A Study On The Location Of The CPA Career In The Anti-Money Laundering Activities

Statistical data and many cases indicate that money laundering activities have a serious negative impact on the politics, economy and security of the world. In the interest of maintaining the financial system order and deterring money laundering offences, many states in the world and international organizations are actively exploring and constructing an effective anti-money laundering system. Most of the movement of funds relies on the help of the financial system led by banks. So currently the main anti-money laundering strategy which is widely recognized in the whole world is achieving the aims of preventing and detecting money-laundering offences by forcing financial institutions to fulfill the compulsory anti-money laundering obligations. With the intensify of the battle between money laundering and anti-money laundering, in order to prevent CPA actively or passively involved in money-laundering activities as professional, the regulatory begins to consider bringing CPA into fulfilling the anti-money laundering obligations. Since the anti-money laundering law has drafted in 2004, the obligations for CPA and the accounting firms begin to be concerned about in China.This paper summarizes the laws, regulations and guidance relate to CPA and anti-money laundering activities. The dominant measure is placing CPA on the same location of financial institutions. It ignores the CPA's characteristics of independent and professional information agency. So the regulatory measures may difficult to receive satisfactory results. But in fact the CPA profession can be imported to the anti-money laundering system in existence as an identity of an independent and professional third party. CPA can put in practice the assurance and advisory activities to promote the effect and efficiency of the regulatory and the financial institutions. It contributes benefit to the three parties. This paper also considers that participate in the anti-money laundering activities is a profession opportunities for CPA. But the new services now lack the support of specific laws and technical specifications, so it still need the promotion of both the regulatory and CPA. This paper suggests CPA to participate in the anti-money laundering activities with a both open and prudent attitude. At last, this paper aims at the development of the anti-money laundering activities in china and makes some suggestions to the Chinese Institute of Certified Public Accountant.