THE ROLES OF ACCOUNTING FIRMS IN MONEY LAUNDERING IN NIGERIA (CASE STUDY OF ACCOUNTING FIRMS IN NIGERIA)
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- 1-5 Chapters
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- Recommended for : Student Researchers
- NGN 3000
Abstract
Most accounting firms in their pursuit for higher financial rewards, promotions and status, practices such as corruption and money laundering, seem to be crafted and sanctioned by highly paid executives at senior levels in organisational structures. In an environment of poor regulation, enforcement, secrecy and lack of ethical constraints, the occasional investigation by regulators and financial penalties do not seem to deter some company executives, or dull the systemic pressures for higher profits and returns. Some of the practices may not be criminal, but they have negative effects on the welfare of citizens and condemn millions of people to poverty and poor health.
Findings has also revealed that, the relationship between money laundering and the professions (particularly accountancy) in developing countries like Nigeria can be situated in a contradictory role of capital accumulation ambition for the ruling elite and the professional groups (such as accountants) and defence of capitalism for the developed capitalist countries, whereas money laundering has become one of the most notorious sources of concern in the world’s financial systems and markets, through which huge volumes of money are illegally moved about, between nations and economies, causing very disturbing distortions in the monetary management and economics.
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