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The purpose of this paper is to examine the general direction and pattern of modern economic and financial crimes statutes in Nigeria.

This paper examines Nigerian economic and financial crime statues.

This paper identifies the trend and features, which are common to all the statutes irrespective of economic and financial crime covered by them.

This paper shows that although Nigerian economic and financial crimes statutes have evolved gradually from Military era Decrees, and target different aspects of economic and financial crimes, there are certain features, which are common to all of them.

This paper aims to explain the regulations in Indonesia that apply to lawyers and other professional advisers in terms of their obligations as reporting parties of suspicious financial transactions with respect to money laundering and other financial crimes. As lawyers and other professional advisers offer services to the business community in Indonesia, they are vulnerable to becoming parties to illegal business transactions. The results could lead to bribery, graft, tax crime and corruption in Indonesia.

This paper explores and analyzes the obligations of lawyers and other professional advisers under Indonesian law, with particular reference to their obligations as reporting parties in efforts to prevent economic crime within the country’s business community.

Lawyers and other professional advisers, as reporting parties, can be viewed as the gatekeepers that inhibit economic and financial crimes. Consequently, a new perspective is needed for all of the legal professions so that they can protect themselves from the risks of being targeted by nefarious clients/offenders. To strengthen the role of these advisers, it is recommended that both a code of ethics and know your customer principle to be implemented.

This paper can serve as a resource that explores the functions of lawyers and other professional advisers as reporting parties whose aim is to prevent financial and economic crime in Indonesia.

This paper encourages lawyers, other professional advisers, and public and private institutions to implement a code of ethics, and also integrity and professionalism, with a view to preventing economic and financial crimes. According to the code, the functions and obligations of lawyers and other professional advisers include discouraging such offenses. The code becomes effective when legal professionals adhere to legal ethics and integrity.

The purpose of the study is to investigate the impact of economic and financial crimes on the economies of emerging and developing countries.

Preferred Reporting Items for Systematic review and Meta-Analysis (PRISMA) guidelines and meta-analysis of economics research reporting guidelines were used to conduct a quantitative synthesis of empirical evidence on the impact of economic and financial crimes in developing and emerging countries.

A total of 103 studies were searched, out of which 6 met the selection/eligibility criteria of this systematic review. The six selected studies indicated that economic and financial crimes have a negative impact in emerging and developing countries.

To the best knowledge of the authors, no published systematic review of the impact of economic and financial crimes in developing countries has been conducted to date.

This paper aims to explore the evolution of the law for combating economic crimes including money laundering in Tanzania and explore the current developments in the anti-money laundering (AML) law and the ongoing fight against these crimes in Tanzania.

A desk-based review of documents on money laundering and its control in Tanzania was conducted. The paper presents qualitative data from the documentary sources. It applies the doctrinal legal research approach to examine, analyze and describe the AML law applicable in Tanzania. The paper uses the “law-in-context” research approach to explore some non-law aspects of money laundering in Tanzania and interrogate how the law addresses non-law dimensions of money laundering. Policy documents and media reports were analyzed. The thematic data analysis technique was applied, which involved identifying, describing and reporting issues according to the themes emerging from the data.

The AML law in Tanzania emerged from the law that was originally enacted to curb economic crimes. The law has evolved for some decades. Its evolution has been driven by domestic factors and foreign drivers which are political, economic and social in nature. The role of the AML law has been changing. Initially, the law was a tool for curbing economic crimes. Recently, the law has acquired a new role, namely, to facilitate the recovery of illicit funds and non-financial assets from offenders and enable the authorities in Tanzania to use those economic resources for developmental purposes.

The paper underscores the need for the Government of Tanzania to re-consider the broader implications involved in its current efforts to tackle economic crimes and money laundering. The balance between the implementation of the measures to combat money laundering and economic crimes in Tanzania and the importance of protecting rights of persons indicted with those offences should be struck. The AML law should be applied in such a way not to infringe the rights of the accused persons and not to throttle economic activities including the flow of legitimate foreign investments into Tanzania.

This paper generates insightful information to policymakers, law enforcers, regulators and other stakeholders who undertake activities to tackle money laundering and its control in Tanzania and researchers who study these issues for purposes of providing understanding of the problem and facilitating policy and legal reforms. The paper raises issues that can be explored further in future and contribute to the discourse on money laundering and its control in Tanzania.

Money laundering is indeed a global phenomenon which undermines the economic and political stabilities of States. However, as much as money laundering is a global phenomenon, over the last decade, it has been apparent that development countries have been more exposed and vulnerable to its exploits. Thus, the purpose of this paper is to evaluate, specifically, the impact of money laundering on economic development, financial stability and also political development of “developing countries”. Hence, the aim and purpose of the paper is to deeply analyse the immense scale, concise effect and impact of the phenomenon of money laundering that hinders economic and political growth in developing countries in contrast to the developed countries. The paper also intends to examine the above issues in the context of Nigeria as a developing country.

In developing this paper, emphasis was placed on primary sources of information and references to secondary sources of information where relevant. Therefore, the methodology employed in this paper is analytical and based on the facts reflected in the secondary sources and also legal and socio‐economic analyses of money laundering phenomenon.

The phenomenon of money laundering, amongst other economic and financial crimes have had better success in infiltrating into the economic and political structures of most developing countries therefore resulting to economic digression and political instability. Although, developing countries have responded and continue to respond, through legislative measures, to the menace of money laundering, at national level, however, money launderers, have exploited the lax regulatory environment, vulnerable financial systems along with persistence civil and political unrest of most the developing countries. The findings of the paper also highlight the relationship between corruption and money laundering in developing countries.

The paper is very unique in its approach as it combines legal analyses with social philosophy or combating money laundering and from a perspective of law of development both at the national and international levels, it focuses on the negative impacts of money laundering on the development of developing countries such as Nigeria.

Financial crimes involve several offenses without violence with some people obtaining financial benefit and causing financial loss to some others. The globalization of financial systems, the growing volume of trading transactions, and the acceleration of information technologies have brought many conveniences to the financial world; but unfortunately, financial crime has spread and diversified. Therefore, the fight against financial crimes, which are often complex and organized in a way which is nonviolent but causes significant financial damage to people and organizations, is gaining importance. In this sense, the struggle against this type of crime, which has become a serious threat, must be resolved by applying a comprehensive policy that should include all segments of the society.

In this chapter, we aim to give a general framework of financial crimes and carry out a literature review on the subject. Moreover, we outline the different types of financial crime (such as money laundering, insider dealing, fraud, market abuse, bribery, corruption, terrorist financing, white collar crimes, tax evasion, embezzlement, forgery, counterfeiting, identity theft, etc.) and their impact. As a result, this study has the purpose of providing awareness by drawing attention to the concept of financial crime, which is an important threat nowadays that an ordinary person may suffer at any time in daily life.

This paper aims to analyze the main international rules against economic crime and to verify if Italian legislation provides for appropriate measures according to own needs at a national level.

The research uses a comparative approach by examining the existing legislations on a global, European and Italian level for finding analogies and differences between them.

The research has discovered a wide variation in the legislative interventions against economic crimes and in the kind of imposed sanctions. Nevertheless, there seems to be a trend toward penalties, with a high degree of uniformity between the different levels of protection.

This paper aims to maintain a common international level in fighting against economic crime and to enforce the effectiveness of national regulations.

The achievement of a high level of protection, for public security and social cohesion to prevent and reduce economic crimes.

This paper ensures a high level of security for the general public by taking action against money laundering, cybercrimes and other sorts of misconduct, as well as by intensifying preventive action against all kinds of economic crime through an effective global cooperation.

This is a fast-moving area of law, which continues to evolve for the variety of behaviors through which economic crime occurs, so different solutions to the problem can be found by national legislators who must be coordinated in a global context on the basis of an international standard of protection to which they more and more frequently have to conform their own rules.

The purpose of this paper is to provide a conceptual discussion and analysis of the Covid-19 impact on financial crime and regulatory compliance. The analysis is conducted to make a comparison of the financial crime and regulatory compliance patterns before and after the Covid-19 pandemic occurred.

This paper contextualises the impact of Covid-19 on financial crime and regulatory compliance. Moreover, this paper explores different ways of conceptualising the Covid-19 impacts in terms of financial crimes and regulatory compliance patterns based on the surveys by PricewaterhouseCoopers and Deloitte.

The Covid-19 pandemic has brought both challenges and opportunities to financial crime and regulatory compliance. In the aspects of financial crime patterns, this study found a reduction in physical crime whilst on the other hand increment in cybercrime. Nevertheless, this study discovered regulatory compliance not at a satisfactory stage even before the Covid-19 pandemic, let alone during the pandemic.

This study implies that the financial institutions must work together to combat the risks of financial crimes, not only amongst the institutions but also with the regulators. Digitalisation and robust risk management need to be improved at a massive level to beat the criminals’ high fintech skills and systems. The initiatives of fund packages from the governments to assist the companies especially the small firms need to be fully used by the companies to improve regulatory compliance.

Whilst some studies discussed the impact of Covid-19 on the economy, there are still scarce resources on the comparative analysis on the financial crime and regulatory compliance, not to mention the before and after effect of the Covid-19 pandemic. This is the first paper to integrate the issues surrounding the Covid-19 impact, financial crimes and regulatory compliance in Malaysia.

This purpose of this viewpoint is to address the intended good and unintended bad impacts of artificial intelligence (AI) applications in financial crime.

The paper relied primarily on secondary data resources, business cases and relevant laws and regulations, and it used a legal-economics perspective.

Current AI systems could function as antidotes or accelerator of financial crime, in particular cybercrime. Research suggests criminal law could be applied via three approaches to curb these cybercrimes. However, others considered this to be an inappropriate mechanism to hold AI agents accountable, as present AI systems were not deemed capable of making ethically informed choices. Instead, administrative sanctions would be considered more appropriate for now. While keeping vigilance against AI malicious acts, regulatory authorities in the USA and the UK have opted largely for the innovation-friendly, market-oriented, permissionless approach over the state-interventionist stance so as to maintain their global competitive edge in this domain.

The paper reinforced the growing arguments that AI applications should be deployed more as panacea for financial crimes rather than being abused as crime accelerators. There equally though is the need for both public and private sectors to be mindful of the unintended negative, harmful consequences to society, especially those connected to cybercrime. This implied the further need to beef up attention and resources to help mitigate these risks.

In a study dedicated to the cost of crime, the Centre for Sociological Research on Law and Criminal Institutions (Cesdip) highlights the scale of white‐collar offending, such as tax evasion and economic and financial crime. In 1991 these invisible crimes cost the community dearly: tax evasion entailed lost revenues totalling Ffl38bn — equivalent to the 1991 budget deficit — while economic and financial crime represented a cost of more than Ff6bn. The cost of these offences has gone up continuously — a Ff20bn increase for tax evasion alone between 1988 and 1991. These amounts must be compared with the losses deriving from traditional crimes like thefts; in 1991 the cost of this offence was FD.5bn, that is about half that of economic and financial crime.