Economic and Financial Crime Management in the Context of International Financial Crisis - Opinions (original) (raw)
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Financial crime is a large area of political and social enquiry and includes a variety of illicit conducts that need to be isolated and addressed as discrete offences. Financial operations, however, may cause harm even when they do not possess a criminal nature, as events relating to the 2008 bank crisis have shown. This paper is concerned with both typologies, namely with illicit and licit harmful behaviour adopted by financial actors. In the first section, the paper focuses on the measures proposed or adopted in response to the 2008 crisis in the UK. This is followed by the presentation of a number of recent cases proving that, despite recent regulatory efforts, large loopholes are still present which allow forms of financial crime to thrive.
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Purpose The purpose of this paper is to examine the aftermath of the 2006-07 financial crisis and attempts to identify a range of causes that were responsible for it and are likely to trigger similar events in the future. The analytical tradition established by the study of white-collar crime provides the background for such an examination, which avails itself of some conceptualisations derived from classical economic thought. Design/methodology/approach Explanations of financial crime can resort to general theories based on allegedly universal values. They can posit the existence of criminaloids, namely, individuals who indulge in illegal practices, or ‘honest fraud’, while not deeming themselves culpable. Anomie and control theory in criminology have highlighted how the causes of financial crime are associated with general criminogenic contexts or with individual propensities or mindsets. This paper adds to the existing perspectives a number of variables that can provide a more nu...
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Financial Crime: Results of Study
Achim, M.V., Borlea, S.N., Gaicu, M., Mare, C., McGee, R.W., Mureşan, G.-M., Șcheau, M.C. & Văidean, V.-L., (2023). Financial Crime: Results of Study. In Monica Violeta Achim & Robert W. McGee (Eds.), Financial Crime Community Pulse: A Romanian Survey (pp. xxx-xxx), Switzerland: Springer Brief , 2023
This chapter discloses and discusses the results of the study. The first objective of the study consisted of finding the main patterns that characterize the Romanian community, related to the level of tax compliance, attitude of citizens towards accepting cheating on taxes, the perception of corruption level in the Romanian public institutions, the level of skills possessed by citizens to detect the risk of money laundering, and the attitude towards providing information to bank officers. A serious of color charts are included to make it easier for the reader to visualize the results.
The article is devoted to the impact of white-collar crime on the country's economy through the shadow economy. The share of the shadow sector in total gross domestic product is one of the indicators used to determine the circumstances that have a negative effect on the economic security of Ukraine. The level of shadow economy in Ukraine amounted to 40% of gross domestic product in 2015, 35%-in 2016, 32%-in 2017, 30%-in 2018. We have observed certain one-sidedness in the crime problems studies, as they usually do not consider destructive processes in the economic sphere itself. In fact, the relationship between economic crime and the economy is much more complex and characterized by reciprocal influences, when the sphere of legal economic activity is destroyed and replaced by criminal business, organized mostly by semi-criminal or fully criminalized government. In the latter, it refers not only to the destruction of the economic sphere, but also the loss of control of the entire system of public administration. The purpose of this article is to establish the conceptual basis for the study of reciprocal influences of economic processes in the country and the level of economic and conventional crime, making it possible to formulate science-based approach for overcoming the negative interconnection of the analyzed spheres of social life. Based on the findings of this study we came to the following conclusions: 1. The link between economics and economic crime is reverse and in fact affects the size of the shadow economy. 2. Money in the shadow economy forms a financial base for the prospects of organized crime, the growth of criminogenic potential in the country to the level of self-regulatory extended reproduction, the emergence of new ways of tax evasion, the spread of massive corruption and other socially dangerous processes. 3. The need for further study of specific types of economic crime and their destructive impact on the Ukrainian economy is highlighted.
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The criminal in all its forms is not an occurrence which is connected to a particular country, territory, religion or civilisation; however the truth witnessed by events in every moment is that the occurrence of criminal activities does not have a nation, confession, religious beliefs or identity. They are initiated by the hands of the individual who plans it, especially emphasizing the ones who fi nance it and input 'rented' elements with the initial intention to destroy, damage and ruin the economy and kill and shed blood as well, followed by the intention to deceit people through focusing on specifi c religious beliefs sometimes, as well as human rights some other time. Thus, every problem can be observed through collecting a number of important elements which are presented below:-Manifestation of the topic of the problem, which involves the type of activity around which the problem is developing, in order to stop its progress and development and fi nally, to end the eff ...
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Our paper analyzes the system, criminal law and criminological properties of crime in the financial and economic sphere; the thesis of heuristic validity of the application of an interdisciplinary approach to the study of crime in this field was put forward and proved; the epistemological expediency of applying systemic and synergetic approaches to the study of the socio-transformational processes of crime in the financial and economic sphere is argued. It is proved that crime as a problem of shortcomings in the interaction of the system of the state of Ukraine with its environment is manifested in the improper functioning of its elements, when the prevention of criminal attacks and the observance of the rights of the country's population in the private sphere and in relations with the state are not ensured. Today, Ukraine occupies a leading position in Europe in the number and volume of crimes committed in this area. An integrated scientific approach to the study and resolution...
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