Wednesday, June 13, 2012
Understanding AMLATFA 2001
Today, post graduate students of AFC 713 (a course on money laundering and financial criminology) who are undertaking the Master in Forensic Accounting and Financial Criminology presented their case studies involving money laundering offences. Selected cases presented by the groups today included those that have been committed in countries such as Canada, United States of America, Australia, Malaysia and Columbia. In Malaysia, the jurisdiction covering money laundering offences is covered by the Anti Money Laundering and Anti Terrorism Financing Act (AMLATFA) 2001. Money Laundering is a process to disguise illegal proceeds from their criminal origin so as to avoid suspicion of law so as to avoid suspicion of law enforcement and to prevent leaving a trail of incriminating evidence. It is a process to make dirty money to appear ´clean´. The three stages of money laundering are namely Placement (i.e. the placement of money into financial institution); Layering (creating complex layers of financial transactions designed to disguise illegal proceeds from their original source) and Integration (turning of illegal proceeds into legitimate economy and to make them appear as ordinary and legitimate earnings). Among the issues highlighted in the presentations included the multi-layering of illegal proceeds that makes the whole process looks very complex and complicated. Further, the involvement of transnational and cross-border crimes also necessitate our anti money laundering investigators to involve their global counterparts into the investigation process.