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

In: A New Paradigm for International Business

Author

Listed:
  • Normah Omar

    (Universiti Teknologi MARA)

  • Razana Juhaida Johari

    (Universiti Teknologi MARA)

  • Siti Suharti Bt Sukir

    (Universiti Teknologi MARA)

  • Jamaliah Said

    (Universiti Teknologi MARA)

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.

Suggested Citation

  • Normah Omar & Razana Juhaida Johari & Siti Suharti Bt Sukir & Jamaliah Said, 2015. "Money Laundering and Terrorist Financing: Real Global Cases, Behavioural Theories and Internal Control Mechanism," Springer Proceedings in Business and Economics, in: Hadrian Geri Djajadikerta & Zhaoyong Zhang (ed.), A New Paradigm for International Business, edition 127, chapter 0, pages 295-308, Springer.
    • Handle: RePEc:spr:prbchp:978-981-287-499-3_16
    DOI: 10.1007/978-981-287-499-3_16
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