What is money laundering?

What are the implications of Fraud, money laundering and corruption for Accounting?

• I'd like to know what are the implications of this problem for Accounting - and why is this problem such a huge issue for accounting, as well as what makes it such a problem.

• Answer:

  In order for accounting to work, the results of their work have to be believable. That means accountants have to be persons of high integrity. If they, or their firm, have been caught (or even alleged) committing fraud or other acts of dishonesty, any of their bookkeeping/accounting is suspect and likely not believable. It's kind of like if a cop is ever caught lying on the stand. They can never be believed to be telling the truth again, and thus are no longer any good to the police department and are usually fired.