Accountants are faced with various challenges in the dynamic and complex environment mandated by certain behaviours of people which may largely be percieve as unacceptable to the public.

Practicing accountants in countries that criminalises money laundering are required to comply with ant-money laundering legislation, and failure to do so may lead to huge amount of purnishment. E.g UK and USA.

Broadly speaking, accountants are faced with two challenges in this case;

Ethical responsibilities: Accountants have involvment in almost all sphere of human life in the daily business world. Therefore there is a need for ethical guideline on matters where there is conflict between legal responsibilities and the professional responsibilities.

Professional responsibilities: Professional accountants are bound by duty of confidetiality to their clients. Guidiance is needed to explain how statutory provisions could protcet against criminal actions by members in respect of their confidentiality requirements and where client confidentiality over-ride provisions are available.

However, the intaraction between accountants responsiblities to reporting money laundering offences and other reporting responsibilities, e.g for instance Regulators is important. Professional accountants are required to communicate to each other and the for some issue of ethical nature to be cleared or explained.