The availability of the elements for implementing the internal control system to reduce the phenomenon of money laundering

Abstract

This study aimed primarily to identify the availability of the components of applying the internal control system to reduce the phenomenon of money laundering in the five Islamic Bank and Zliten branches. To achieve the purposes of the study, the descriptive and analytical approach was used by studying a sample of Islamic banks. The study reached several results, the most important of which are: The five branches of the Islamic Bank and Zliten have the capabilities to implement a good internal control system, which in turn contributes to reducing the phenomenon of money laundering, Likewise, the three dimensions under study received high practice in terms of the availability of an organizational structure, a sound accounting system, and also the availability of an efficient internal audit apparatus as components of the internal control system to reduce the phenomenon of money laundering. The study presented several recommendations, including: obliging branches affiliated with the main administration to work according to a clear organizational structure that does not There is any difficulty in understanding the method of work, and the necessity of providing self-control over the departments through the organizational structure to achieve the greatest degree of accuracy and reduce the oversight effort, and to ensure the presence of a set of accounting books and records to perform daily work in accordance with generally accepted assumptions and principles.