Group Proposal RM Pwer Point

8/8/2019 Group Proposal RM Pwer Point

1/14

Group ProposalA Study on the Relationship Between White

Collar Crime and Money Laundering:A Case of country all over the world ( 1991-2008)

Prepared for:

PUAN BAHIJAH BINTI MD HASHIM

Prepared by:

SITI SOLEHAH BINTI GHAZALI 2009463212YASSMIN FARVIN BT SURBDEEN 2009636644WAN ZALEHA BINTI WAN WAHAB 2009238668NUR SYAHMINA BINTI AZMI 2009285846

Group:

BMB3Ab


2/14

INTRODUCTION

Money laundering is a high complex and

professional industry, which is difficult for

ordinary criminals to commit. Professional secrecy exist in almost all

country although it varies from country to

country.

Professional privilege are highly regulated by

professional ethics and discipline and they

have respectable social status.


3/14

LITERATURE REVIEW

1. 321 Swiss Penal Code - members of the clergy,

lawyers, defenders in law, notaries, auditors under

an obligation of secrecy and doctors, dentists,pharmacists, midwives, as well as their auxiliaries,

who have disclosed a secret entrusted to them in

view of their profession or of which they learned

exercising their profession, will be punished, on

complaint, by imprisonment or fine.


4/14

Cont

2. European Commission - what was perfectly clear wasthat despite the grave concerns expressed over thelikelihood of the use of lawyers and accountants for

money laundering, these concerns are clearly notyet shared by the professions themselves. Solicitorsand accountants continue to give concern with veryfew reports being made, despite their relativeattractiveness to launderers. Accordingly, concernsremain that some of the financial institutions and

sectors lack sufficient adherence to the regulationsand disclosure obligations, and may not haveadequate training provisions and reporting systemsin place, leaving themselves vulnerable tolaundering attempts.


5/14

Cont

3. Schneider, 2006 - , in a 2002 report, the FATF

expressed concerns that by abusing the legal

professional privilege, lawyers play helpful roles andare beneficial to money launderers.

e.g. it has been reported that a prominent lawyer,

using his good reputation, operated a money

laundering network involving some 16 financial

institutions located in the Caribbean jurisdictionsand the USA (Ali, 2006).


6/14

Cont

4. FATFs Recommendation 16 - professional secrecy is at risk ifonerous disclosure obligations are placed upon lawyers. It is aconcern that this will eventually lead to a loss in trust andconfidence by the general public in the legal profession. Thecase of Robert Pang and the subsequent legislativeamendments illustrate clearly one point, that is, despite thethreats of money laundering, legal professional privilege as abasic human right as well as a fundamental pillar of theadministration of justice cannot be undermined. This position

is reflected where it is stated that lawyers are not required toreport their suspicions if the relevant information was obtainedin circumstances where they are subject to professionalsecrecy or legal professional privilege.


7/14


8/14

THEORITICAL FRAMEWORK

MONEY

LAUNDERING

PROFESSIONAL INDUSTRY

PROFFESIONAL SECRECY

RESPECTABLE SOCIAL STATUS

INDEPENDENT

VARIABLES

DEPENDENT

VARIABLES


9/14

OBJECTIVE

To examine the relationship between theprofessional industry and anti money laundering.

To examine the relationship between theprofessional secrecy and anti money laundering.

To examine the relationship between therespectable social status and anti moneylaundering.

To identify the most factor that has relationshipbetween anti money laundering.


10/14

PROBLEM STATEMENT

The white collar crimes such as lawyers, notaries,accountants and other independent professionals

could play a significant role in prevention of moneylaundering activities, however, imposing anti-moneylaundering obligations on these professionals isalways a sensitive and puzzling topic and causes a lotof debate. So the researcher need


11/14

HYPOTHESES

1. H0 =There is no relationship between the white collar crimeprofessional industries and the professional industry.

H1=There is a relationship between the white collar crime

professional industries and the professional industry.

2. H0 =There is no relationship between the white collar crimeprofessional industries and the professional secrecy.

H1=There is a relationship between the white collar crimeprofessional industries and the professional secrecy.

3. H0 =There is no relationship between the white collar crimeprofessional industries and the respectable social status.

H1=There is a relationship between the white collar crimeprofessional industries and the respectable social status.


12/14

SIGNIFICANT OF THE STUDY

These professionals (lawyers, notaries,accountant and other professionals) may

perform legal proceeding on behalf of clientsuch as providing legal advice for criminalsuspect, carrying out advocacy for dependentprovide specific financial or companies law

activities such buying or selling properties.


13/14

LIMITATION OF THE STUDY

Lawyers, notaries, accountants and otherprofessionals provide a wide range of services, and alarge number of services are closely related to

economic activities, such as creation of corporatevehicles, buying or selling of property, performingfinancial transactions and the like.

All of these operations are considerable vulnerable tomoney laundering crimes. Even if the professionalsare reluctant to aid criminals to launder moneypurposely, they may participate in the moneylaundering schemes unconsciously.


14/14

RESEARCH METHOD

The regression analysis was conducted to call for the legislatureto pay more attention to the professional laundering and toimprove the capability in attacking money laundering, to analysis

the necessity and rational of bringing these professional underthe obligation of anti money laundering and to presentreasonable solution to the contradiction between professionalprivilege and anti money laundering obligation.

Theoretically, this study confirms that these professional arevulnerable to money laundering and also they are in a better

position than financial institution in the prevention of moneylaundering. For this reasons more and more internationaldocuments stipulate that non financial institution includinglawyers, notaries and accountant should assume anti moneylaundering obligation.

Group Proposal RM Pwer Point

Documents

Transcript of Group Proposal RM Pwer Point