Money Laundering and Terrorist Financing: Real Global Cases, Behavioural Theories and Internal Control Mechanism

Normah Omar (), Razana Juhaida Johari, Siti Suharti Bt Sukir and Jamaliah Said
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Normah Omar: Universiti Teknologi MARA
Razana Juhaida Johari: Universiti Teknologi MARA
Siti Suharti Bt Sukir: Universiti Teknologi MARA
Jamaliah Said: Universiti Teknologi MARA

Chapter Chapter 16 in A New Paradigm for International Business, 2015, pp 295-308 from Springer

Abstract: Abstract Money laundering is a process to make ‘dirty money’ appear to be clean. The money laundering activities affect not only the criminal justice systems, but they also have the capacity to destabilise financial institutions and financial systems. While illustrating the five real global cases which are involved in money laundering and terrorist financing, this paper also discusses the criminal behavioural causation theories as to reasonably analyse the behavioural aspect of the perpetrators. Notably, the main cause for the recent hike in money laundering and terrorist financing offences is due to leakages in internal control. Thus, a few possible weaknesses from the internal control mechanisms are highlighted as to give a clearer picture on this issue. Finally, this paper also includes some discussions on the proposed mitigation risk mechanisms as to improve effectiveness and good governance towards the implementation of policies and regulation on money laundering and to counter the terrorist financing.

Keywords: Criminal behavioural causation theories; Internal control; Mitigation risk mechanism; Good governance; Perpetrators (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_16

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DOI: 10.1007/978-981-287-499-3_16

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