Level of Awareness and Understanding towards Money Mule Among Malaysian Citizens

Abstract

Objective: Money mule is a bank account used by another person unknowingly or voluntarily by the owner of the account to obtain a reward or by fraudulent means for illegal or illegal financial transactions. Syndicates usually get these mule accounts (also known as surrogate accounts) by deceiving those who need extra income and have a low level of financial literacy. This study will determine the level of awareness towards money mule and understanding towards the dangerous of money mule. In this research, both quantitative and qualitative approaches will be employed with surveys and interviews. Methodology: A Systematic Review was conducted in this study considering potential articles published from January 2020 to October 2021. Electronic data collection through Goggle Scholar (50 journals) was identified to studies related to the level of awareness on money mule or money laundering. Findings: This study concludes that, although the law enforcement agencies have the power to investigate money laundering and terrorism financing under the act, Malaysia is lacking in having a good investigative support system to assist the law enforcement agencies during the investigation process. Implications: Special attention should be given to any complex and unusual business transactions, especially if there seems to be an unlawful purpose. Programs to educate public on money laundering should be found in order to raise awareness towards money laundering and financing of terrorism.

Keywords

• Money Mule
• Illicit funds
• Money laundering