Money laundering is a global phenomenon and has been considered as major threat towards economic stability as it is associated with criminal's activity such as drug trafficking, terrorism funding and financial crimes including corruption and tax evasion. Advancement of technologies and emergence of cryptocurrencies such as Bitcoin and Monero are disruptive financial technology that present governments with new national security challenges and terrorist groups, criminals and rogue states with opportunities. Cryptocurrencies garnered attention and intense interest especially from businesses, consumers, central banks and other authorities as it promised to replace trust in commercial and central banks with a new decentralized system founded on block chain and related distributed ledger technology. Nevertheless, customer due diligence (CDD) which is the first line of defense of money laundering is vital in order to curb illicit money inflows and outflows from financial institution. In the era of cryptocurrencies, customer due diligence should be thoroughly conducted. The combination of information technology and CDD teams will create stronger defense in curbing the risks of money laundering in financial institution. This paper addressed the stages of money laundering, customer due diligence, emergence of cryptocurrencies and its nature as well as how it related to money laundering activities. Finally, the discussion on how CDD procedures could curb money laundering involving cryptocurrencies is also discussed.
Due to the prevalence of fraud and corruption in Malaysia’s economic and governmental sectors, this article examines the importance of ethical standards and their application in constructing a fraud-resistant organization. Public confidence in officials’ honesty and commitment to the common good has been eroded by their unethical behavior (Salin, Ismail, Smith, & Nawawi, 2019). Without a doubt, adhering to a code of ethics enhances an organization’s reputation, which can assist in keeping and attracting new consumers and investors, as well as in developing the organization’s brand image in private and public organizations (Yallop, 2012). However, conformity with the code of ethics is acknowledged as insufficient due to a variety of constraints. As such, this study aims to provide light on the role of codes of ethics in fostering the development of fraud-resistant organizations and the impediments to code of ethics adoption in Malaysia. Numerous databases, including Scopus, Web of Science, Science Direct, and Google Scholar, were reviewed to assemble literature on the issue from 2010 to 2021. This article helps to public awareness and understanding of Malaysia’s commercial and government sectors’ code of ethics, as well as its present state of application. Additionally, the article discusses limitations and future studies.
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