ABSTRACT
In this chapter, we focus upon the UK state’s response to allegations of money laundering against accountants to interrogate the regulatory dynamics of the fight against this activity. By detailing a money laundering court case, our study illustrates how this activity is undertaken and the role which accountancy firms play in this. Our study then explores the operations of the regulatory apparatus in the UK in addressing cases of money laundering. Despite the court judgement,we note the reluctance of regulatory authorities to investigate evidence and allegations brought out in this case. This indicates, in our view, an alarming degree of inertia and buck-passing within the UK regulatory process. The evidence of this case suggests the existence of a deeply ingrained indifference to the apparent involvement of major accounting firms in money laundering activity, or, at least, it suggests an institutionalized disinclination to undertake vigorous and open investigation of such cases.
