Empowering young people against financial crime : education about anti-money laundering and combating the financing of terrorism in business subjects

Abstract

Fraud and cybercrime are rapidly increasing crimes, particularly targeting young people under the age of 21 (CIFAS, 2023). Furthermore, young individuals often perceive actions like lying on a CV or using their parents' information for cheaper insurance as normal. Addressing this educational need is crucial. The lack of education on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) in secondary schools hinders young people from preventing financial crimes and protecting the global financial system. This study investigates the perceptions of AML/CFT in Malta and explores pedagogical approaches for educating young people on this topic. The study's results reveal that AML/CFT is viewed as a pressing and timely issue in Malta, driven by local events and technological advancements. The study recommends that AML/CFT education can be integrated into various areas of the business education curriculum, and taught as an interdisciplinary approach with other subjects. The researcher argues that responsible financial practices need to be incorporated into the education of students from all disciplines, to promote good citizenship and ethical decision-making in the personal and professional contexts.