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CURRENT ISSUES IN AUDITING (MONEY LAUNDERING) - Coggle Diagram
CURRENT ISSUES IN AUDITING
(MONEY LAUNDERING)
Stages of Money Laundering
Layering
Transfer of money from business to business or place to place,
Integration
Culmination of the previous procedures through which the money takes on the appearance of coming from a legitimate source
Placement
Initial disposal of the proceeds of the criminal into a legitimate business activity or property
Definition
the process by which the proceeds of crime are converted into assets which appear to have a legal rather than an illegal source
Objective
to allow the holder to enjoy it free from suspicion as to its source.
Offences of Money Laundering (Act A1467)
removes from or bring into Malaysia proceeds of an unlawful activity or
instrumentalities of an offence
acquire, pocesses, receuves, transfer, converts, disposes of or uses proceeds of an unlawful activity or instrumentalities of an offence
conceals or disguises or impedes the establishment of the true nature, origin, location, movement, title of, right with respect to, or ownership of proceeds of an unlawful activity or instrumentalities of an
offence.
engage directly or indirectly in transaction that involves proceeds of an unlawful activity or instrumentalities of officer
Money Laundering Legislation
imposes some important obligations upon
professionals
primarily regulated by the
Anti-Money Laundering, Anti- Terrorism Financing and
Proceeds of Unlawful Activities Act 2001
require such professionals to report
money laundering to the authorities
require such professionals o have systems in
place to train staff and keep records