Effects of anti-money laundering and anti-terrorism financing law on innovation of mobile payment systems in Malaysia

Mhd Sarif, Suhaimi and Maidin, Ainul Jaria and Ibrahim, Jamaludin and Ahmad Dahlan, Abdul Rahman (2019) Effects of anti-money laundering and anti-terrorism financing law on innovation of mobile payment systems in Malaysia. In: Emerging Issues in Islamic Finance, Law and Practice in Malaysia. Emerald Publishing Limited, Howard House, Wagon Lane, Bingley BD16 1WA, UK, pp. 117-128. ISBN 978-1-78973-546-8

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Abstract

Dynamism of digital economy requires innovation in the mobile payment system to provide for the free flow of information to facilitate electronic transactions. However, regulations and standards were introduced at the global and country levels to impose limitations on mobile payment system to protect consumers’ interests. The Malaysian government introduced the Anti-money Laundering, Anti-terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613) (AMLA) to protect the people from being involved in offences both locally and internationally and an unlawful activity carried out physically or by using virtual mechanisms. It is argued in this study that AMLA has hindered the innovation of the digital economic system that is promoted by the government in line with global developments. The research method adopted is personal interview with selected respondents to gather their views on the challenges posed by the restrictions imposed by AMLA that has had the impact of limiting innovations in the mobile payment system sector.

Item Type:	Book Chapter
Additional Information:	3328/77611
Uncontrolled Keywords:	Money laundering; terrorism financing; mobile payment system; legal measures; Malaysia
Subjects:	H Social Sciences > HF Commerce > HF5001 Business. Business Administration > HF5387 Business ethics
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Economics and Management Sciences > Department of Business Administration
Depositing User:	Dr Suhaimi Mhd Sarif
Date Deposited:	30 Dec 2019 09:46
Last Modified:	31 Dec 2019 09:09
URI:	http://irep.iium.edu.my/id/eprint/77611

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