Search results

No country is free from financial crime issues. Therefore, this paper aims to discover how to control financial crime from the perspective of national culture.

This study conducted a bibliometric approach and systematic literature review analysis of 47 publications in the Scopus database.

Bibliometric and content analyses show that national culture is more often associated with tax evasion, money laundering and corruption. The role of national culture is less investigated currently in the schemes of financial statement crime, workplace fraud and cybercrime. Overall, the study concludes financial crime can be prevented by developing a culture that supports anti-fraud measures. These include individualized country profiles, feminism, low power distance, tolerance for uncertainty, short-term orientation and restraint.

This research provides clear knowledge of the role of the six dimensions of national culture in fighting financial crime. Finally, this study is also valuable for decision-making in designing more effective financial crime prevention programs.

This study aims to review financial inclusion as a catalyst to reduce financial scams and frauds faced by women in the five largest US states by population and proposed measures encouraging women’s financial safety.

Recognizing the unique socioeconomic landscape, the study seeks responses through a survey questionnaire from 4,113 women respondents analyzed by using a basic mixed-methods approach, including quantitative surveys analyzed through SPSS and qualitative short interviews thematically analyzed by using Nvivo.

The review results show that 94% of women believe that financial inclusion can protect them from scams and fraud. Also, it has been observed that financial crimes disproportionately affect women, often stemming from a desire to conceal such activities from close family members and partners. Older women, housewives and those from financially depressed areas need more financial inclusion plans to curb financial fraud.

The proposed measures may have positive social and economic implications on the females residing in the financially depressed areas.

The study represents the authors’ original contribution, examining the role of financial inclusion in preventing women from engaging in financial crimes.

Illicit financial flows are targeted by the United Nations’ (UN) sustainable development goals (SDGs). However, these illicit flows are not entirely understood. Furthermore, they can benefit from economic norms, laws and regulations that lack mechanisms to detect and penalize them. This paper aims to investigate whether a recent test, the embezzler test, can be used to identify regulatory architectures that facilitate illicit financial flows and related financial crimes.

This paper develops a more advanced version of the embezzler test in terms of definitions and practical implementation methodology.

In this test, the definition of embezzlement can be understood to be the occurrence of illicit financial flows crossing the boundaries of organizations and/or countries. This is a multistage test, which intentionally simulates illicit financial flows to observe how well equipped is the regulatory architecture to deal with other financial offences that are related with these flows, such as theft, money laundering, fraud, corruption, market manipulation and tax evasion.

Future research can use the version of this test to stress test a large range of economic norms, laws and regulations.

This test’s new version can assist achieve the UN SDGs’ illicit financial flow reduction target. Furthermore, it can be used to study both existing and proposed norms, laws and regulation.

To the best of the author’s knowledge, this is the first explicit test that has been presented to identify norms, laws and regulations that facilitate illicit financial flows and related financial crimes.

This study aims to identify perceptions of financial crime among students in six different countries.

Survey research was conducted among students in India, Iran, Malaysia, Norway, Romania and the USA to compare the ranking of perceptions.

The following three propositions for financial crime had most agreement among respondents: lack of oversight and guardianship, legitimate access to resources and heroic offender status.

Scholars involved in various countries conducted survey research at different points in time with little knowledge of each other’s survey populations and response rates.

Crime convenience and, thus, attractiveness can be addressed by focusing on propositions finding the strongest agreement in the surveys.

Agreement and lack of agreement indicate priorities in fighting financial crime.

The diversity of nations involved in survey research makes this study interesting.

This paper aims to understand the involvement of women in white-collar crime (WCC) also referred to as pink-collar crimes. WCC is present around the globe and has created a word for itself.

The paper is designed by studying the WCC in the area of Iran, Portugal, Norway, India and the USA.

The paper attempts to move beyond the traditional perspectives of emancipation versus focal concern, which argue that less inequality will increase women involvement in WCC versus women socializing into accepting responsibilities for social concerns by caring for others.

As the data is restricted, this study is based on the limited data available on the internet.

This paper is an original work of the authors.

This paper aims to propose a new research agenda that integrates the often-overlooked insights and experiences of compliance professionals into anti-money laundering (AML) policy formulation and academic research. It seeks to highlight the importance of a bottom-up approach in developing AML strategies that are not only theoretically robust but also practically effective and grounded in real-world application.

Using a comprehensive literature review and theoretical analysis, this study outlines six broad research focus areas. These areas are explored through the lens of existing theoretical frameworks that underscore the significance of practical insights, interdisciplinary collaboration and adaptive policymaking in enhancing AML efforts.

This paper highlights a significant gap in current AML research and policymaking, namely, the underrepresentation of compliance professionals’ perspectives. It argues that integrating these frontline insights can lead to more nuanced and effective approach to AML.

Adopting the proposed research agenda could significantly enhance the practical applicability of AML policies, leading to more effective prevention and detection of financial crimes. It encourages the development of support systems for compliance professionals, fostering a workforce that is both competent and resilient.

By promoting a more inclusive and practice-based approach to AML policymaking, this paper advocates for a societal shift in how money laundering is tackled.

This paper contributes to the AML discourse by proposing a shift towards a more inclusive research and policymaking paradigm that values the contributions of compliance professionals. It extends the existing literature by suggesting a comprehensive framework for bridging these divides, thereby offering a novel perspective on enhancing the effectiveness of AML strategies.

The stereotypes of the dodgy businessman and businessman gangster are established typologies in both the criminology and family business literature, but nevertheless, there is still an evident dearth of substantive studies on the topic. Family business scholars have begun to acknowledge the limited nature of such explorations of criminality in family firm businesses. The purpose of this article is therefore to review, synthesise and solidify existing research on this under-researched area of family business management.

This perspective article explores and synthesises the links between acquisitive crime, criminal predation and family business to address an identifiable research gap in the literature of criminology, entrepreneurship and family business. It examines the overlap between criminal activities and business practices, shedding light on how individuals in the family business community may become involved in criminal activities due to various factors, including coercion, addiction and financial gain.

This perspective highlights emerging research trends that have the potential to increase the knowledge about the “dark side” of family business.

Being a perspective paper this brief exploration of the literature can only cover a small cross section of the literature. A conceptual model emerges, which illustrates shared aspects of crimino-entrepreneurial identity between authentic entrepreneurs and criminals.

This perspective article scopes the extant literature covering the links between acquisitive crime, criminal predation and family business to help guide the direction of future research. The piece presents new perspectives on the intersection of acquisitive crime and family business, and its novelty lies in its synthesis of the disparate elements from the diverse literature to contribute to the said literature.

Concerns on money laundering (ML) and terrorist financing increased, as ML accounted 2%–5% of the global GDP, with Switzerland, the USA, Canada, India and Russia having high laundering rates. Banks were fined over US$320bn in 2008, but money laundering still accounted for 3.6% of global GDP in 2009, thereby indicating the need for effective regimes. Therefore, this study aims to critically analyze the antimoney laundering (AML)/CFT regime of Somalia, identify loopholes in the regime, raise awareness and propose recommendations for regime improvement.

The qualitative research approach is used to compare Somalia’s AML/CFT regime with the corresponding regime of Malaysia through the black letter method combined with document analysis. Malaysia is selected as a benchmark for two reasons: firstly, it is an Islamic country like Somalia, and secondly, Malaysia has complied with integrity-related standards.

This study revealed that an impactful AML/CTF regime is reached by closing loopholes in the law, reevaluating and improving regulatory agencies and measures, facilitating formal financial services and collaborating with regional and international standard setters. According to the results, Somalia AML/CFT regime is counterproductive in criminalizing offenses; regulating digital currencies and mobile money, disclosures and nonfinancial business and provisions; and governing training requirements for regulatory agencies and financial institutions.

To the best of the author’s knowledge, this paper is the first of its kind in the study of Somalia’s regime building. Also, this study incorporates rich scholarly discourse on effective regime building.

This study aims to estimate the amount of money laundering (ML) with multiple proxy approaches and measure the effects of ML on various indicators of the economic and financial sectors. Theoretical justifications are recruited from the parasite theory of organised crime.

A quantitative research methodology was used on a balanced panel data set to test the study’s hypothesis through generalised method of moment (GMM). The study sample consisted of 77 countries, and the data was collected for 15 years (2005–2019).

A study has found that 1.23% of global gross domestic product is laundered yearly, and there is no noticeable decline in ML activities. Further study has also found that ML has devastating effects on countries, government revenue, foreign investment, economic development, political and peace conditions, bank liquidity, interest rate volatility and exchange rate volatility. The study has not witnessed the negative consequence of ML on countries’ inflation rates.

Estimates of the study guide policymakers about the volume of resources fleeing and helps them to decide the level of response needed. Further findings help them prioritise the response system according to the area most affected.

This study is an original contribution by the authors and has studied the effects of ML by computing the amount of ML by four different proxies.

This study aims to investigate the impact of FinTech on money laundering within the context of Nigeria. The motivation stems from observations suggesting that FinTech platforms might be used for illicit money transfers, particularly from developed to developing economies. While existing literature predominantly highlights the positive aspects of FinTech, there's a dearth of studies addressing its potential association with money laundering. Current understanding of this relationship relies heavily on anecdotal evidence derived from reported or convicted cases. Thus, the primary goal of this study is to analyze the influence of FinTech on money laundering while also considering the moderating effects of financial regulation and financial literacy as perceived by users. The research delves into regulatory perspectives concerning money laundering and FinTech.

To fulfill the study's objectives, a quantitative research design is used. A survey of 248 FinTech users in Nigeria is conducted using structured questionnaires. Data collected from the questionnaires is analyzed using partial least square structural equation modeling (PLS-SEM).

The quantitative analysis revealed a significant relationship between FinTech and money laundering and that financial regulation moderates the relationship between FinTech and money laundering in Nigeria, but such was not established with respect to financial literacy. The results of the quantitative approach that uses secondary data are consistent with the qualitative approach. FinTech the results indicate the presence of technology induced money laundering in Nigeria. Regulating technology-based anti-money laundering poses serious challenges for developing countries due to the absence of specific laws that mitigate the threats.

The paper focuses on Nigeria as a case study, which may limit the generalizability of the findings to other countries with different FinTech ecosystems, regulatory frameworks and financial literacy levels.

The finding is useful in developing guidelines and regulations by policymakers and strategies by practitioners in relation to FinTech, money laundering, financial regulation and financial literacy. On the basis of the above, the authors recommend regulation at the national and industry level to mitigate the adverse effect of technology on money laundering. Thus, multilateral partnerships can help in tackling tech-induced money laundering through strengthened cooperation.

Money laundering risks: The study highlights that FinTech, while beneficial, also poses significant risks for money laundering activities, especially in developing countries like Nigeria. Regulatory Importance: It emphasizes the critical role of financial regulations in mitigating the risks associated with FinTech and money laundering. Financial Literacy: The paper suggests that financial literacy does not significantly moderate the relationship between FinTech and money laundering, indicating the need for stronger regulatory measures rather than relying solely on financial literacy. Policy Formulation: The findings are crucial for policymakers to formulate strategies that balance the benefits of FinTech with the need to prevent money laundering and ensure financial system integrity.

This research presents a novel approach to methodology, specifically focusing on the qualitative research design, addressing population, sampling techniques and data collection methods. It emphasizes techniques aimed at ensuring measurement quality and achieving research objectives. Data collection used survey questionnaires, while analysis involved both statistical package for social science (SPSS) and PLS-SEM. SPSS facilitated descriptive and preliminary analyses, while PLS-SEM confirmed measurement quality and tested hypotheses. Ethical considerations were paramount throughout the research process, underscoring the commitment to maintaining originality in research endeavors.