Implications of Anti-money Laundering Law for Accountancy in the European Union – A comparative study

Examines the role of accountants in relation to anti-money laundering (AML) legislation in the European Union and provides a comparative study and literature review of AML legislative preventative measures. National legislation in these jurisdictions will be critiqued against the Third Money Laundering Directive requirements and Financial Action Task Force recommendations as well as the proposed fourth EU anti-money laundering legislation. The scope of the chapter includes, inter alia, the criminalisation of money laundering, recording and reporting obligations for accountants, and the enforcement and sanctions mechanisms within selected AML regimes. In order to enhance the effectiveness and efficiency of the AML within the EU, it is important for the government authorities to coordinate their efforts with the relevant accountancy regulatory bodies and provide a secure environment in which suspicious activities can be reported effectively. This chapter also comments on whether a well-established dialogue and coordination exist between accountancy regulatory bodies and law enforcement agencies.