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Book part
Publication date: 10 February 2020

Yüksel Akay Ünvan

Financial crimes involve several offenses without violence with some people obtaining financial benefit and causing financial loss to some others. The globalization of…

Abstract

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.

Details

Contemporary Issues in Audit Management and Forensic Accounting
Type: Book
ISBN: 978-1-83867-636-0

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Article
Publication date: 7 October 2019

Osaretin Aigbovo

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

Abstract

Purpose

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

Design/methodology/approach

This paper examines Nigerian economic and financial crime statues.

Findings

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

Originality/value

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.

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Article
Publication date: 29 July 2021

Rabia Muhammad Amjad, Abdul Rafay, Noman Arshed, Mubbasher Munir and Maryam Muhammad Amjad

The Financial Action Task Force defines money laundering as “processing of these criminal proceeds to disguise their illegal origin”. This is the major portion of financial

Abstract

Purpose

The Financial Action Task Force defines money laundering as “processing of these criminal proceeds to disguise their illegal origin”. This is the major portion of financial crime that has ties across borders and like all financial crimes which are well planned and camouflaged, this crime is difficult to detect and deter. Over the years, on one side, globalization has provided development opportunities, it has also become one reason for the pervasiveness of money laundering. This has led to a disturbance in the global financial system and social unrest as proceeds from money laundering are being used in terrorism. The purpose of this study is to explore the non linear effect of globalization on financial crime in the form of money laundering.

Design/methodology/approach

An investigation based on 119 developing countries from the time period of 1985 till 2015 is conducted in this study. The panel quantile regression model was used to estimate antecedents of money laundering.

Findings

The study confirmed that globalization follows an inverted U-shaped relationship with money laundering. Furthermore, indicators such as investment portfolio and socioeconomic conditions have a significant effect on money laundering.

Originality/value

The panel quantile regression model was used to estimate antecedents of money laundering.

Details

Journal of Money Laundering Control, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 14 June 2021

Mariem Mejri, Hakim Ben Othman, Basiem Al-Shattarat and Kais Baatour

The purpose of this interdisciplinary cross-country study is to investigate the influence of cultural tightness-looseness on money laundering.

Abstract

Purpose

The purpose of this interdisciplinary cross-country study is to investigate the influence of cultural tightness-looseness on money laundering.

Design/methodology/approach

The authors rely on tightness-looseness theory as the basis for their predictions. The authors use the Basel Anti Money Laundering Index to operationalize financial crimes. They use dynamic panel data regressions spanning from 2012 to 2018 across 66 countries.

Findings

The authors find a positive and significant effect of national culture on money laundering financial crime. This suggests that financial crimes increase in countries with higher levels of cultural looseness orientation. Moreover, the authors show that the absence of violence, control of corruption, political stability and voice and accountability has a significant and negative influence on money laundering financial crime.

Practical implications

Formal institutional factors are not the only factors that can help curb financial crimes, but policy regulators should also consider the degree of cultural tightness-looseness.

Originality/value

To the best of authors’ knowledge, this is the first research ever to examine the effects of cultural tightness-looseness on the level of financial crimes.

Details

Journal of Money Laundering Control, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 22 January 2021

Jacqueline M. Drew, Emily Moir and Michael Newman

Financial crime continues to represent a crime type that costs billions of dollars per year. It is likely more widespread than any other criminal offence. Despite this, it…

Abstract

Purpose

Financial crime continues to represent a crime type that costs billions of dollars per year. It is likely more widespread than any other criminal offence. Despite this, it remains an area that is often ignored, or at best neglected by police. Police agencies typically fail to invest resources and training in upskilling police in financial crime investigation. The current study evaluates an agency-wide training initiative undertaken by the Queensland Police Service (QPS), Australia.

Design/methodology/approach

The QPS mandated completion of an in-house online financial crime training program for all officers, up to and including the rank of senior sergeant. Matched pre- and post-training data of 1,403 officers were obtained.

Findings

The research found that police are under-trained in financial crime. The findings suggest that short online training programs can produce important improvements in knowledge and confidence in financial crime investigation. Critically, attitudes about this crime type which may be deterring officers from engaging in financial crime investigation can be improved.

Originality/value

The current research finds that police agencies need to more heavily invest in training officers to investigate financial crime and such investment will have positive outcomes. The first step involves improving knowledge, skills and attitudes towards this crime type. Further research is needed to understand why training, particularly related to attitudinal change, is more effective for different cohorts of police and how future training programs should be adapted to maximise success.

Details

Policing: An International Journal, vol. 44 no. 3
Type: Research Article
ISSN: 1363-951X

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Article
Publication date: 4 September 2020

Benjamin Fraser Scott

In recent years, Australian regulators have focussed on the financial crime compliance obligations of banks and other reporting entities, and there is a clear expectation…

Abstract

Purpose

In recent years, Australian regulators have focussed on the financial crime compliance obligations of banks and other reporting entities, and there is a clear expectation that banks develop effective approaches to the management of non-financial risk. Red teaming is a methodology used in the intelligence and military domains to understand external threats. The purpose of this paper is to provide an overview of red teaming methods, set out a framework for using them in financial crime compliance and provide practical examples of red teaming exercises, which banks can use to manage financial crime risks.

Design/methodology/approach

This paper provides an overview of the financial crime compliance landscape in Australia. It outlines some of the key concepts and techniques used in red teaming, drawing in particular on the framework developed by strategic policy expert Micah Zenko. It explores the benefits of red teaming for financial crime compliance practice, concluding with three example exercises for financial crime teams.

Findings

Based on this research, red teaming methods can assist banks in taking a proactive approach to identify and mitigating financial crime risks. Rather than confining red teaming to cybersecurity applications, banks should consider they can use red teaming methods in their financial crime compliance functions.

Originality/value

This paper represents the first assessment of how to apply red teaming methods to risk management in financial crime compliance. It combines a historical and theoretical overview of red teaming methods with example red teaming exercises for money laundering, sanctions and strategic policy scenarios.

Details

Journal of Financial Crime, vol. 28 no. 1
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 8 May 2018

Fitriya Fauzi, Kenneth Szulczyk and Abdul Basyith

The purpose of this paper is to identify current measures taken for financial crime’s prevention and detection in the context of Indonesia.

Abstract

Purpose

The purpose of this paper is to identify current measures taken for financial crime’s prevention and detection in the context of Indonesia.

Design/methodology/approach

This study is based on data from articles in Indonesian newspapers relating to the current financial crimes, current measures of preventing financial crimes in Indonesia and based on the literature review.

Findings

There are some attempts to combat financial crimes in Indonesia, both internally and externally. The attempts that have been made for the internal scope are the enactment of anti-money laundering law, the new monitoring system of financial institutions and the formation of a superintendent institution. The attempts that have been made for the external scope are the agreement between Indonesia’ financial intelligence unit Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK), and other countries’s financial intelligence unit, the affiliation member of the Asia/Pacific Group on Money Laundering (APG) to combat financial crimes through strengthening its anti-money laundering and terror financing capabilities.

Originality/value

This paper presents an overview of current prevention and detection measures in the context of Indonesia, and it is hoped that this paper will contribute to the current discussion of eliminating financial crimes.

Details

Journal of Financial Crime, vol. 25 no. 2
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 4 July 2016

Frederic Compin

Financial criminals commit crimes with such disconcerting ease that economic and social stability is threatened. Armed with intangible knowledge and backed by legal…

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1670

Abstract

Purpose

Financial criminals commit crimes with such disconcerting ease that economic and social stability is threatened. Armed with intangible knowledge and backed by legal, financial and accounting expertise, criminals use their intellectual weapons to carry out their activities with impunity by operating in extra-territorial spaces such as tax havens. The purpose of this paper is based on interviews with key figures in the French judiciary and also French tax officials.

Design/methodology/approach

A survey in the form of semi-directive interviews was conducted from March to July 2012 with auditors, judicial magistrates and a representative of a large trade union of the French Ministry of Economy, Finance and Industry. Questioning this panel of persons from different but associated horizons enabled the collection of practical, technical and professional information on how they perceive acts of financial crime in the practice of their mission.

Findings

It was possible to observe that financial crime is motive-driven and develops in specific spaces and contexts, aided by informational weapons.

Research limitations/implications

By promoting both financial optimisation and tax minimisation, non-cooperative territories provide the perfect breeding ground for innovative minds to distort social norms which uphold equal tax treatment and a common effort. Financial information is the recurring theme throughout, allowing ever more cunning offenders to distort the value of words and the meaning of economic results.

Practical implications

The ease with which financial crimes are committed remains striking. Understanding the reasons why financial criminals appear to enjoy relative impunity requires questioning the magistrates and actors involved in the combat against financial crime. The interviews conducted with these key players show that financial crime develops and flourishes on the basis of a threefold specificity: a specific motive linked to absolute enrichment without economic foundation, diffuse and imprecise spaces where economic crimes proliferate with total impunity and an intangible weapon in the form of financial information.

Social implications

The private appropriation of financial information leads to the misappropriation of public goods and its capture by private operators, thereby depriving the community of a source of knowledge and expertise.

Originality/value

This paper is based on interviews with key figures in the French judiciary and also French tax officials. A survey in the form of semi-directive interviews was conducted from March to July 2012 with auditors, judicial magistrates and a representative of a large trade union of the French Ministry of Economy, Finance and Industry.

Details

Journal of Financial Crime, vol. 23 no. 3
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 2 July 2019

Michel Dion

The purpose of this paper is to see to what extent Hans-Georg Gadamer’s hermeneutic philosophy could be used to unveil how corporate discourse about financial crimes (in…

Abstract

Purpose

The purpose of this paper is to see to what extent Hans-Georg Gadamer’s hermeneutic philosophy could be used to unveil how corporate discourse about financial crimes (in codes of ethics) is closely linked to the process of understanding.

Design/methodology/approach

Corporate ethical discourse of 20 business corporations will be analyzed, as it is conveyed within their codes of ethics. The companies came from five countries (USA, Canada, France, Switzerland and Brazil). In the explanatory study, the following industries were represented (two companies by industry): aircrafts/trains, military, airlines, recreational vehicles, soft drinks, cigarettes, pharmaceuticals, beauty products, telecommunications and banks.

Findings

Historically-based prejudices in three basic narrative strategies (silence, chosen items and detailed discussion) about financial crimes are related to the mindset, to the basic outlook on corporate self-interest or to an absolutizing attitude.

Research limitations/implications

The historically-based prejudices that have been identified in this explanatory study should be analyzed in longitudinal studies.

Practical implications

The historically-based prejudices that have been identified in this explanatory study should be analyzed in longitudinal studies. Historically-based prejudices could be strengthened by the way corporate codes of ethics deal with financial crimes. They could, thus, have a deep impact on the organizational culture in the long-run.

Originality/value

The paper analyzes the way corporate codes of ethics use given narrative strategies to address financial crimes issues. It also unveils historically-based prejudices that follow from the choice of one or the other narrative strategy.

Details

Journal of Financial Crime, vol. 26 no. 3
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 10 October 2008

Picard Michel

Financial market‐related crimes seem to continually increase in number as well as in the amount of illicit profits. This emerging situation has obliged governments and…

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2506

Abstract

Purpose

Financial market‐related crimes seem to continually increase in number as well as in the amount of illicit profits. This emerging situation has obliged governments and self‐regulated bodies to act aggressively on the issue. This paper provides a snapshot of the evolution timeline of financial crimes and discussion in support of the fight against this plague.

Design/methodology/approach

Based on financial crime literature and field work.

Findings

Improvement in the expertise and degree of refinement employed by both organized crime and criminal businessmen.

Research limitations/implications

Some information originates from confidential sources and consequently could not be further developed.

Originality/value

Contemporary picture of the current situation. Some recommendations were submitted to regulatory authorities who are examining and adjusting their actions accordingly.

Details

Journal of Financial Crime, vol. 15 no. 4
Type: Research Article
ISSN: 1359-0790

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