Ancient Wisdom on Combating Money Laundering & Terrorism Financing:A Solution from a 1400-Year-Old BOOK
DOI:
https://doi.org/10.70091/vol06no01.014Keywords:
Quran, money laundering, terrorism financing and global peaceAbstract
The modern AML and CTF regulations reflect ancient moral and ethical guidance from Islamic scripture. In our modern world, combating money laundering and terrorism financing has become a pressing global concern. Governments, financial institutions, and law enforcement agencies around the world are constantly striving to develop new strategies and technologies to combat these illicit activities. However, what if the solution to this age-old problem lies in ancient wisdom? Surprisingly, a 1400-year-old book offers valuable insights and guidance on how to tackle money laundering and terrorism financing effectively. Islamic teachings in the Quran strongly emphasize honesty, trustworthiness, fairness, justice, charity, and social responsibility. In Quran Surah Al Ahzab Verse 70 “O you who believe! Have Taqwa of Allah and speak (always) the truth”. Meaning, to speak straightforwardly, with no crookedness or distortion. Surah Al-Baqarah, 2-Verse 42 “And do not mix up the truth with falsehood, nor conceal the truth deliberately.” In the modern age, financial crimes such as money laundering, and terrorist financing, pose significant threats to global economic stability and security. The Quran's teachings on financial ethics emphasize transparency and accountability, which are crucial in combating modern financial crimes. The core theme of this paper centers on direct quotes from the Quran, where Allah (God) clearly commands His followers to uphold global security and social justice as fundamental purposes of Islam. These teachings highlight the responsibility of Muslims to ensure fairness in their dealings and to support structures that promote peace and justice across the world. The Quran's teachings from 1,400 years ago are remarkably relevant to modern definitions of money laundering and terrorism financing. These timeless principles continue to provide valuable insights into creating ethical and secure financial systems that protect against corruption, fraud, and the funding of terrorism. This paper argues that modern anti-money laundering and counter-terrorist financing laws are not novel concepts but are rooted in teachings from the Holy Quran.
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