The Accounting Research Institute (ARI) congratulates students from the AFC713 class for a very creative seminar presentation on money laundering. The so-called "Tell-lah" talk show aims to educate professionals such as accountants, lawyers, real estate agents, precious stone dealers and company secretaries on their responsibilities to mitigate money laundering activities. Today, money launderers have shifted their modus operandi from using financial institutions to using these professionals as conduits in their money laundering activities. The "Tell-lah" talk show highlights the responsibilities of professional accountants, also known as "Designated Non-Financial Businesses and Professions or DNFBPs" who as reporting institutions, must at least do the following basic tasks: (1) Keeping detailed records of transactions, (2) Conducting Customer Due Diligence and (3) Reporting Suspicious Transactions. The class had earlier conducted an online questionnaire survey on professional accountants and shared their research findings in the "Tell-lah" talkshow. Interestingly, the survey found that in general, the professionals are aware of the legislative requirements of the Anti-Money Laundering and Anti Financial Terrorism Act (AMLATFA 2001). On the questions as to why the compliance rate on AMLATFA is low among DNFBPs, the survey highlighted three very important findings. Firstly, the cost of compliance, which involve high cost in providing awareness on AML-CFT Compliance programs. Secondly, ineffective training CPD program to highlight real money laundering typologies and finally, relates to their perceptions on the ineffective enforcement of the law. Another interesting observation is the fact that they (the professionals) do not think that their clients "are involved in money laundering activities. The "Tell-lah" talkshow provided some interesting recommendations which included introducing talkshows and short anti-money laundering campaigns in advertorials in the media. Congratulations class for job well done.
