Compliance of remittance sector to the legal obligations under the anti-money laundering regulations in United Kingdom, Canada, and Malaysia / Siti Saidah Nafisah Omar

Money services business (MSB) consists of remittances companies and money changer sector which produce an enormous of remittance flows based on large population of legal and illegal migra nts in Malaysia. The remittance system is categorised as one channel to transfer the funds around the world. Suc...

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Main Author:	Omar, Siti Saidah Nafisah
Format:	Thesis
Language:	English
Published:	2020
Subjects:	Money laundering
Online Access:	https://ir.uitm.edu.my/id/eprint/60718/1/60718.pdf
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id	my-uitm-ir.60718
record_format	uketd_dc
spelling	my-uitm-ir.607182024-07-03T04:24:12Z Compliance of remittance sector to the legal obligations under the anti-money laundering regulations in United Kingdom, Canada, and Malaysia / Siti Saidah Nafisah Omar 2020-09 Omar, Siti Saidah Nafisah Money laundering Money services business (MSB) consists of remittances companies and money changer sector which produce an enormous of remittance flows based on large population of legal and illegal migra nts in Malaysia. The remittance system is categorised as one channel to transfer the funds around the world. Such system is often used by the migrant workers through the traditional banking method, MSB or underground banking system (Hawala). However, criminals tend to using remittance channel to launder their illicit gains and profit as the money can move quickly in a cheap cost. Since 2007 the remittance sector include as a reporting institution in Malaysia need to adhere statutory obligations imposed such as record keeping, due diligence, reporting suspicious transaction and compliance program within company. This study aims at scrutinizing the legal obligations by remittance sector to the statutory obligation imposed to them and the obstructions arising out of such duties. The central thesis of this research emphasized on three issues which are firstly, the low level of compliance by the remittance sector mainly through discharging their responsibilities to protect themselves rather than complying with regulation to prevent money laundering. Secondly, the vulnerabilities of the remittance systems itself lead to a weaknesses where too stringent regulations, the remittance sector grinds to a halt. On the contrary, too lax regulatory framework would make the criminals run wilds. Thirdly, there is a dire need to cover up the weaknesses or loopholes in Money Services Business Act 2011 (MSBA 2011) in fighting money-laundering crime by using remittance channel. Employing a qualitative research, the empirical evidence from the six multiple case studies in Malaysia is notably reported in Chapter Five, evidently the reality of the issue of the extent of compliance by the remittance sector in Malaysia. Whilst the doctrinal analysis emphasis on the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001 and MSBA 2011, the legal comparison with the law in United Kingdom and Canada for benchmarking, comparative analysis and lessons to be learnt. At the theoretical level, this research analyse how the self-protecting theory and responsive regulation theory could assist for further research within the industry in line with the reason of non-compliance by the remittance sector. The framework guided by this thesis was discovered and the recommended approach was developed to contribute to knowledge and practices for remittance industry in Malaysia. 2020-09 Thesis https://ir.uitm.edu.my/id/eprint/60718/ https://ir.uitm.edu.my/id/eprint/60718/1/60718.pdf text en public phd doctoral Universiti Teknologi MARA Faculty of Law Ooi, Irwin Ui Joo (Assoc. Prof. Dr.)
institution	Universiti Teknologi MARA
collection	UiTM Institutional Repository
language	English
advisor	Ooi, Irwin Ui Joo (Assoc. Prof. Dr.)
topic	Money laundering
spellingShingle	Money laundering Omar, Siti Saidah Nafisah Compliance of remittance sector to the legal obligations under the anti-money laundering regulations in United Kingdom, Canada, and Malaysia / Siti Saidah Nafisah Omar
description	Money services business (MSB) consists of remittances companies and money changer sector which produce an enormous of remittance flows based on large population of legal and illegal migra nts in Malaysia. The remittance system is categorised as one channel to transfer the funds around the world. Such system is often used by the migrant workers through the traditional banking method, MSB or underground banking system (Hawala). However, criminals tend to using remittance channel to launder their illicit gains and profit as the money can move quickly in a cheap cost. Since 2007 the remittance sector include as a reporting institution in Malaysia need to adhere statutory obligations imposed such as record keeping, due diligence, reporting suspicious transaction and compliance program within company. This study aims at scrutinizing the legal obligations by remittance sector to the statutory obligation imposed to them and the obstructions arising out of such duties. The central thesis of this research emphasized on three issues which are firstly, the low level of compliance by the remittance sector mainly through discharging their responsibilities to protect themselves rather than complying with regulation to prevent money laundering. Secondly, the vulnerabilities of the remittance systems itself lead to a weaknesses where too stringent regulations, the remittance sector grinds to a halt. On the contrary, too lax regulatory framework would make the criminals run wilds. Thirdly, there is a dire need to cover up the weaknesses or loopholes in Money Services Business Act 2011 (MSBA 2011) in fighting money-laundering crime by using remittance channel. Employing a qualitative research, the empirical evidence from the six multiple case studies in Malaysia is notably reported in Chapter Five, evidently the reality of the issue of the extent of compliance by the remittance sector in Malaysia. Whilst the doctrinal analysis emphasis on the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001 and MSBA 2011, the legal comparison with the law in United Kingdom and Canada for benchmarking, comparative analysis and lessons to be learnt. At the theoretical level, this research analyse how the self-protecting theory and responsive regulation theory could assist for further research within the industry in line with the reason of non-compliance by the remittance sector. The framework guided by this thesis was discovered and the recommended approach was developed to contribute to knowledge and practices for remittance industry in Malaysia.
format	Thesis
qualification_name	Doctor of Philosophy (PhD.)
qualification_level	Doctorate
author	Omar, Siti Saidah Nafisah
author_facet	Omar, Siti Saidah Nafisah
author_sort	Omar, Siti Saidah Nafisah
title	Compliance of remittance sector to the legal obligations under the anti-money laundering regulations in United Kingdom, Canada, and Malaysia / Siti Saidah Nafisah Omar
title_short	Compliance of remittance sector to the legal obligations under the anti-money laundering regulations in United Kingdom, Canada, and Malaysia / Siti Saidah Nafisah Omar
title_full	Compliance of remittance sector to the legal obligations under the anti-money laundering regulations in United Kingdom, Canada, and Malaysia / Siti Saidah Nafisah Omar
title_fullStr	Compliance of remittance sector to the legal obligations under the anti-money laundering regulations in United Kingdom, Canada, and Malaysia / Siti Saidah Nafisah Omar
title_full_unstemmed	Compliance of remittance sector to the legal obligations under the anti-money laundering regulations in United Kingdom, Canada, and Malaysia / Siti Saidah Nafisah Omar
title_sort	compliance of remittance sector to the legal obligations under the anti-money laundering regulations in united kingdom, canada, and malaysia / siti saidah nafisah omar
granting_institution	Universiti Teknologi MARA
granting_department	Faculty of Law
publishDate	2020
url	https://ir.uitm.edu.my/id/eprint/60718/1/60718.pdf
_version_	1804889641029992448

Compliance of remittance sector to the legal obligations under the anti-money laundering regulations in United Kingdom, Canada, and Malaysia / Siti Saidah Nafisah Omar

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