Two researchers (Prof Dr Normah & Associate Prof Dr Zuraidah) from the Accounting Research Institute (ARI) have been invited by Al Rajhi Bank to present a short lecture entitled "The Use of Non-Profit Organisations(NPOs) as a Conduit to Money Laundering and Terrorism Financing Activities". Basically the topic discusses recent findings published by both the Financial Action Task Force (FATF) and the Asia Pacific Group of Anti Money Laundering (APG) on evaluation of NPOs globally. Al Rajhi organises the event as part of its Anti-Money Laundering Awareness program. In the United Kingdom, the NPO sector is also called the "third sector", following the public and private sectors.
The presence of a large non-profit
sector in a country is seen as an indicator of a healthy economy in local and national
financial measurements. With
a growing number of non-profit organizations focused on social services,
the environment, education and other unmet needs throughout society, the
nonprofit sector is increasingly central to the health and well-being of
society (CSR) . As a third sector, NPOs when transacting with financial institutions must also be subjected to the "due diligence" and "Know your client" policies. The APG has also published a typology titled "Material Information" which necessitates NPOs to furnish the following:
Different types of revenues (e.g. membership fees, grants, donation etc)
Activities for generating funds (e.g. receipts from dinner and sales of books)
Investment income if any (e.g. rental, dividend)
Expenditure and its distribution
List of personnel (members, directors etc)
Governance and anti-fraud (meetings, reports etc)
Beneficiaries (in and
outside of Malaysia)
Two researchers (Prof Dr Normah & Associate Prof Dr Zuraidah) from the Accounting Research Institute (ARI) have been invited by Al Rajhi Bank to present a short lecture entitled "The Use of Non-Profit Organisations(NPOs) as a Conduit to Money Laundering and Terrorism Financing Activities". Basically the topic discusses recent findings published by both the Financial Action Task Force (FATF) and the Asia Pacific Group of Anti Money Laundering (APG) on evaluation of NPOs globally. Al Rajhi organises the event as part of its Anti-Money Laundering Awareness program. In the United Kingdom, the NPO sector is also called the "third sector", following the public and private sectors. The presence of a large non-profit
sector in a country is seen as an indicator of a healthy economy in local and national
financial measurements. With
a growing number of non-profit organizations focused on social services,
the environment, education and other unmet needs throughout society, the
nonprofit sector is increasingly central to the health and well-being of
society (CSR) . As a third sector, NPOs when transacting with financial institutions must also be subjected to the "due diligence" and "Know your client" policies. The APG has also published a typology titled "Material Information" which necessitates NPOs to furnish the following:
