MIA launches manual against money laundering

The manual was developed by the Institute's Anti-Money Laundering (AML) ad hoc committee to provide the accountancy sector not only with an interpretation of the requirements of the Prevention of Money Laundering Act, Prevention of Money Laundering and Funding of Terrorism Regulations and Part I of the Implementing Procedures (as published by the Financial Intelligence Analysis Unit - FIAU), but also to provide practical guidance on good practice for matters not prescribed at law.

MIA members will be able to use the manual as guidance to develop their own procedures manual tailored to suit their particular activities.

Practitioners are bound by the provisions of the Prevention of Money Laundering Act, the Prevention of Money Laundering and Funding of Terrorism Regulations and the Implementing Procedures issued by FIAU. They are required to draw up a written manual outlining in detail the procedures they implement to comply with all the legal obligations.

The aim of this manual is to provide the typical sole practitioner or general practice accountancy firm with the resources it needs to comply and demonstrate compliance with the regulations and the implementing procedures.

"This procedures manual is an important tool particularly for the small- and medium-sized practitioners," said Mark Abela, MIA's Technical Director. "It is self-contained and the need to refer to additional external material besides the law and FIAU's implementing Procedures will be minimal".