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Papers by Haemala Thanasegaran

The previous chapters of this book undertook a detailed doctrinal analysis of the need for and ty... more The previous chapters of this book undertook a detailed doctrinal analysis of the need for and type of legal reform of the law and practice governing insurance and takaful contracts in Malaysia. This penultimate chapter proposes additional justification for such reform, from a socio-cultural perspective. This is due to an appreciation of law reform as being part of the broader social sciences namely sociology, economics and political science and that an examination of this is necessary for any suitable law reform proposal. This chapter in focusing on the social aspects of law reform will pay particular attention to the law and society movement which is an amalgam of law, sociology, political science, anthropology and history, with lesser bits of economics and psychology. In doing so it will set out the relevant empirical studies in the field, with principal reference to Malaysia, to justify reform being undertaken in a holistic sense.

The previous chapters of this book undertook a detailed doctrinal analysis of the need for and ty... more The previous chapters of this book undertook a detailed doctrinal analysis of the need for and type of legal reform of the law and practice governing insurance and takaful contracts in Malaysia. This penultimate chapter proposes additional justification for such reform, from a socio-cultural perspective. This is due to an appreciation of law reform as being part of the broader social sciences namely sociology, economics and political science and that an examination of this is necessary for any suitable law reform proposal. This chapter in focusing on the social aspects of law reform will pay particular attention to the law and society movement which is an amalgam of law, sociology, political science, anthropology and history, with lesser bits of economics and psychology. In doing so it will set out the relevant empirical studies in the field, with principal reference to Malaysia, to justify reform being undertaken in a holistic sense.

Journal of Money Laundering Control, May 9, 2008

PurposeOwing to the vital role played by the insurance sector in the economic growth of a country... more PurposeOwing to the vital role played by the insurance sector in the economic growth of a country, the purpose of this paper is to highlight the serious threat posed by money laundering activities in exploiting the insurance industry, from the Malaysian perspective.Design/methodology/approachProvides a description of the risks posed by money laundering in the insurance sector, along with some useful case examples as illustration. Highlights the measures developed and adopted to control money laundering in the Malaysian insurance sector, with some thoughts on the importance of staying vigilant, as it is the only way in which to effectively counter the menace of money laundering in the sector.FindingsResearch shows that two‐thirds of the cases worldwide associated with money laundering in the insurance sector, related to life insurance products, with general insurance accounting for most of the remaining third of the cases reported. Apart from this, insurance intermediaries like agents and brokers, who are an important direct distribution channel for the sector, are easily subject to exploitation by money launderers.Practical implicationsThe practical implication of this paper is to stress the importance of detecting signs of money laundering activities, as early prevention is the best alternative for insurance companies in countering money laundering in the industry.Originality/valueThe formal reporting measures put in place by the Anti‐Money Laundering Act 2001 are a step in the right direction by the Malaysian Government. However, this paper serves as a reminder that in spite of such measures, the insurance sector is particularly vulnerable to money laundering activities, owing to the sector's rapid growth in offering innovative and sophisticated products and services worldwide. Thus, this paper makes for a useful read for practitioners, academics, policymakers and students alike.

Journal of Money Laundering Control, Oct 17, 2008

Money laundering is a global threat to financial institutions especially the banking industry sin... more Money laundering is a global threat to financial institutions especially the banking industry since it may weaken and expose the institutions to serious risks such as operational, legal and reputational risks. Against this background, the objectives of the study are to analyse the current practice on the prevention of money laundering in selected banks in Malaysia, to investigate the barriers to the implementation of effective Anti-Money Laundering (AML) regulations and to identify the ways to improve the implementation of AML in Malaysia. The study was conducted using qualitative method via interviews with 6 respondents from 6 Islamic & Conventional banks in Malaysia. The preliminary findings showed that the banking institutions' current practice is fully complying with AML regulations under the AMLA 2001. The findings also demonstrated that the barriers to effective implementation of AML regulations are in line with those of previous study, which are lack of expert staff as the top factor together with an additional factor, which is lack of customers' education and awareness on money laundering. Hence, to improve the implementation of AML in Malaysia, this study suggested to firstly strengthen the collaboration with government and relevant authorities to ensure strong enforcement action is taken against the criminals. Secondly, collaboration of BNM with banks and local media to increase public awareness and education on financial crime. Thirdly, to invest on employee training, upgrading system management as well as sufficient resources in compliance unit and finally to intensify the "Three Lines of Defence" in Bank Risk Management.

This chapter builds on the preliminary description of the pre-contractual duty of disclosure and ... more This chapter builds on the preliminary description of the pre-contractual duty of disclosure and misrepresentation and their relationship to the concept of utmost good faith offered in Chap. 2. It analyses the elements of the duties as embodied in ss18 (2) and 20 (2) of the Marine Insurance Act 1906 (UK) and their development with respect to the United Kingdom and Malaysia, as well as the effect of selected provisions of the Insurance Act 1996 (Malaysia) and its successor, the Financial Services Act 2013 (Malaysia) with respect to Malaysia, before providing a comparison with the Australian Insurance Contracts Act 1984 (Cth).

Journal of Money Laundering Control, Oct 23, 2007

PurposeThe purpose of this paper is to highlight the dangers posed by money‐laundering activities... more PurposeThe purpose of this paper is to highlight the dangers posed by money‐laundering activities undertaken by criminals through the international trade mechanism, from the Malaysian perspective.Design/methodology/approachThis is to be achieved by providing a description of the money‐laundering process in general and, more specifically, the international trade‐based money‐laundering mechanism. This is followed by an account of the development of international trade in Malaysia and related control mechanisms undertaken, so as to highlight the scope available to curb money laundering via the international trade mechanism in Malaysia.FindingsThe research showed two things: first, that the common techniques of laundering money via international trade involve over‐ and under‐invoicing of goods, multiple invoicing of goods, over‐ and under‐shipment of goods, falsely described goods and complex trade approaches; and second, the unfortunate state of affairs pertaining to the lack of data/information available on the existence and workings of such activity in the Malaysian context (which has in part hampered the aims of this paper).Practical implicationsNevertheless, this paper has the practical implication of being something of a wake‐up call to the Malaysian policymakers (and the policymakers of developing countries), in that awareness of the impending challenges brought about by money laundering to international trade is crucial in tackling the menace.Originality/valueThis paper's call for increasing awareness and identification of international trade‐based money laundering and improving international cooperation and interaction makes it a useful read for policymakers, academics and students alike.

International Company and Commercial Law Review, 2011

Singapore journal of legal studies, Jul 1, 2008

... Like Singapore, the conventional insurance and takaful industries are regulated by the same l... more ... Like Singapore, the conventional insurance and takaful industries are regulated by the same legislation, Act No. 10 of the Supervision and Control of Insurance in Egypt and the ExecutiveRegulations of 1981, and are monitored by the Egyptian Supervisory Authority under the ...

This thesis evaluates whether the duty of utmost good faith (the cornerstone of insurance contrac... more This thesis evaluates whether the duty of utmost good faith (the cornerstone of insurance contracts) is effectively regulated and in tum, observed by insurers and insureds alike in Malaysia. This is researched by evaluating the adequacy of the Insurance Act 1996 (Malaysia) and the Takaful Act 1984 (Malaysia), along with the supporting infrastructure and measures introduced by the Malaysian government in providing for the adherence to the duty of utmost good faith throughout the various stages of the insurance contract. The duty of utmost good faith is of a continuing nature spanning from the pre-contractual stage right through to claims settlement. During this period, the duty is imposed on insurers, insureds and intermediaries such as agents and brokers with respect to the requirement of disclosure and representation of material facts; construction of policy terms; and claims settlement practices. The thesis evaluates this duty from both a doctrinal as well as social science perspective, in order to propose suitable legal reform. The former is undertaken by means of a comparative analysis of the Malaysian position with other common law jurisdictions, mainly the United Kingdom, Australia, New Zealand and Singapore, throughout the various stages of an insurance contract. The latter analyses the position in Malaysia, and proposes reform from a socio-economic perspective. Socio-cultural perspectives are considered because they underpin the effectiveness or otherwise of a legal system (and by analogy any law). Thus, the thesis examines Malaysian legal culture to ascertain whether it supports the existing insurance law and structure or it calls for reform. Economic perspectives are considered to weigh the cost and benefits of the current position and proposed reforms. The thesis finds that reforms are needed to improve Malaysian law and practice regulating utmost good faith in insurance contracts. The reforms need to cover substantive and procedural issues relating to non-disclosure, misrepresentation of material facts, the role and influence of intermediaries in respect of disclosure, claims handling and settlement practices, and enhancement in the role of mediation in settling insurance disputes. The thesis proposes reforms on these issues.

Dubai International Conference in Higher Education 2015, Feb 1, 2015

This thesis evaluates whether the duty of utmost good faith (the cornerstone of insurance contrac... more This thesis evaluates whether the duty of utmost good faith (the cornerstone of insurance contracts) is effectively regulated and in tum, observed by insurers and insureds alike in Malaysia. This is researched by evaluating the adequacy of the Insurance Act 1996 (Malaysia) and the Takaful Act 1984 (Malaysia), along with the supporting infrastructure and measures introduced by the Malaysian government in providing for the adherence to the duty of utmost good faith throughout the various stages of the insurance contract. The duty of utmost good faith is of a continuing nature spanning from the pre-contractual stage right through to claims settlement. During this period, the duty is imposed on insurers, insureds and intermediaries such as agents and brokers with respect to the requirement of disclosure and representation of material facts; construction of policy terms; and claims settlement practices. The thesis evaluates this duty from both a doctrinal as well as social science perspe...

The previous chapters of this book undertook a detailed doctrinal analysis of the need for and ty... more The previous chapters of this book undertook a detailed doctrinal analysis of the need for and type of legal reform of the law and practice governing insurance and takaful contracts in Malaysia. This penultimate chapter proposes additional justification for such reform, from a socio-cultural perspective. This is due to an appreciation of law reform as being part of the broader social sciences namely sociology, economics and political science and that an examination of this is necessary for any suitable law reform proposal. This chapter in focusing on the social aspects of law reform will pay particular attention to the law and society movement which is an amalgam of law, sociology, political science, anthropology and history, with lesser bits of economics and psychology. In doing so it will set out the relevant empirical studies in the field, with principal reference to Malaysia, to justify reform being undertaken in a holistic sense.

The previous chapters of this book undertook a detailed doctrinal analysis of the need for and ty... more The previous chapters of this book undertook a detailed doctrinal analysis of the need for and type of legal reform of the law and practice governing insurance and takaful contracts in Malaysia. This penultimate chapter proposes additional justification for such reform, from a socio-cultural perspective. This is due to an appreciation of law reform as being part of the broader social sciences namely sociology, economics and political science and that an examination of this is necessary for any suitable law reform proposal. This chapter in focusing on the social aspects of law reform will pay particular attention to the law and society movement which is an amalgam of law, sociology, political science, anthropology and history, with lesser bits of economics and psychology. In doing so it will set out the relevant empirical studies in the field, with principal reference to Malaysia, to justify reform being undertaken in a holistic sense.

Journal of Money Laundering Control, May 9, 2008

PurposeOwing to the vital role played by the insurance sector in the economic growth of a country... more PurposeOwing to the vital role played by the insurance sector in the economic growth of a country, the purpose of this paper is to highlight the serious threat posed by money laundering activities in exploiting the insurance industry, from the Malaysian perspective.Design/methodology/approachProvides a description of the risks posed by money laundering in the insurance sector, along with some useful case examples as illustration. Highlights the measures developed and adopted to control money laundering in the Malaysian insurance sector, with some thoughts on the importance of staying vigilant, as it is the only way in which to effectively counter the menace of money laundering in the sector.FindingsResearch shows that two‐thirds of the cases worldwide associated with money laundering in the insurance sector, related to life insurance products, with general insurance accounting for most of the remaining third of the cases reported. Apart from this, insurance intermediaries like agents and brokers, who are an important direct distribution channel for the sector, are easily subject to exploitation by money launderers.Practical implicationsThe practical implication of this paper is to stress the importance of detecting signs of money laundering activities, as early prevention is the best alternative for insurance companies in countering money laundering in the industry.Originality/valueThe formal reporting measures put in place by the Anti‐Money Laundering Act 2001 are a step in the right direction by the Malaysian Government. However, this paper serves as a reminder that in spite of such measures, the insurance sector is particularly vulnerable to money laundering activities, owing to the sector's rapid growth in offering innovative and sophisticated products and services worldwide. Thus, this paper makes for a useful read for practitioners, academics, policymakers and students alike.

Journal of Money Laundering Control, Oct 17, 2008

Money laundering is a global threat to financial institutions especially the banking industry sin... more Money laundering is a global threat to financial institutions especially the banking industry since it may weaken and expose the institutions to serious risks such as operational, legal and reputational risks. Against this background, the objectives of the study are to analyse the current practice on the prevention of money laundering in selected banks in Malaysia, to investigate the barriers to the implementation of effective Anti-Money Laundering (AML) regulations and to identify the ways to improve the implementation of AML in Malaysia. The study was conducted using qualitative method via interviews with 6 respondents from 6 Islamic & Conventional banks in Malaysia. The preliminary findings showed that the banking institutions' current practice is fully complying with AML regulations under the AMLA 2001. The findings also demonstrated that the barriers to effective implementation of AML regulations are in line with those of previous study, which are lack of expert staff as the top factor together with an additional factor, which is lack of customers' education and awareness on money laundering. Hence, to improve the implementation of AML in Malaysia, this study suggested to firstly strengthen the collaboration with government and relevant authorities to ensure strong enforcement action is taken against the criminals. Secondly, collaboration of BNM with banks and local media to increase public awareness and education on financial crime. Thirdly, to invest on employee training, upgrading system management as well as sufficient resources in compliance unit and finally to intensify the "Three Lines of Defence" in Bank Risk Management.

This chapter builds on the preliminary description of the pre-contractual duty of disclosure and ... more This chapter builds on the preliminary description of the pre-contractual duty of disclosure and misrepresentation and their relationship to the concept of utmost good faith offered in Chap. 2. It analyses the elements of the duties as embodied in ss18 (2) and 20 (2) of the Marine Insurance Act 1906 (UK) and their development with respect to the United Kingdom and Malaysia, as well as the effect of selected provisions of the Insurance Act 1996 (Malaysia) and its successor, the Financial Services Act 2013 (Malaysia) with respect to Malaysia, before providing a comparison with the Australian Insurance Contracts Act 1984 (Cth).

Journal of Money Laundering Control, Oct 23, 2007

PurposeThe purpose of this paper is to highlight the dangers posed by money‐laundering activities... more PurposeThe purpose of this paper is to highlight the dangers posed by money‐laundering activities undertaken by criminals through the international trade mechanism, from the Malaysian perspective.Design/methodology/approachThis is to be achieved by providing a description of the money‐laundering process in general and, more specifically, the international trade‐based money‐laundering mechanism. This is followed by an account of the development of international trade in Malaysia and related control mechanisms undertaken, so as to highlight the scope available to curb money laundering via the international trade mechanism in Malaysia.FindingsThe research showed two things: first, that the common techniques of laundering money via international trade involve over‐ and under‐invoicing of goods, multiple invoicing of goods, over‐ and under‐shipment of goods, falsely described goods and complex trade approaches; and second, the unfortunate state of affairs pertaining to the lack of data/information available on the existence and workings of such activity in the Malaysian context (which has in part hampered the aims of this paper).Practical implicationsNevertheless, this paper has the practical implication of being something of a wake‐up call to the Malaysian policymakers (and the policymakers of developing countries), in that awareness of the impending challenges brought about by money laundering to international trade is crucial in tackling the menace.Originality/valueThis paper's call for increasing awareness and identification of international trade‐based money laundering and improving international cooperation and interaction makes it a useful read for policymakers, academics and students alike.

International Company and Commercial Law Review, 2011

Singapore journal of legal studies, Jul 1, 2008

... Like Singapore, the conventional insurance and takaful industries are regulated by the same l... more ... Like Singapore, the conventional insurance and takaful industries are regulated by the same legislation, Act No. 10 of the Supervision and Control of Insurance in Egypt and the ExecutiveRegulations of 1981, and are monitored by the Egyptian Supervisory Authority under the ...

This thesis evaluates whether the duty of utmost good faith (the cornerstone of insurance contrac... more This thesis evaluates whether the duty of utmost good faith (the cornerstone of insurance contracts) is effectively regulated and in tum, observed by insurers and insureds alike in Malaysia. This is researched by evaluating the adequacy of the Insurance Act 1996 (Malaysia) and the Takaful Act 1984 (Malaysia), along with the supporting infrastructure and measures introduced by the Malaysian government in providing for the adherence to the duty of utmost good faith throughout the various stages of the insurance contract. The duty of utmost good faith is of a continuing nature spanning from the pre-contractual stage right through to claims settlement. During this period, the duty is imposed on insurers, insureds and intermediaries such as agents and brokers with respect to the requirement of disclosure and representation of material facts; construction of policy terms; and claims settlement practices. The thesis evaluates this duty from both a doctrinal as well as social science perspective, in order to propose suitable legal reform. The former is undertaken by means of a comparative analysis of the Malaysian position with other common law jurisdictions, mainly the United Kingdom, Australia, New Zealand and Singapore, throughout the various stages of an insurance contract. The latter analyses the position in Malaysia, and proposes reform from a socio-economic perspective. Socio-cultural perspectives are considered because they underpin the effectiveness or otherwise of a legal system (and by analogy any law). Thus, the thesis examines Malaysian legal culture to ascertain whether it supports the existing insurance law and structure or it calls for reform. Economic perspectives are considered to weigh the cost and benefits of the current position and proposed reforms. The thesis finds that reforms are needed to improve Malaysian law and practice regulating utmost good faith in insurance contracts. The reforms need to cover substantive and procedural issues relating to non-disclosure, misrepresentation of material facts, the role and influence of intermediaries in respect of disclosure, claims handling and settlement practices, and enhancement in the role of mediation in settling insurance disputes. The thesis proposes reforms on these issues.

Dubai International Conference in Higher Education 2015, Feb 1, 2015

This thesis evaluates whether the duty of utmost good faith (the cornerstone of insurance contrac... more This thesis evaluates whether the duty of utmost good faith (the cornerstone of insurance contracts) is effectively regulated and in tum, observed by insurers and insureds alike in Malaysia. This is researched by evaluating the adequacy of the Insurance Act 1996 (Malaysia) and the Takaful Act 1984 (Malaysia), along with the supporting infrastructure and measures introduced by the Malaysian government in providing for the adherence to the duty of utmost good faith throughout the various stages of the insurance contract. The duty of utmost good faith is of a continuing nature spanning from the pre-contractual stage right through to claims settlement. During this period, the duty is imposed on insurers, insureds and intermediaries such as agents and brokers with respect to the requirement of disclosure and representation of material facts; construction of policy terms; and claims settlement practices. The thesis evaluates this duty from both a doctrinal as well as social science perspe...