The important roles of islamic financial institutions in combatting money laundering: a case study of Agrobank
This article analyzes the important roles of Islamic financial institutions (IFIs) in combating money laundering with a special focus on the Agrobank. This article describes the legal and regulatory framework governing Islamic financial institutions and the conventional financial institutions to see...
| Main Authors: | , , |
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| Format: | Conference or Workshop Item |
| Language: | English |
| Published: |
2018
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/70710/ http://irep.iium.edu.my/70710/1/70710_The%20important%20roles%20of%20islamic%20financial%20institutions_complete_new.pdf |
| Summary: | This article analyzes the important roles of Islamic financial institutions (IFIs) in combating money laundering with a special focus on the Agrobank. This article describes the legal and regulatory framework governing Islamic financial institutions and the conventional financial institutions to see whether there are any major or minor differences concerning the duties and responsibilities of the bankers with special emphasis on anti-money laundering and counter financing of terrorism (AML/CFT) perspective. This article argues that in reality, the burden shared by Islamic financial institutions in relation to anti-money laundering and counter financing of terrorism is higher due to reputation risk that is associated to Islamic financial institutions. This article also analyzes the shariah perspective of money laundering. |
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