Add references at CitEc
Citations Track citations by RSS feed
Downloads: (external link)
http://www.palgrave-journals.com/jbr/journal/v16/n4/pdf/jbr201421a.pdf Link to full text PDF (application/pdf)
http://www.palgrave-journals.com/jbr/journal/v16/n4/full/jbr201421a.html Link to full text HTML (text/html)
Access to full text is restricted to subscribers.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:pal:jbkreg:v:16:y:2015:i:4:p:326-344
Ordering information: This journal article can be ordered from
Access Statistics for this article
Journal of Banking Regulation is currently edited by Dalvinder Singh
More articles in Journal of Banking Regulation from Palgrave Macmillan
Series data maintained by Sonal Shukla ().