Title page for ETD etd-05032012-152501


Document Type Master's Dissertation
Author Cullen, Catherine
Email catcullen@gmail.com
URN etd-05032012-152501
Document Title The reporting responsibilities of accountants in terms of South African anti-money laundering legislation
Degree MPhil
Department Accounting
Supervisor
Advisor Name Title
Mr D du Plessis Supervisor
Keywords
  • suspicious transaction reporting
  • Financial Intelligence Centre Act
  • money laundering
  • accountant
  • accounting profession
  • auditor
  • Financial Action Task Force
  • FATF
  • United Kingdom
  • No 38 of 2001
  • anti-money laundering
  • FICA
  • European Union
  • Section 29 of Financial Intelligence Centre Act
Date 2012-09-05
Availability unrestricted
Abstract
Criminals make use of accountants to assist them, knowingly or unknowingly, with complex money laundering schemes. The nature of the accounting profession places accountants in an ideal position to identify possibly money laundering activities.

The purpose of this research is to consider whether the reporting obligations of South African accountants in terms of section 29 of the Financial Intelligence Centre Act, No 38 of 2001, as amended, corresponds sufficiently with the services they provide so as to constitute an effective anti-money laundering measure. In order to evaluate the relevance of section 29, the reporting requirements of accountants practising in South Africa are compared with those of the European Union and the United Kingdom, as well as the requirements of the Financial Action Task Force. The research study will also analyse the money laundering process and the nature of the accounting profession and consider some of the methods used to perpetrate money laundering applicable to accountants.

The research found that accountants in South Africa have a duty to report suspicious transactions only when they are party to such transactions or when they are going either to receive the proceeds of crime or be used for money laundering purposes. Accordingly, in view of the fact that accountants are more likely to be in a position to observe money laundering than to be party to such a transaction, the requirements of section 29 of the Financial Intelligence Centre Act, No 38 of 2001, as amended, are not effective when applied to accountants.

Copyright 2012, University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria.

Please cite as follows:

Cullen, C 2012, The reporting responsibilities of accountants in terms of South African anti-money laundering legislation, MPhil dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://upetd.up.ac.za/thesis/available/etd-05032012-152501/ >

C12/9/208/gm

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