Money laundering washes trillions in dirty money each year, and CA ANZ members are obliged to report suspicious activity. Criminals launder money because the money trail is vulnerable to seizure. The United Nations Office on Drugs and Crime estimates the scale of international money laundering at between US$800 billion and US$2 trillion. The money laundering cycle has three stages: Placement, Layering and integration to disguise the source of dirty money. In Australia and New Zealand, all accounting practices are subject to anti-money laundering legislation.”]
Source: https://www.acuitymag.com/business/what-you-should-know-about-money-laundering