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Enhancing Anti-Money Laundering Strategies: A Conceptual Paper

Author

Listed:
  • Yusri Hazrol Yusoff
  • Syahirah Jumbli
  • Nur Nashuha Norazman
  • Nor Shahida Binti Abdul Razak
  • Muhamad Ridzuan Hashim

Abstract

The effectiveness of strategies in enhancing anti-money laundering depends on various factors such as technological advancements, anti-money laundering laws and regulations, responsibilities of banks and other financial entities in anti-money laundering, and Collaboration between government agencies, the private sector, and law enforcement. Money laundering harms the economy and political stability of a country. This paper examines the effectiveness of anti-money laundering strategies through an article review, focusing on three aspects- technological advancements, anti-money laundering laws and regulations, and responsibilities of banks and financial entities, as well as Collaboration between government agencies, private sector, and law enforcement. Based on these insights, recommendations are proposed for authorities to improve the strategies to combat anti-money laundering in the country.

Suggested Citation

  • Yusri Hazrol Yusoff & Syahirah Jumbli & Nur Nashuha Norazman & Nor Shahida Binti Abdul Razak & Muhamad Ridzuan Hashim, 2024. "Enhancing Anti-Money Laundering Strategies: A Conceptual Paper," Accounting and Finance Research, Sciedu Press, vol. 13(3), pages 1-1, August.
    • Handle: RePEc:jfr:afr111:v:13:y:2024:i:3:p:1
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    References listed on IDEAS

    as
    1. Nurul Liyana Bahrin & Sharifah Norzehan Syed Yusuf & Kamaruzzaman Muhammad & Erlane K Ghani, 2022. "Determinants of Anti-Money Laundering Program Effectiveness among Banks," International Journal of Management and Sustainability, Conscientia Beam, vol. 11(1), pages 21-30.
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      JEL classification:

      • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
      • Z0 - Other Special Topics - - General

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