Search results

1 – 4 of 4
Per page
102050
Citations:
Loading...
Access Restricted. View access options
Book part
Publication date: 26 August 2019

Raja Madihah Raja Alias, Norhashimah Mohd Yasin, Badruddin Hj Ibrahim and Mohd Yazid Zul Kepli

Money laundering and terrorism financing are financial crimes which affect the economic stability and integrity of the country. In this respect, the relevant regulator has a duty…

Abstract

Money laundering and terrorism financing are financial crimes which affect the economic stability and integrity of the country. In this respect, the relevant regulator has a duty to preserve and protect the financial stability of the country. This duty is in line with the concept of the protection of wealth (hifz al-mal) under the maqāsid al-Sharīʿah or higher objectives of Islamic law framework. The objective of this chapter is to examine the protection of wealth vis-á-vis money laundering and terrorism financing from the maqāsid al-Sharīʿah perspective. This study analyses the primary and secondary legal sources on the laws and regulations on anti-money laundering and counter financing of terrorism while also considering the primary and secondary sources of Islamic law. This study is significant as it makes an exploration of the maqāsid al-Sharīʿah perspectives and discusses the position of unlawful wealth that is acquired from the illicit gain of property from the abuse of money laundering and the financing of terrorist activities. This chapter suggests that Islamic law emphasises on the lawful ownership of wealth and prohibits a person from acquiring illicit wealth. This study will contribute towards the study on the deployment of maqāsid al-Sharīʿah, which is beneficial in safeguarding an individual action as well as the country’s commitment against abuse and misuse of wealth for financial crimes.

Details

Emerging Issues in Islamic Finance Law and Practice in Malaysia
Type: Book
ISBN: 978-1-78973-546-8

Keywords

Access Restricted. View access options
Article
Publication date: 15 May 2007

Jean‐François Thony and Cheong‐Ann Png

This paper seeks to examine the extent to which Financial Action Task Force (FATF) Special Recommendations and UN Security Council Resolutions on the financing of terrorism have…

1260

Abstract

Purpose

This paper seeks to examine the extent to which Financial Action Task Force (FATF) Special Recommendations and UN Security Council Resolutions on the financing of terrorism have been implemented by countries and the legal issues relating to the implementation of these requirements.

Design/methodology/approach

It uses the findings from a review of the International Monetary Fund and the World Bank, which is based on a sample of 18 countries that were assessed on their compliance with the FATF 40 + 9 Recommendations (which include the FATF Special Recommendations and UN Security Council Resolutions 1267 and 1373) between March 2004 and August 2005.

Findings

It analyses the extent to which the FATF Special Recommendations and UN Security Council Resolutions 1267 and 1373 have been implemented, and in particular, the areas which countries have difficulties in complying fully with the requirements and related issues. It also discusses the difficulties with applying international law instruments such as UN Security Council Resolutions 1267 and 1373 where measures were aimed at non‐state actors and their assets, as well as the need for ensuring that persons affected by these measures have adequate legal recourses.

Originality/value

In countering the financing of terrorism, the paper discusses the design of a new international legal framework, which requires development of new concepts. It suggests that, by addressing the legal challenges created by these new concepts, the latter can be further refined, improved and strengthened.

Details

Journal of Financial Crime, vol. 14 no. 2
Type: Research Article
ISSN: 1359-0790

Keywords

Access Restricted. View access options
Article
Publication date: 5 October 2015

Cheong-Ann Png, Michael DeFeo and Tristram Hicks

This paper aims to share experience in the design and implementation of a two-year capacity development program for combating money laundering and financing of terrorism in…

348

Abstract

Purpose

This paper aims to share experience in the design and implementation of a two-year capacity development program for combating money laundering and financing of terrorism in Mongolia.

Design/methodology/approach

The paper reflects the experience of the authors in the design and implementation of the program with inputs from their counterparts in Mongolia.

Findings

The program outcomes and the level of collaboration are generally positive, and the authorities and the Asian Development Bank agreed on a two-year extension of the program to further the progress made.

Originality/value

The authors hope to share key reflections from the program for the purpose of other similar programs or studies in the field of combating money laundering and financing of terrorism.

Details

Journal of Money Laundering Control, vol. 18 no. 4
Type: Research Article
ISSN: 1368-5201

Keywords

Access Restricted. View access options
Article
Publication date: 19 April 2024

Fidèle Shukuru Balume, Jean-François Gajewski and Marco Heimann

This study aims to analyze the effect of cognitive load and social value orientation on managers’ preferences when they face with two types of restructuring choices in financially…

112

Abstract

Purpose

This study aims to analyze the effect of cognitive load and social value orientation on managers’ preferences when they face with two types of restructuring choices in financially distressed firms: the first belonging to the family of organizational restructuring (massive layoffs) and the second to the family of financial restructuring (debt increases).

Design/methodology/approach

The authors investigate experimentally the impact of managers’ cognitive load and social value orientation on the decision to restructure leveraged buyout (LBO) firms in financial distress by using either massive layoffs or debt increases.

Findings

By investigating the impact of managers’ cognitive load and social value orientation on the restructuring decision of an LBO firm in financial distress, the research reveals that, on average, cognitively loaded managers prefer massive layoffs over increased debt levels. The massive layoffs seemingly provide a relatively easier way to avoid conflict with influential, residual claimants. In contrast, social value–oriented managers actively avoid massive layoffs and prefer to increase debt.

Research limitations/implications

These results imply that the performance mechanisms emphasized to improve agency relations, for example, in LBOs, have their own limitations during periods of financial distress. This study shows that one of these limits is related to cognitive distortions and personality traits.

Originality/value

In this research, the originality lies in understanding how managers’ internal factors affect their restructuring decision-making, in the case of LBO firms in financial distress.

Details

Review of Accounting and Finance, vol. 23 no. 4
Type: Research Article
ISSN: 1475-7702

Keywords

1 – 4 of 4
Per page
102050