Money laundering poses a serious threat to individuals, businesses, financial systems, markets and governments as this financial crime affect the health of human beings and destruct the development of a country, for example developing countries loses billions every year to countries such a Switzerland. In the recent years White Collar crime has become the potential threat to the continued existence of capitalists’ economy , which now force the international and regional government begin to acknowledge that money laundering has become a threat to the global economy development, financial systems as well as to the global community. Due to the growing of organised crime such as human trafficking, drug trafficking, terrorism and tax evasion. Money laundering is believed to be the third industry by some academic researchers, with an estimated 2% to 5% of gross domestic products (GDP) of the world.

This essay will also provide a literature review in order to better understand the theories of money laundering and the roles and responsibilities of professional bodies. Which also include the review of international and national policies and legislation frameworks designed to prevent money laundering? Final the finding and recommendations of this essay clearly shows evidence which suggest that professionals are vectors and advisers of money laundering, therefore, such illicit seems to be made easy by various professions who collaborate and contribute to this growing problem, in particularly the banks, professional bodies such as Auditors, Accountants and Lawyers, are argued to play a pivotal role in smoothing the progress for money launders to conceal the proceeds of their corrupt activities

INTRODUCTION

This study will attempt to examine the relationship between money laundering and Fraud, as well as its global network and the seriousness of these crime’s effects in the global economy and the social consequences for the international community. Furthermore, put in plan words the problem of money laundering in the UK, reflecting on whether anti-money laundering laws introduced in the past decades has in some why improved the control of this criminal activity.

Summers (2000), states that the observable fact of money laundering is a characteristic of organized crime with researcher and academic estimating that the money laundering generate about US$100 billion; while the British Intelligence estimated that the total amount being laundered annually is about US$500 billion..The illicit drug trade alone is estimated to generate about US$300 billion of which a significant part would require laundering; this is also supported by Wolfensohn (2002).