The new cohort of the Master in Forensic Accounting and Financial Criminology program at Universiti Teknologi MARA is currently undertaking one of the core courses of the program: Money Laundering and Financial Criminology (AFC713). Basically the course is divided into two components - money laundering and financial criminology. The money laundering aspect of the course reviews the Anti-Money Laundering and Anti Terrorism Financing Act (AMLATFA) 2001, examines mutual evaluation country reports of the Financial Action Task Force (FATF) and its regional associates. In the case of Malaysia, the FATF's regional associate is the Asia Pacific Group on Money Laundering (APG). In monitoring the anti money laundering and counter financing of terrorism (AML.CFT) regime, member countries (of either FATF or APG) are required to comply to the 40 + 9 recommendations (now reviewed as 40 new recommendations). Guest speakers (from the industry, regulators or enforcement agencies) are also invited to give talks to the class. Meanwhile, the financial criminology aspect of the course identifies financial fraud cases, examines fraud risk indicators, develops mitigating tools and proposes investigation techniques. Today, the students presented their cases in classes. Whilst three groups presented global and local money laundering cases, another three groups examined the levels of country compliance on one group of reporting institution known as the designated non-financial business and profession (DNFBPs) of thirty countries globally.
