BUSINESS LAW AND ETHICS
MR. AHMAD BADRULHISAM CHE KASIM
Ratna Marliza Mokhtar ZP00876
Ida Murni Muhammad ZP00866
Dwinta Marthasari ZP00892
Vishtash Azarnoosh ZP00811
Money laundering is not a new phenomenon. At its most fundamental level, the fight against money laundering is based on the recognition of its serious adverse implications on the economy and society at large, if left unchecked. Money laundering has a negative effect on economic growth as it diverts resources to unproductive activities and as it facilitates corruption and crime. Money laundering activities perpetuate crimes as they encourage the underlying criminal activity from which illicit proceeds are generated.
Section 3 of the Anti Money Laundering Act 2001 defines money laundering as:
“Any act which acquire, receives, possesses, disguises, transfers, converts, exchanges or removes from or brings into Malaysia proceeds of any unlawful activity”.
The Law Society defines Money Laundering as:
“The process by which the proceeds of crime, and the true ownership of those proceeds,
are changed so that the proceeds appear to come from a legitimate source.”
Other definitions are as follows:-
“An act of a person who engages directly or indirectly in a transaction that involves
proceeds of an unlawful activity”.
“Money laundering is the process of disguising illegally obtained money as legitimate
profits, which you can then use without attracting attention”.
“The process of taking the proceeds of criminal activity and making them to be appear legal”.
“A conduct or acts designed in whole or in part to conceal or disguise the nature,
location, source, ownership or control of money (can be currency or equivalents,
example: checks, electronic transfers, and others methods) to avoid a reporting
requirement relating to the transaction under the state or...