Get-Rich Quick scheme: Malaysian current legal development

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Aspalella A. Rahman ◽  
Ruzita Azmi ◽  
Rosylin Mohd Yusof
Keyword(s):  
Strict Liability ◽  
Primary Sources ◽  
Mens Rea ◽  
Financial Fraud ◽  
Sources Of Information ◽  
Content Type ◽  
Investment Companies ◽  
Quick Scheme ◽  
Wide Range ◽  
Common Facet

Purpose In Malaysia, Get-Rich-Quick scheme (GRQS) is one of the financial fraud activities prohibited under Malaysian law. The common facet of such schemes involves plans that promise unrealistic rates of returns, and this new scheme continues to proliferate every year as the list of illegal investment companies and websites are growing. Indeed, GRQS will remain proliferating as long as there are people who are easily lured by the promise that wealth can be generated with little skill, effort or time. This paper aims to explain the phenomenon of GRQS in light of the existing laws in Malaysia. This paper also highlights the current development of Australian law pertaining to GRQS for comparative purpose. Design/methodology/approach This paper mainly relies on statutes as its primary sources of information. As such, this paper analyses the scope and provisions of the relevant laws that regulate GRQS and compare the existing GRQS provisions that are equivalent with Australian law. Findings Malaysia has comprehensive laws to combat GRQS activities. However, these laws are far from perfection, and only with immediate amendments, GRQS problems can be resolved more effectively. One of the weaknesses of current Malaysian laws to tackle GRQS is the lack of more stringent punishment against the operators of GRQS as well as the participants of the scheme. A comparison with equivalent GRQS law in Australia demonstrates that Australian laws provide a wide range of punishment to the operators and prohibits participation in GRQS. More importantly, Australia regards the offense as a strict liability offense where the mens rea or guilty mind of the perpetrators is exempted. Indeed, numerous proceedings have been instituted in the Australian Court against the operators and participants of GRQS. Originality/value This paper analyses the scope of relevant laws in Malaysia to combat GRQS and examines the strengths and weaknesses of these laws. This paper also compares Malaysian law with equivalent GRQS-related laws available in Australia. This paper further suggests that Malaysia should regulate sterner punishment for operators and participants of the scheme and that the offense is categorized under a strict liability offense where the mens rea or guilty mind of the offender is exempted.

An analysis of the forfeiture regime under the anti-money laundering law

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Aspalella A. Rahman
Keyword(s):  
Money Laundering ◽  
Secondary Data ◽  
Primary Sources ◽  
Court Cases ◽  
Sources Of Information ◽  
Content Type ◽  
Terrorism Financing ◽  
Bona Fide ◽  
Descriptive Approach ◽  
Insight Into

Purpose This paper aims to analyze the forfeiture regime under the Malaysian anti-money laundering law. Apart from discussing the relevant provisions, several court cases also were examined to identify the problems which arise in the implementation of such a powerful forfeiture regime. Design/methodology/approach This paper mainly relies on statutes and court cases as its primary sources of information. It is supported by secondary data to justify the analysis. This paper also used analytical descriptive approach to analyze relevant forfeiture provisions from statutes and to examine current court cases regarding the implementation of the forfeiture regime. Findings The Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) provides comprehensive procedures for the forfeiture of criminal proceeds. Any limitations of the previous statutory legislations have been addressed, and more importantly, the AMLATFPUAA introduces more powerful and innovative measures that can facilitate the recovery of illegal proceeds from money laundering and any other serious crimes. The AMLATFPUAA also provides avenue for the bona fide third parties to contest the forfeiture order. However, it appears that such right is not easy to be enforced. Originality/value This paper provides an analysis of the forfeiture regime under Malaysian anti-money laundering laws. It is hoped that the content of this paper can provide some insight into this particular area for enforcement authorities, practitioners, academics, policymakers and legal advisers not only in Malaysia but also elsewhere. The findings of this paper also expose any weakness or lacunae in the aspects of application and implementation of the forfeiture regime. Thus, more effective and workable legal solution especially on the issue of civil forfeiture of criminal assets could be considered for further accomplishment.

Reforms will help clean up China's securities market

2021 ◽  
Keyword(s):  
Insider Trading ◽  
Stock Price ◽  
The United States ◽  
Securities Market ◽  
Foreign Firms ◽  
Financial Fraud ◽  
Content Type ◽  
Listed Firms ◽  
Wide Range ◽  
Political Priority

Significance China's securities market has grown dramatically, but the rules that underpin its functioning have failed to keep pace and have been poorly enforced because regulators and courts lacked resources and the issue was never a political priority. Insider trading, stock price manipulation and other fraud is relatively common. Impacts A wide range of sectors and institutions will need to adjust, including investors, listed firms, traders, law enforcers and courts. Foreign firms investing in China will benefit from better protection from financial fraud. China may send judges abroad to learn from other systems; Europe is a more likely destination than the United States.

Reassessing the contents and context of governance in Asia: recognizing achievements

2019 ◽  
Vol 8 (4) ◽  
pp. 353-363 ◽  
Author(s):  
Ahmed Shafiqul Huque
Keyword(s):  
Good Governance ◽  
Primary Sources ◽  
Political Systems ◽  
Sources Of Information ◽  
Asian Countries ◽  
Content Type ◽  
Secondary Sources ◽  
Alternative Approach ◽  
Ranking Countries

Purpose Good governance has been declared as the key target of most Asian governments, but it appears to be an unattainable objective. The purpose of this paper is to explore the potentials for establishing governance across Asian countries. Drawing upon the literature and experience of Asian countries, the study argues that governance represents an unclear state that is rooted more in perception than reality. An extensive review of the indicators of governance reveals the anomaly and unorganized efforts to measure it, and points to the need for recognizing accomplishments in areas that are not directly or indirectly covered in the existing schemes of assessment. Design/methodology/approach The paper is based on a broad review of the literature on governance and political systems in Asian countries. Existing arrangements for assessing governance are critically reviewed to point out the risks in a perception-dependent approach. Secondary sources and insight obtained from relevant research constitute the data analyzed in the paper. Findings The paper finds that the target of good governance cannot be fully achieved due to the significant diversity across Asian countries as well as varied perceptions held by assessors. Stakeholders have different perceptions about the requirements and ideal of governance and existing tools for measuring governance are inadequate. Most importantly, assessment frameworks do not recognize contextual dimensions that are relevant to Asian countries. Furthermore, it is important to recognize efforts that are aimed at improving conditions instead of working toward an absolute outcome of governance. Recognition of small successes will contribute to the improvement of circumstances rather than ranking countries on the basis of a limited number of perception-based indicators and listing them on international indices. Research limitations/implications The paper does not draw upon primary sources of information and is limited to an assessment of existing arrangements. Practical implications The paper will help draw attention to the limitations of existing arrangements of assessing countries and ranking them for the quality of governance. It will also encourage researchers to think about alternative tools for assessing governance and recognizing progress in Asian countries. Social implications The paper will encourage governments to identify obstacles to good governance and adopt policies to overcome them. Originality/value The paper contributes to the literature presenting a critical view for encouraging alternative approach to governance, incorporating perceptions of diverse stakeholders and highlights the need to recognize progress, however limited, in all areas.

Anti-money laundering obligations and dismissal of bankers: evidence from Malaysia

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Aspalella A. Rahman ◽  
Harlida Abdul Wahab
Keyword(s):  
Money Laundering ◽  
Secondary Data ◽  
Primary Sources ◽  
Court Cases ◽  
Sources Of Information ◽  
Content Type ◽  
Legal Risks ◽  
Significant Burden ◽  
The Law ◽  
The Right

Purpose This paper aims to analyse the anti-money laundering (AML) obligations imposed on bankers as the main reporting entities under the AML regime in Malaysia. Apart from discussing the relevant provisions, several court cases were also examined to identify the problems which arise in the implementation of the law and the risk of dismissal that bankers may face. Design/methodology/approach This paper mainly relies on statutes and court cases as its primary sources of information. It is supported by secondary data to justify the analysis. This paper also uses an analytical descriptive approach to analyse relevant provisions from statutes and to examine current court cases regarding the implementation of the AML obligations on bankers. Findings It is submitted that the AML legislation imposes a significant burden of reporting requirements on the bankers, failure of which may justify the dismissal or termination of their services. In other words, the law has not only altered the way bankers deal with their customers but also poses substantial legal risks to their security of tenure. Indeed, getting the right balance between the need to combat money laundering and the interests of bankers is a difficult exercise. Originality/value This paper provides an analysis of the liability of bankers under Malaysian AML laws. It is hoped that the content of this paper can provide some insight into this particular area for bankers, enforcement authorities, practitioners, academics, policymakers and legal advisers, not only in Malaysia but also elsewhere. The findings of this paper also highlight the risks that bankers may face for non-compliance with the reporting obligations under the AML laws.

Combating money laundering and the future of banking secrecy laws in Malaysia

2014 ◽  
Vol 17 (2) ◽  
pp. 219-229 ◽  
Author(s):  
Aspalella A. Rahman
Keyword(s):  
Money Laundering ◽  
Primary Sources ◽  
Sources Of Information ◽  
Policy Makers ◽  
Effective Prevention ◽  
Content Type ◽  
Banking Secrecy ◽  
Terrorism Financing ◽  
Flow Of Information ◽  
Proper Balance

Purpose – The purpose of this paper is to analyze banking secrecy laws against the background of the Malaysian anti-money laundering laws. It has been argued that the anti-money laundering law makes greater inroads into the banking secrecy rule when compared to the common law or other statutes. Banks can disclose customer’s information on even grounds of suspicion of money laundering. Banking secrecy is a customer privilege, whereas combating money laundering is critical for public safety and security. Indeed, achieving a proper balance is a desirable goal. But how do we go about achieving such a balance is a question encountered by many law enforcement authorities. This paper looks into these issues. Design/methodology/approach – This paper mainly relies on statutes as its primary sources of information. As such, the relevant Malaysian laws that provide the banking secrecy rule will be identified and analyzed. It will be necessary to examine the banking secrecy rule in the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) and other relevant statutes in detail, as these are the most important legislation for the purpose of this paper. Findings – On closer inspection, it is submitted that AMLATFA provides sufficient safeguards to ensure that the disclosure of customer’s information is carried out in a manner that is not prejudicial to the interest of legitimate customers. This is a positive approach that could protect the innocent customers from being mistreated by the law. Ultimately, it can be said that the growing threat of global money laundering and terrorism makes the overriding of banking secrecy justified because without a flow of information from the banks, the effective prevention of the menace is not possible. Originality/value – This paper analyzes the inroads into the banking secrecy rule under the Malaysian anti-money laundering laws. It would provide some guidelines into this particular area for academics, banks, their legal advisers, practitioners and policy makers, not only in Malaysia but also elsewhere.

Commercial Products That Convey Personal Health Information in Emergencies

2011 ◽  
Vol 5 (4) ◽  
pp. 261-265 ◽  
Author(s):  
Vishnu C. Potini ◽  
Dilani N. Weerasuriya ◽  
Douglas W. Lowery-North ◽  
Arthur L. Kellermann
Keyword(s):  
Health Information ◽  
Health Care Providers ◽  
Web Sites ◽  
Personal Health Information ◽  
Primary Sources ◽  
Personal Health ◽  
Care Providers ◽  
Sources Of Information ◽  
Wide Range ◽  
E Mail

ABSTRACTObjective: Describe commercially available products and services designed to convey personal health information in emergencies.Methods: The search engine Google®, supplemented by print ads, was used to identify companies and organizations that offer relevant products and services to the general market. Disease-specific, health system, and health plan-specific offerings were excluded. Vendor web sites were the primary sources of information, supplemented by telephone and e-mail queries to sales representatives. Perfect inter-rater agreement was achieved.Results: Thirty-nine unique vendors were identified. Eight sell engraved jewelry. Three offer an embossed card or pamphlet. Twelve supply USB drives with various features. Eleven support password-protected web sites. Five maintain national call centers. Available media differed markedly with respect to capacity and accessibility. Quoted prices ranged from a one-time expenditure of $3.50 to an annual fee of $200. Associated features and annual fees varied widely.Conclusion: A wide range of products and services exist to help patients convey personal health information. Health care providers should be familiar with their features, so they can access the information in a disaster or emergency.(Disaster Med Public Health Preparedness. 2011;5:261–265)

The information needs of the Ghanaian immigrant

2018 ◽  
Vol 119 (5/6) ◽  
pp. 317-329 ◽  
Author(s):  
Kodjo Atiso ◽  
Jenna Kammer ◽  
Denice Adkins
Keyword(s):  
Information Needs ◽  
Immigrant Population ◽  
Primary Sources ◽  
Social Implications ◽  
Sources Of Information ◽  
Content Type ◽  
Immigrant Populations ◽  
Ghanaian Immigrants ◽  
New Information ◽  
The Usa

Purpose This study aims to examine the information needs of Ghanaian immigrants who have settled in Maryland in the USA. Design/methodology/approach Using an ethnographic approach, immigrants from Ghana shared their information needs, challenges and sources they rely upon for information. In total, 50 Ghanaian immigrants participated in this study. Findings Findings indicate that like many immigrant populations, Ghanaians who have immigrated to the USA primarily rely on personal networks, mediated through social media, as their primary sources of information. Despite the availability of immigration resources in the library, Ghanaian immigrants may not view it as a useful resource. Social implications While this study examines a single immigrant population, its social implications are important to libraries who aim to serve immigrant populations in their community. Originality/value This study provides new information about African immigrant population, a population whose information needs have rarely been covered in the literature.

The impact of reporting suspicious transactions regime on banks: Malaysian experience

2013 ◽  
Vol 16 (2) ◽  
pp. 159-170 ◽  
Author(s):  
Aspalella A. Rahman
Keyword(s):  
Money Laundering ◽  
Primary Sources ◽  
Sources Of Information ◽  
Policy Makers ◽  
Content Type ◽  
Effective Implementation ◽  
Terrorism Financing ◽  
The One ◽  
The Impact ◽  
Insight Into

PurposeReporting suspicious transactions under anti‐money laundering (AML) laws creates a major dilemma for banks. On the one hand, failure to report suspicious transactions is an offence under the laws. On the other hand, if they report the transaction, they may breach their duty of confidentiality to their customer or could be liable for tipping off the suspected customer. More importantly, it can also undermine customers' trust. The purpose of this paper is to look into these issues and analyse them against the background of the Malaysian AML laws.Design/methodology/approachThis paper mainly relies on statutes as its primary sources of information. As such, the relevant Malaysian AML that affect the reporting obligations will be identified and analyzed. It will be necessary to examine not just the provisions of the Malaysian Anti‐Money Laundering and Anti‐Terrorism Financing Act, but also its regulations and guidelines which affect banks in detail, as this is the most important legislation for the purpose of this paper.FindingsIt is apparent that the reporting suspicious transactions regime has had a significant impact on the operations of banks in Malaysia. While the regime is based on sound principles, the effectiveness of the regime is still unknown. As such, only time will tell whether the banks will be able to cope sufficiently with the increased AML obligations. Obviously, it is critical at this stage, to establish effective coordination between legislators, regulators and the banking industry, in order to minimize problems faced by the banks and thereby to ensure effective implementation of the regime.Originality/valueThis paper provides an examination of the impact of the reporting suspicious transactions regime on Malaysian banks. It is hoped that the study would provide some insight into this particular area for academics, banks, their legal advisers, practitioners and policy makers, not only in Malaysia but also elsewhere. In view of the international nature of money laundering and banking, there will be significant interest in how the AML laws affect banks operating in Malaysia.

Building a timeless audiovisual collection: libraries and archives as repositories of oral history

2018 ◽  
Vol 39 (3/4) ◽  
pp. 188-199 ◽  
Author(s):  
Joseph Marmol Yap ◽  
Agnes Sambalilo Barsaga
Keyword(s):  
Human Memory ◽  
The Philippines ◽  
Local History ◽  
Primary Sources ◽  
Current Status ◽  
Standard Industrial Classification ◽  
Sources Of Information ◽  
Content Type ◽  
The Arts ◽  
Usual Process

Purpose Oral histories (OHs), as primary sources of information, are used as evidences of the past and inculcate human memory. It is a real testimony of our history. However, OHs are now neglected and somehow unpopular. Strategies must be done to make sure that OH projects should continue to be used as proofs. The purpose of this paper is to go back in time and review the OH in Asia, in the Philippines, and the collection at De La Salle University. Design/methodology/approach This study explores the OH collection of the DLSU Archives. Data are extracted from the Sierra library system. Extracted subjects are arranged alphabetically. They are presented and summarized below. Historical data coming from the correspondences kept at the archives are also used to understand how the collection accumulated and how they are being organized, classified, and used by the patrons. Literature reviews are also consulted to learn more about the background of OH in the Philippines. Findings A total of 176 subjects are identified. These subjects are selected on the basis of the Library of Congress Classification Scheme which is re-categorized according to the Philippine Standard Industrial Classification to identify which type of industry does each OH belong to. The category on professional, scientific and technical activities had 30 LCC-related subjects or 16.95 percent of the total number of subjects, next is 15.25 percent or 27 LCC-related subjects which comes from the arts, entertainment and recreation, and top three is Public Administration and Defense; Compulsory Security with 10.23 percent. Research limitations/implications This paper shares the challenges and experiences of establishing and maintaining OHs. Practical implications The paper presents new ways or initiatives to capture OH other than the traditional and usual process. Social implications Oral interviews are given proper attention as part of the local history. Originality/value There is a scarcity of OH papers written by librarians; therefore, this paper presents the current status of OH in the country.

scholarly journals Accounting and the banality of evil

2018 ◽  
Vol 31 (8) ◽  
pp. 2165-2191 ◽  
Author(s):  
Valerio Antonelli ◽  
Raffaele D’Alessio ◽  
Roberto Rossi ◽  
Warwick Funnell
Keyword(s):  
Significant Role ◽  
Primary Sources ◽  
Content Type ◽  
Banality Of Evil ◽  
Wide Range ◽  
Government Bureaucracy ◽  
Government Body ◽  
Accounting Reports ◽  
Totalitarian Regimes ◽  
Italian Jews

Purpose The purpose of this paper is to identify the significant role of accounting in the expropriation of Jewish real estate after the enforcement of race laws under Benito Mussolini’s Fascist regime in Italy. Design/methodology/approach Hannah Arendt’s understanding of government bureaucracy in the twentieth century totalitarian regimes informs the research which draws upon a wide range of primary sources. Findings Implementation of the program of expropriation was the responsibility of a government body, EGELI, which was created specifically for this purpose. The language of accounting provided the means to disguise the nature and brutality of the process and allow bureaucrats to be removed from the consequences of their actions. Accounting reports from EGELI to the Ministry of Finance confirmed each year that those who worked in EGELI were devoted to its mission as an agency of the Fascist State. Research limitations/implications The findings of this study recognize the need for further research on the role played by servicemen, bureaucrats and accounting as a technology of government in the deportation of Italian Jews to Germany. The study also provides impetus to examine how other countries managed the properties confiscated or expropriated from the Jews in the earlier stages of the Final Solution. Originality/value The study is the first to identify the significant role played by accounting and accountants in the persecution of Italian Jews under the Fascism.

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