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Financial Crime: A Review of Literature

In: Contemporary Issues in Audit Management and Forensic Accounting

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  • Yüksel Akay Ünvan

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.

Suggested Citation

  • Yüksel Akay Ünvan, 2020. "Financial Crime: A Review of Literature," Contemporary Studies in Economic and Financial Analysis, in: Contemporary Issues in Audit Management and Forensic Accounting, volume 102, pages 265-272, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:csefzz:s1569-375920200000102019
    DOI: 10.1108/S1569-375920200000102019
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    More about this item

    Keywords

    Financial crime; money laundering; insider dealing; fraud; market abuse; bribery; G20; H87;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods

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