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

In: A New Paradigm for International Business

Author

Listed:
  • Normah Omar

    (Universiti Teknologi MARA)

  • Razana Juhaida Johari

    (Universiti Teknologi MARA)

  • Muhammad Asri Mohamed Azam

    (Universiti Teknologi MARA)

  • NurulAini Othmanul Hakim

    (Universiti Teknologi MARA)

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.

Suggested Citation

  • Normah Omar & Razana Juhaida Johari & Muhammad Asri Mohamed Azam & NurulAini Othmanul Hakim, 2015. "Mitigating Money Laundering: The Role of Designated Non-financial Businesses and Professions in Southeast Asian Countries," Springer Proceedings in Business and Economics, in: Hadrian Geri Djajadikerta & Zhaoyong Zhang (ed.), A New Paradigm for International Business, edition 127, chapter 0, pages 285-294, Springer.
    • Handle: RePEc:spr:prbchp:978-981-287-499-3_15
    DOI: 10.1007/978-981-287-499-3_15
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