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Implications of anti-money laundering law for accountancy in the European Union - A comparative study

Turksen, Umut


Umut Turksen


Umut Turksen


This chapter examines the role of accountants in relation to anti-money laundering (AML) legislation the European Union and provides a comparative study and literature review of AML legislative preventative measures. National legislation in these jurisdic- tions will be critiqued against the Third Money Laundering Directive require- ments 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 effectiveness and efficiency of the AML within the EU, it is important for the government authorities to coordinate their efforts with the relevant accountancy regula- tory bodies and provide a secure environment in which suspicious activities can be reported effectively. This chapter also comments whether a well- established dialogue and coordination exist between accountancy regulatory bodies and law enforcement agencies.

Publication Date Nov 4, 2014
Peer Reviewed Peer Reviewed
Pages 75-109
Series Title The Law of Financial Crime
Book Title Fighting Financial Crime in the Global Economic Crisis
ISBN 9780415706933
Keywords money laundering, financial crime, European Union
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