Money laundering laws and principles of Shari'ah: dancing to the same beat?

Research output: Contribution to journalArticle

Abstract

PurposeThe purpose of this paper is to analyse the criminalisation of money laundering, corporate criminal liability for money laundering, equitable liability of professional intermediaries for money laundering and defence of disclosure from the perspective of Shari'ah. Design/methodology/approachThe approach is to interpret and analogise the injunctions in the primary sources of Shari'ah, namely the Qur'an and Sunnah. FindingsIn Islam, money laundering can be classified as a criminal offence of ta'zir, corporations cannot be made criminally liable for money laundering, professional intermediaries can be made equitably liable for money laundering and defence of disclosure is acceptable. Practical implicationsMoney laundering laws can be adopted with some modifications by Muslim jurisdictions where Shari'ah is the principal source of law. Originality/valueThe paper presents novel insights into the compatibility of money laundering laws with the principles of Shari'ah.

Original languageEnglish
Pages (from-to)198-209
Number of pages12
JournalJournal of Money Laundering Control
Volume14
Issue number3
DOIs
Publication statusPublished - 19 Jul 2011

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money laundering
Law
liability
source of law
criminalization
Islam
jurisdiction
corporation
Muslim
offense
Liability
Intermediaries
Disclosure
methodology

Keywords

  • Crimes
  • Finance
  • Islam
  • Money laundering

ASJC Scopus subject areas

  • Law
  • Public Administration
  • Economics, Econometrics and Finance(all)

Cite this

Money laundering laws and principles of Shari'ah: dancing to the same beat? / Abdul Jabbar, Siti Faridah.

In: Journal of Money Laundering Control, Vol. 14, No. 3, 19.07.2011, p. 198-209.

Research output: Contribution to journalArticle

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