Money laundering and the financing of terrorist organisations
has been a source of worry for policymakers and business
executives.
According to Section 18(2) of the Money Laundering (Prevention
and Prohibition) Act 2022, money laundering includes concealment,
disguise, conversion, transfer or control of any fund or property
intentionally with the knowledge that such fund or property is or
forms part of the proceeds of an unlawful act. On the other hand,
terrorist financing means providing funding to terrorists and their
networks to enable them carry out acts of terrorism.
Money laundering funds are from an illegal source. However, in
terrorist financing, funds may originate from either legal or
illegal sources. The objective of terrorist financing is not
necessarily to conceal the source of the funds but to conceal the
activity funded.
