Purpose Countries with high levels of corruption can experience collusion between powerful elites and accountants to conceal, disguise and clean the proceeds of criminality. This study investigates the willingness of accountants to report evidence of money laundering in an emerging economy, Iran, notwithstanding potential personal and professional risks implicit in such due diligence. It evaluates the relevance of personal characteristics of accountants to the propensity to report, and the implications for policy makers in terms of audit team composition. Design/methodology/approach The methodology is quantitative. Data was gathered by means of a suspicious activity scenario-based questionnaire administered to 1,128 of Certified Public Accountants in Iran, of which 281 responses were received. Four hypotheses were tested relating to the implications, if any, of gender, age, education and working experience for the propensity to report red flags indicative of money laundering. Findings Data revealed that accountants were generally more willing to report activity indicative of money laundering than was anticipated in an environment perceived to be characterised by professional and personal risks. Older accountants are more risk averse and more likely to report suspicious activity than younger counterparts who tend to disregard borderline indicators of money laundering. A significant red flag indicator of money laundering is a client\\\\\\\'s reluctance to provide information regarding controlling shareholders, debtors and creditors or to explain contrived and opaque corporate structures. Audit teams may be more effective when gender-balanced: female accountants tend to be more willing to report suspicious activity than male counterparts, reducing the risk of interference by powerful elites. Research limitations/implications The time frame over which the research was conducted was a single year; if it had been conducted over several years it may have revealed more nuanced and evolving reporting behaviour. The study was limited to Iran: a cross-comparison with another emerging economy or economies may have revealed useful contrasts.

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