The changing post-2000 anti-money laundering role of the Maltese accountancy profession

Abstract

Purpose: The objective of this dissertation is to ascertain the changes in the regulatory framework relating to anti-money laundering in so far as it is relevant to the Maltese accountancy profession in the years 2001-2010 and to assess the changing role of the accountancy profession in combatting money laundering in response to such changes. Design: The objectives were reached through a series of semi-structured interviews and questionnaires conducted with a sample of local accountants, auditors and money laundering reporting officers. Findings: This study reveals that the new requirements and obligations in relation to anti-money laundering have changed the practices of the local accountancy profession which has led to a change in their role and responsibilities. The study also reveals that over the last ten years, the accountancy profession has become more familiar with the requirements and their responsibilities are fully understood by all local accountants/auditor. The overall response of the local accountancy profession to new obligations imposed on them was relatively high. However it was found that there is still room for improvement as not all the local accountants/auditors have implemented all the requirements. Conclusions: This study concludes that in the last ten years, the responsibilities of the accountants/auditors have changed. Since the responsibilities of the accountancy profession has changed, their role to serve as a member of the accountancy profession to combat money laundering has also changed. Moreover, the response of the local accountancy profession towards the change in the regulatory framework has significantly increased. Almost all the members abide by these new rules and regulation to combat money laundering. Value: This study has shown that the accountancy profession plays an important role in combatting money laundering. It should bring awareness that although almost all the members of the accountancy profession adhere to the requirements, there are still room for improvement as not all of the practitioners have implemented all the rules. Hence authorities should take additional measures to make sure that the response of the local accountancy profession will be at its utmost.