Examining the implications of the anti-money laundering and countering financing of Terrorism Act 2009 on New Zealand accounting firms

Evenbly, Jenna and Saadeh, Ahmed (2018) Examining the implications of the anti-money laundering and countering financing of Terrorism Act 2009 on New Zealand accounting firms. Applied Management Conference, Hamilton, New Zealand, 23-25 October, 2018.

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Abstract or Summary

Money laundering is the act of introducing illicitly gained funds into the economy to assist in concealing their origin. On October 1 2018, it became mandatory for most New Zealand accounting firms to comply with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The purpose of this act is to help detect and deter money laundering within New Zealand. The AML/CFT Act creates additional requirements for accounting firms and has severe penalties for non-compliance. This led to the research question of ‘What are the implications of the AML/CFT Act 2009 on New Zealand Accounting firms?’ For this research, interviews were conducted with accounting firms to help identify the costs and implications associated with the AML/CFT requirements. The results revealed that despite the October 1 deadline, accounting firms are still implementing programs. The new requirements were unclear and underestimated by firms. Large money and time costs were reported by all the interview participants and they all feel that the new requirements are excessive. As the AML/CFT Act is still new, it would be beneficial to explore further research in the future that examines the actual impact of maintaining the AML/CFT programs.

Item Type:Paper presented at a conference, workshop or other event, and published in the proceedings
Keywords that describe the item:money laundering, Terrorism Act 2009, accounting
Subjects:H Social Sciences > HF Commerce
Divisions:Schools > Centre for Business, Information Technology and Enterprise > School of Business and Adminstration
ID Code:6441
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Deposited On:13 Dec 2018 03:21
Last Modified:13 Dec 2018 03:21

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