Awareness of money laundering issues as important as ever

Are money laundering and corruption still relevant topics during a pandemic where most individuals would be concerned about employment and vaccination issues?

According to Chng Keng Lung, a litigator of the regulatory compliance group Lee Hishammuddin Allen & Gledhill, corruption would lead to a diversion of resources, affecting the healthcare services of a country.

Money laundering is a serious crime (Source: Unsplash)

He was speaking on anti-corruption laws in Malaysia and the concept of corruption at a webinar organized by the School of Professional Studies of Taylor’s College entitled, “Business Ethics & Saying No to Corruption & Money Laundering”.

Bryan Chan Loke Teng, a lecturer from the School of Professional Studies said the workshop was organized in response to the growing number of financial scandals around the world.

He said that professionals should be updated with knowledge of ethical practices to prevent the loss of self-reputation, loss of jobs, and various punishments.

Furthermore, students need to be aware of issues surrounding corruption in the workplace.

It is even more crucial for commercial organisations to take measures in preventing corruption as newer provisions such as Section 17A of the Malaysian Anti-Corruption Commission Act, enacted by the Parliament in June 2020, holds corporations liable for corrupt actions of employees.

Chng also gave attendees an overview of money laundering, terrorism financing, and the responsibilities of reporting institutions in Malaysia.

At the end of the webinar, attendees were invited to analyse several case studies to apply the knowledge gained in practical situations.

Drawing upon his past experiences, Chng advised attendees on the correct steps to take in each situation.

Ng Kai Jian, from the School of Pharmacy, commented that although he did gain interesting insights from the webinar, he hoped that the speaker could have shared some of the cases he has personally worked on so that he could relate more to the usual practice in Malaysia.