Money laundering is a very serious offence and may cause severe economic repercussion According to the United Nations, an estimated $1.6 trillion was laundered globally in 2009, which is destroying society and economy (Roberto, 2012). Money laundering is basically the concealment of unlawful money that is acquired via unlawful methods. There are various views on the how the term ‘money laundering’ was coined, with one of the views being that mafia/drug dealers would set up laundromat outlets as means to cleanse their illegal proceeds (Yasin, 2012: 296). The paper identifies some of the regulations that are created to combat money laundering globally including Muslim countries. However, the aim of the paper is to highlight the Islamic perspective of money laundering, by stating what Islam recognizes as money and what activities could be consider as unlawful usage of money.
