“Trust me; I’m your lawyer”: Lawyers’ Reporting Duty under AML/ATF Law in Malaysia
Main Article Content
Abstract
Lawyers have always been vulnerable to be misused by money launderers as one of the potential vehicles for such criminals to conduct their illegal activities. Given such issues, the Anti-Money Laundering and Terrorist Financing Law in Malaysia imposes an obligation on lawyers to report any suspicious transactions to the regulator. Adopting a content analysis method, this paper examines such obligation and the impediments to such reporting. Lawyers' reluctance to comply with their reporting duties could be attributed to the culture of confidentiality and the fear of erosion of the client-lawyer privilege.
Article Details
License
Copyright (c) 2018 Zaiton Hamin, Saslina Kamaruddin, Wan Rosalili Wan Rosil
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
References
APG on Money Laundering (2007). APG Mutual Evaluation Report on Malaysia, Against the FATF 40 Recommendations (2003) and 9 Special Recommendations.
Chamberlain, M. & Travers, (2004). The Proceeds of Crime Act 2002 – FMLC Highlights Key Legal Uncertainties, Journal of International Banking and Financial Law, 11, 435.
Dillon, G., Ahmad, R., Rahman, A. & Ng, Y. M., (2013). The Viability of Enforcement Mechanisms under Money Laundering and Anti-Terrorism Offence in Malaysia: An Overview, Journal of Money Laundering Control, 16(2), 171- 192.
FATF 2013, Money Laundering and Terrorist Financing Vulnerabilities of Legal Professionals.
FATF Typology Report 2002.
Hamin, Z & Wan Rosli, W.R., (2013). Money, Money, Money, Must be plenty in the Rich Men's World: Constructing Criminal Property in Money Laundering Offences in the UK, paper presented at 5th International Conference on Financial Criminology, Global Trends in Financial Crimes in the New Economies, 28-29 May, 2013, Holiday Inn Hotel, Glenmarie, Shah Alam, Selangor, Malaysia.
Hamin, Z, Omar, N, Wan Rosli, W. R., & Pengiran, M. A.W., (2013). Regulating Customer Due Diligence within Financial Institutions in Malaysia and the United Kingdom, Procedia - Social and Behavioral Sciences, 101(0), 277- 283.
IBA (2011). Anti-Money Laundering Forum: The Lawyers Guide to Legislation and Compliance on Malaysia, available at
IBA (2011). Anti-Money Laundering Forum: The Lawyers Guide to Legislation and Compliance on the UK, available at
Kirby, D. J., (2008). The European Unions Gatekeeper Initiative: The European Union Enlists Lawyers in the Fight against Money Laundering and Terrorist Financing, Hofstra Law Review, 37:261.
Lim, F. E., (2004). Anti-Money Laundering Initiatives: Ramifications On The Legal Profession, ASEAN Law Association Conference 2003.
MacDonald, R. J. QC (2010). Money Laundering Regulation – What Can be Learned from the Canadian Experience, ABA Journal of the Professional Lawyers.
Mohd Yasin, N., (2007). Legal Aspects of Money Laundering in Malaysia from the Common Law Perspective, Lexis- Nexis, Kuala Lumpur.
Nikolosk, S., & Simonovski, I. (2012). The role of Banks as Entity in the System for Prevention of Money Laundering in the Macedonia. Procedia - Social and Behavioral Sciences, 44(0), 453-459.
ODoherty, S., (2005). Solicitors and Money Laundering, Justice of the Peace, 169, 288.
Samuels, A., (2004). Proceeds of Crime: Structure, Principles, Problems, Justice of the Peace, 168, 551.
Shanmugam, B. & Thanasegaran, H. (2008). Combating Money Laundering in Malaysia, Journal of Money Laundering Control. Vol. 11 No. 4.
Shepherd, K.L., (2009). Guardians at the Gate: The Gatekeeper Initiative and the Risk-Based Approach for Transactional Lawyers, RealvProperty, Trust and Estate Law Journal, 43.
Simser, J., (2013). Money Laundering: Emerging Threats and Trends, Journal of Money Laundering Control, 16(1), 41-54.