Pub Date : 2023-11-23DOI: 10.1108/jfc-09-2023-0239
Lovina Otudor, Mahmood Bagheri
Purpose This study aims to focus on the legal status of the Financial Action Task Force (FATF) regulatory spread in spite of its limited membership in international law. This is conducted by examining the regime of the FATF with the normative regime of public international law and trying to identify common grounds and conflicts between the two. Design/methodology/approach This study adopted an exploratory approach involving a thorough examination and analysis of accredited text, command papers and reports, archival materials, national obligations, websites as well as other documentary evidence. Findings This research gives an empirical determinant of compliance behaviour in response to FATF regulatory standards and the interplay of international law. Research limitations/implications The findings here are not exhaustive and could be approached from other perspectives. Researchers are therefore encouraged to engage by testing the findings further, as this is only a blueprint for further research. Practical implications This study provides implications for the need to open up the current membership of the FATF, as it appears discriminatory in nature and could inhibit effective compliance with its regulatory standards. Social implications FATF regulatory standards do not just revolve around its members and rule-takers but also affect unintended and vulnerable people who were never in contemplation when these regulations were debated without a global consensus. Originality/value The main aim of this study is to advocate for a rethink of FATF’s regulatory strategy by ensuring that its operations are more inclusive, where jurisdictions can participate as members, creating a sense of belonging and commitment in the fight against money laundering.
{"title":"Legitimacy of power exercised by FATF under international law","authors":"Lovina Otudor, Mahmood Bagheri","doi":"10.1108/jfc-09-2023-0239","DOIUrl":"https://doi.org/10.1108/jfc-09-2023-0239","url":null,"abstract":"Purpose This study aims to focus on the legal status of the Financial Action Task Force (FATF) regulatory spread in spite of its limited membership in international law. This is conducted by examining the regime of the FATF with the normative regime of public international law and trying to identify common grounds and conflicts between the two. Design/methodology/approach This study adopted an exploratory approach involving a thorough examination and analysis of accredited text, command papers and reports, archival materials, national obligations, websites as well as other documentary evidence. Findings This research gives an empirical determinant of compliance behaviour in response to FATF regulatory standards and the interplay of international law. Research limitations/implications The findings here are not exhaustive and could be approached from other perspectives. Researchers are therefore encouraged to engage by testing the findings further, as this is only a blueprint for further research. Practical implications This study provides implications for the need to open up the current membership of the FATF, as it appears discriminatory in nature and could inhibit effective compliance with its regulatory standards. Social implications FATF regulatory standards do not just revolve around its members and rule-takers but also affect unintended and vulnerable people who were never in contemplation when these regulations were debated without a global consensus. Originality/value The main aim of this study is to advocate for a rethink of FATF’s regulatory strategy by ensuring that its operations are more inclusive, where jurisdictions can participate as members, creating a sense of belonging and commitment in the fight against money laundering.","PeriodicalId":38940,"journal":{"name":"Journal of Financial Crime","volume":"277 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139244581","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-21DOI: 10.1108/jfc-02-2023-0033
C. Gupta, Petter Gottschalk, Maryam Kamaei
Purpose 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. Design/methodology/approach The paper is designed by studying the WCC in the area of Iran, Portugal, Norway, India and the USA. Findings 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. Research limitations/implications As the data is restricted, this study is based on the limited data available on the internet. Originality/value This paper is an original work of the authors.
{"title":"Role of gender in white-collar crime: an examination of the emancipation and focal concerns hypotheses","authors":"C. Gupta, Petter Gottschalk, Maryam Kamaei","doi":"10.1108/jfc-02-2023-0033","DOIUrl":"https://doi.org/10.1108/jfc-02-2023-0033","url":null,"abstract":"Purpose 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. Design/methodology/approach The paper is designed by studying the WCC in the area of Iran, Portugal, Norway, India and the USA. Findings 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. Research limitations/implications As the data is restricted, this study is based on the limited data available on the internet. Originality/value This paper is an original work of the authors.","PeriodicalId":38940,"journal":{"name":"Journal of Financial Crime","volume":"34 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139254144","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-20DOI: 10.1108/jfc-09-2023-0229
Z. Yunan, Majed Alharthi, Saeed Sazzad Jeris
Purpose This study aims to investigate the relationship between political instability and the performance of Islamic banks in emerging countries. Design/methodology/approach For a data sample of 93 Islamic banks in 20 emerging countries during the period from 2011 to 2016, the authors identify indicators that matter most for the activities of Islamic banks. Findings The study finds that a stable government and law and order are positively correlated with the health of Islamic financial institutions. On the other hand, corruption and military involvement in politics can create an unstable environment for businesses, leading to uncertainty and risk. The study also reveals that Islamic banks operating in regions or communities with lower risk of socio-economic conditions tend to exhibit higher levels of profitability. Originality/value Overall, the study provides valuable insights into the impact of political instability on Islamic banks in emerging countries.
{"title":"The risk of political instability and the performance of Islamic banks: does corruption matter?","authors":"Z. Yunan, Majed Alharthi, Saeed Sazzad Jeris","doi":"10.1108/jfc-09-2023-0229","DOIUrl":"https://doi.org/10.1108/jfc-09-2023-0229","url":null,"abstract":"Purpose This study aims to investigate the relationship between political instability and the performance of Islamic banks in emerging countries. Design/methodology/approach For a data sample of 93 Islamic banks in 20 emerging countries during the period from 2011 to 2016, the authors identify indicators that matter most for the activities of Islamic banks. Findings The study finds that a stable government and law and order are positively correlated with the health of Islamic financial institutions. On the other hand, corruption and military involvement in politics can create an unstable environment for businesses, leading to uncertainty and risk. The study also reveals that Islamic banks operating in regions or communities with lower risk of socio-economic conditions tend to exhibit higher levels of profitability. Originality/value Overall, the study provides valuable insights into the impact of political instability on Islamic banks in emerging countries.","PeriodicalId":38940,"journal":{"name":"Journal of Financial Crime","volume":"12 5-6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139254749","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-14DOI: 10.1108/jfc-08-2023-0215
Rasha Kassem
Purpose This paper aims to discuss the impact of fraud on individuals’ wellbeing by drawing on insights from the academic literature. It also highlights literature gaps and suggests new avenues for future research. Design/methodology/approach This paper is based on a comprehensive literature review to gain insights into the impact of fraud on individuals’ wellbeing and identify literature gaps. The review is not limited to a particular date or a specific discipline. Findings The results reveal a general consensus in the literature that fraud severely and negatively impacts individuals’ wellbeing. Fraud’s impact on victims goes beyond financial hardship. It could result in stress, anger, upset, worries, fear of future victimisation, shame, loss of self-esteem, health deterioration, loss of confidence in financial matters, suicide ideation, unemployment, homelessness, less happiness and life satisfaction and broken relationships. However, research on how fraud impacts individuals’ wellbeing is scarce and has yet to receive substantial attention. Originality/value To the best of the author’s knowledge, this is the first comprehensive literature review compiling evidence on the impact of fraud on individuals’ wellbeing.
{"title":"How fraud impacts individuals’ wellbeing – academic insights and gaps","authors":"Rasha Kassem","doi":"10.1108/jfc-08-2023-0215","DOIUrl":"https://doi.org/10.1108/jfc-08-2023-0215","url":null,"abstract":"Purpose This paper aims to discuss the impact of fraud on individuals’ wellbeing by drawing on insights from the academic literature. It also highlights literature gaps and suggests new avenues for future research. Design/methodology/approach This paper is based on a comprehensive literature review to gain insights into the impact of fraud on individuals’ wellbeing and identify literature gaps. The review is not limited to a particular date or a specific discipline. Findings The results reveal a general consensus in the literature that fraud severely and negatively impacts individuals’ wellbeing. Fraud’s impact on victims goes beyond financial hardship. It could result in stress, anger, upset, worries, fear of future victimisation, shame, loss of self-esteem, health deterioration, loss of confidence in financial matters, suicide ideation, unemployment, homelessness, less happiness and life satisfaction and broken relationships. However, research on how fraud impacts individuals’ wellbeing is scarce and has yet to receive substantial attention. Originality/value To the best of the author’s knowledge, this is the first comprehensive literature review compiling evidence on the impact of fraud on individuals’ wellbeing.","PeriodicalId":38940,"journal":{"name":"Journal of Financial Crime","volume":"41 19","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134954420","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-13DOI: 10.1108/jfc-07-2023-0171
Tareq Na’el Al-Tawil, Salam Abdallah
Purpose The purpose of this paper is to examine the nature of cyberbullying and corresponding strategies being used under the New United Arab Emirates (UAE) Cybercrimes Law. Design/methodology/approach The analysis begins with a review of the nature of cyberbullying, focusing primarily on key concepts, underlying risk factors, forms of cyberbullying and adverse effects. Background information about the nature of cyberbullying will then lay the foundation for the subsequent sections of the analysis, which will focus on preventive strategies and legislative measures. The second section of the analysis will entail a review of the legislative framework for cyberbullying in the UAE. The goal here is to examine how the UAE is responding to the emerging threat of cyberbullying in its jurisdiction. The next section will then shift gears to interventions and strategies being implemented at the global level. A global perspective is central to comparing practices in the UAE to international standards and regulations. Findings Findings from the analysis have shown that the UAE has the most robust and comprehensive cyberbullying laws internationally. Nonetheless, the New Cybercrimes Law is ambiguous, and it is not expressively specific to cyberbullying. The law does not have a clear definition of cyberbullying, as well as the scope of its application to specific cases involving students. A comparative analysis across jurisdictions has revealed that most countries neither have specific cyberbullying laws nor explicitly define the phenomenon in existing laws. Thus, cyberbullying is a gray area in the UAE national law, requiring a clear definition and scope of application. The courts will establish case law that will finally address the current definitional challenges and extend of applying the New Cybercrimes Law. Originality/value The analysis concludes with the application of international best standards and practices to the UAE context, focusing specifically on how to strengthen laws and procedures in the UAE.
{"title":"Bullying prevention and intervention strategies under UAE law","authors":"Tareq Na’el Al-Tawil, Salam Abdallah","doi":"10.1108/jfc-07-2023-0171","DOIUrl":"https://doi.org/10.1108/jfc-07-2023-0171","url":null,"abstract":"Purpose The purpose of this paper is to examine the nature of cyberbullying and corresponding strategies being used under the New United Arab Emirates (UAE) Cybercrimes Law. Design/methodology/approach The analysis begins with a review of the nature of cyberbullying, focusing primarily on key concepts, underlying risk factors, forms of cyberbullying and adverse effects. Background information about the nature of cyberbullying will then lay the foundation for the subsequent sections of the analysis, which will focus on preventive strategies and legislative measures. The second section of the analysis will entail a review of the legislative framework for cyberbullying in the UAE. The goal here is to examine how the UAE is responding to the emerging threat of cyberbullying in its jurisdiction. The next section will then shift gears to interventions and strategies being implemented at the global level. A global perspective is central to comparing practices in the UAE to international standards and regulations. Findings Findings from the analysis have shown that the UAE has the most robust and comprehensive cyberbullying laws internationally. Nonetheless, the New Cybercrimes Law is ambiguous, and it is not expressively specific to cyberbullying. The law does not have a clear definition of cyberbullying, as well as the scope of its application to specific cases involving students. A comparative analysis across jurisdictions has revealed that most countries neither have specific cyberbullying laws nor explicitly define the phenomenon in existing laws. Thus, cyberbullying is a gray area in the UAE national law, requiring a clear definition and scope of application. The courts will establish case law that will finally address the current definitional challenges and extend of applying the New Cybercrimes Law. Originality/value The analysis concludes with the application of international best standards and practices to the UAE context, focusing specifically on how to strengthen laws and procedures in the UAE.","PeriodicalId":38940,"journal":{"name":"Journal of Financial Crime","volume":"56 38","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134993775","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-08DOI: 10.1108/jfc-09-2023-0222
Dominic Peltier-Rivest
Purpose This paper aims to explore the current trends in corruption and investigate the characteristics of corporate gift policies and their role in preventing bribery. Design/methodology/approach This is a descriptive study based on primary data from a recent sample of Canadian companies’ codes of conduct and secondary data from recent corruption surveys published by non-governmental organisations. Findings This study shows that 25% of all private and public corruption cases generate financial damages of more than US$1m per case and that 50% of all investigated fraud cases are corruption cases (ACFE, 2022). Furthermore, the Western Europe and EU region is perceived as least corrupt, whereas Sub-Saharan Africa is perceived as the most corrupt region (Transparency International, 2022). However, bribery is fairly common in nine EU countries where 10% or more of public service users bribed public officials to influence their decisions (Transparency International, 2021). Results from primary data show that 9.3% of firms put a total ban on gifts given to governmental officials, whereas 35.2% require a superior’s approval and only 5.5% state a dollar limit for the gift. Results also show that not a single firm prohibits the giving of gifts to non-governmental stakeholders or the receiving of gifts from any type of stakeholder. This paper argues that gifts can bias the recipient’s judgement and improperly influence future business decisions based on the gift’s subjective value, nature and context. Research limitations/implications This paper extends previous research by examining the characteristics of corporate gift policies. It also helps organisations improve their gift policies in an effort to reduce corruption. Originality/value It is the first paper to investigate the characteristics of corporate gift policies and their role in preventing corruption.
{"title":"Gift or bribe? The characteristics and the role of gift policies in the prevention of corruption","authors":"Dominic Peltier-Rivest","doi":"10.1108/jfc-09-2023-0222","DOIUrl":"https://doi.org/10.1108/jfc-09-2023-0222","url":null,"abstract":"Purpose This paper aims to explore the current trends in corruption and investigate the characteristics of corporate gift policies and their role in preventing bribery. Design/methodology/approach This is a descriptive study based on primary data from a recent sample of Canadian companies’ codes of conduct and secondary data from recent corruption surveys published by non-governmental organisations. Findings This study shows that 25% of all private and public corruption cases generate financial damages of more than US$1m per case and that 50% of all investigated fraud cases are corruption cases (ACFE, 2022). Furthermore, the Western Europe and EU region is perceived as least corrupt, whereas Sub-Saharan Africa is perceived as the most corrupt region (Transparency International, 2022). However, bribery is fairly common in nine EU countries where 10% or more of public service users bribed public officials to influence their decisions (Transparency International, 2021). Results from primary data show that 9.3% of firms put a total ban on gifts given to governmental officials, whereas 35.2% require a superior’s approval and only 5.5% state a dollar limit for the gift. Results also show that not a single firm prohibits the giving of gifts to non-governmental stakeholders or the receiving of gifts from any type of stakeholder. This paper argues that gifts can bias the recipient’s judgement and improperly influence future business decisions based on the gift’s subjective value, nature and context. Research limitations/implications This paper extends previous research by examining the characteristics of corporate gift policies. It also helps organisations improve their gift policies in an effort to reduce corruption. Originality/value It is the first paper to investigate the characteristics of corporate gift policies and their role in preventing corruption.","PeriodicalId":38940,"journal":{"name":"Journal of Financial Crime","volume":" 73","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135340468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-03DOI: 10.1108/jfc-07-2023-0179
Rushmila Bintay Rafique, Tamara Joan Duraisingam
Purpose The purpose of this paper is to focus on managing the risk of fraud in commercial letters of credit (LC) in Bangladesh involving three parties: the seller, the buyer and the bank. It addresses the severity of LC fraud, the banks’ actions when detected and the preventive measures the relevant parties can adopt. Design/methodology/approach This research uses doctrinal and qualitative methods to propose strategic actions that benefit buyers, sellers, banks, legal professionals and judges. The study aims to explore the modus operandi used by fraudsters through thematic analysis. Findings The study’s findings reveal that LC fraud has escalated to a concerning level, posing a significant threat to the economic stability of Bangladesh. Measures must be taken to mitigate this risk and safeguard the country’s financial integrity. To effectively combat the risk of LC fraud, the updated version of UCP must include specific and detailed guidelines on LC fraud. This study recommends preventative measures that all parties involved must take to reduce the likelihood of fraud significantly. Research limitations/implications Due to a lack of LC experts, the participant sample for the study in Bangladesh was limited. Nevertheless, most banking participants were highly distinguished and held the Head of Trade Finance Department position in commercial banks. A few academics and legal practitioners with LC expertise also participated in the study. Originality/value It provides cutting-edge solutions to effectively handle LC fraud risk and provides proactive measures to prevent it.
{"title":"The risk of fraudulent letter of credit transactions in Bangladesh: a growing threat to Bangladesh’s economy","authors":"Rushmila Bintay Rafique, Tamara Joan Duraisingam","doi":"10.1108/jfc-07-2023-0179","DOIUrl":"https://doi.org/10.1108/jfc-07-2023-0179","url":null,"abstract":"Purpose The purpose of this paper is to focus on managing the risk of fraud in commercial letters of credit (LC) in Bangladesh involving three parties: the seller, the buyer and the bank. It addresses the severity of LC fraud, the banks’ actions when detected and the preventive measures the relevant parties can adopt. Design/methodology/approach This research uses doctrinal and qualitative methods to propose strategic actions that benefit buyers, sellers, banks, legal professionals and judges. The study aims to explore the modus operandi used by fraudsters through thematic analysis. Findings The study’s findings reveal that LC fraud has escalated to a concerning level, posing a significant threat to the economic stability of Bangladesh. Measures must be taken to mitigate this risk and safeguard the country’s financial integrity. To effectively combat the risk of LC fraud, the updated version of UCP must include specific and detailed guidelines on LC fraud. This study recommends preventative measures that all parties involved must take to reduce the likelihood of fraud significantly. Research limitations/implications Due to a lack of LC experts, the participant sample for the study in Bangladesh was limited. Nevertheless, most banking participants were highly distinguished and held the Head of Trade Finance Department position in commercial banks. A few academics and legal practitioners with LC expertise also participated in the study. Originality/value It provides cutting-edge solutions to effectively handle LC fraud risk and provides proactive measures to prevent it.","PeriodicalId":38940,"journal":{"name":"Journal of Financial Crime","volume":"135 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135776157","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-01DOI: 10.1108/jfc-08-2023-0216
Jonathan Nash, Richard G. Brody, Frank S. Perri
Purpose When an individual leaves evidence to suggest that they are dead to mislead others, they are committing “pseudocide.” This study aims to examine pseudocides performed for the purpose of committing or concealing a financial crime. Design/methodology/approach This manuscript summarizes information from both academic and nonacademic publications. To provide evidence related to the conclusions made by prior authors and identify the risk factors that are often indicative of pseudocide, this manuscript examines the characteristics of pseudocides that received media coverage. Findings Pseudocides that receive media coverage often involve a prominent figure or a compelling story. These stories are not representative of the average pseudocide, which receives no publicity because it occurs in a less developed nation and is committed by a nonpublic figure. Common characteristics include the absence of a corpse and paperwork procured through bribery. Originality/value One of the only academic papers focused on pseudocide, this manuscript provides readers with information related to the scope of the issue, common methodologies and factors indicative of pseudocide. This should be of interest to several parties including forensic accountants, insurers, regulators and academics.
{"title":"Pseudocide: dying to get away with it","authors":"Jonathan Nash, Richard G. Brody, Frank S. Perri","doi":"10.1108/jfc-08-2023-0216","DOIUrl":"https://doi.org/10.1108/jfc-08-2023-0216","url":null,"abstract":"Purpose When an individual leaves evidence to suggest that they are dead to mislead others, they are committing “pseudocide.” This study aims to examine pseudocides performed for the purpose of committing or concealing a financial crime. Design/methodology/approach This manuscript summarizes information from both academic and nonacademic publications. To provide evidence related to the conclusions made by prior authors and identify the risk factors that are often indicative of pseudocide, this manuscript examines the characteristics of pseudocides that received media coverage. Findings Pseudocides that receive media coverage often involve a prominent figure or a compelling story. These stories are not representative of the average pseudocide, which receives no publicity because it occurs in a less developed nation and is committed by a nonpublic figure. Common characteristics include the absence of a corpse and paperwork procured through bribery. Originality/value One of the only academic papers focused on pseudocide, this manuscript provides readers with information related to the scope of the issue, common methodologies and factors indicative of pseudocide. This should be of interest to several parties including forensic accountants, insurers, regulators and academics.","PeriodicalId":38940,"journal":{"name":"Journal of Financial Crime","volume":"364 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135216417","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-24DOI: 10.1108/jfc-07-2023-0183
Suman Garg, Renu Aggarwal
Purpose Counterfeit currency ranges from a low-quality colour scanner/printer notes to high-quality counterfeits produced by hostile powers. Detecting counterfeit money notes is a national priority due to its huge negative economic impact. However, no automatic mechanism exists for identifying the source of counterfeit notes, which is a more sophisticated and critical problem. This paper aims to evaluate the procedure or mechanism which are followed by banks for fake not reporting and the effectiveness of this mechanism. Design/methodology/approach For doing this research, primary data has been collected from bank staff (particularly front desk staff like cashier/teller). A very simple and short questionnaire has been prepared where the researcher just wants to explore that up to what extent bank staff is aware about the clauses of the counterfeit currency note (CCN). Findings The result shows that in approximately 38% of cases, bank staff return the fake notes to the customer without reporting, and approximately 57%–58% are unaware of the fake currency notes reporting to the nodal bank office and police. Practical implications Banks themselves have to take stringent actions to ensure that none of the CCNs circulate again in the economy if caught by bank officials. All the flaws in a system should be effectively monitored along with covering the loopholes in the system like lack of training, time-to-time sensitisation of front desk employees, providing protection to employees in case of any kind of threat from customer and reducing the burden of retaining the customer if a customer is at guilty. Originality/value This is the original work done by the researchers; in fact, the researchers were able to find only a couple of studies related to this kind of in-depth analysis in the literature. This study is done to provide feedback to the authorities on how the system is manipulated for organisational and self-interest.
{"title":"Is the counterfeit currency mechanism strictly enforced by banks and regulatory authorities?","authors":"Suman Garg, Renu Aggarwal","doi":"10.1108/jfc-07-2023-0183","DOIUrl":"https://doi.org/10.1108/jfc-07-2023-0183","url":null,"abstract":"Purpose Counterfeit currency ranges from a low-quality colour scanner/printer notes to high-quality counterfeits produced by hostile powers. Detecting counterfeit money notes is a national priority due to its huge negative economic impact. However, no automatic mechanism exists for identifying the source of counterfeit notes, which is a more sophisticated and critical problem. This paper aims to evaluate the procedure or mechanism which are followed by banks for fake not reporting and the effectiveness of this mechanism. Design/methodology/approach For doing this research, primary data has been collected from bank staff (particularly front desk staff like cashier/teller). A very simple and short questionnaire has been prepared where the researcher just wants to explore that up to what extent bank staff is aware about the clauses of the counterfeit currency note (CCN). Findings The result shows that in approximately 38% of cases, bank staff return the fake notes to the customer without reporting, and approximately 57%–58% are unaware of the fake currency notes reporting to the nodal bank office and police. Practical implications Banks themselves have to take stringent actions to ensure that none of the CCNs circulate again in the economy if caught by bank officials. All the flaws in a system should be effectively monitored along with covering the loopholes in the system like lack of training, time-to-time sensitisation of front desk employees, providing protection to employees in case of any kind of threat from customer and reducing the burden of retaining the customer if a customer is at guilty. Originality/value This is the original work done by the researchers; in fact, the researchers were able to find only a couple of studies related to this kind of in-depth analysis in the literature. This study is done to provide feedback to the authorities on how the system is manipulated for organisational and self-interest.","PeriodicalId":38940,"journal":{"name":"Journal of Financial Crime","volume":"8 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135219435","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-24DOI: 10.1108/jfc-01-2023-0003
Al Sentot Sudarwanto, Dona Budi Kharisma, Diana Tantri Cahyaningsih
Purpose This study aims to identify the problems in shariah compliance and the weak oversight of implementing Islamic crowdfunding (ICF). Shariah compliance regulation is an essential subsystem in Islamic social finance ecosystems. Design/methodology/approach This type of research is legal research. The research approaches are the statute, comparative and conceptual approaches. The study in this research examines Indonesia, the UK and Malaysia. Findings ICF is one of the fastest-growing sectors of Islamic financial technology (fintech). The Islamic fintech sector is showing maturity signals with a market size of $79bn in 2021, projected at $179bn in 2026. Malaysia, Saudi Arabia and Indonesia lead the Index by Global Islamic Fintech (GIFT) Index scores. However, low shariah compliance is still an issue in implementing ICF. This problem is caused by regulatory support that is still lacking and oversight of shariah compliance is not optimal. On the one hand, shariah compliance is the ICF core principle for Shariah Governance. Research limitations/implications This study examines the regulation and oversight of ICF in Indonesia, Malaysia and the UK. Indonesia and Malaysia, a country with the highest GIFT index score in the world, and the UK, a country with an Islamic finance sector experiencing rapid growth. Practical implications The research results on shariah compliance regulation in ICF are helpful as a comprehensive approach for developing sustainable Islamic social finance ecosystems. Social implications Shariah compliance is the core principle of ICF governance. Its implementation can increase public trust. Originality/value Crowdfunding platform and issuers in ICF must implement shariah compliance. Therefore, it is essential to consider the presence of shariah compliance requirements and a Shariah Supervisory Board (DPS).
{"title":"Islamic crowdfunding and Shariah compliance regulation: problems and oversight","authors":"Al Sentot Sudarwanto, Dona Budi Kharisma, Diana Tantri Cahyaningsih","doi":"10.1108/jfc-01-2023-0003","DOIUrl":"https://doi.org/10.1108/jfc-01-2023-0003","url":null,"abstract":"Purpose This study aims to identify the problems in shariah compliance and the weak oversight of implementing Islamic crowdfunding (ICF). Shariah compliance regulation is an essential subsystem in Islamic social finance ecosystems. Design/methodology/approach This type of research is legal research. The research approaches are the statute, comparative and conceptual approaches. The study in this research examines Indonesia, the UK and Malaysia. Findings ICF is one of the fastest-growing sectors of Islamic financial technology (fintech). The Islamic fintech sector is showing maturity signals with a market size of $79bn in 2021, projected at $179bn in 2026. Malaysia, Saudi Arabia and Indonesia lead the Index by Global Islamic Fintech (GIFT) Index scores. However, low shariah compliance is still an issue in implementing ICF. This problem is caused by regulatory support that is still lacking and oversight of shariah compliance is not optimal. On the one hand, shariah compliance is the ICF core principle for Shariah Governance. Research limitations/implications This study examines the regulation and oversight of ICF in Indonesia, Malaysia and the UK. Indonesia and Malaysia, a country with the highest GIFT index score in the world, and the UK, a country with an Islamic finance sector experiencing rapid growth. Practical implications The research results on shariah compliance regulation in ICF are helpful as a comprehensive approach for developing sustainable Islamic social finance ecosystems. Social implications Shariah compliance is the core principle of ICF governance. Its implementation can increase public trust. Originality/value Crowdfunding platform and issuers in ICF must implement shariah compliance. Therefore, it is essential to consider the presence of shariah compliance requirements and a Shariah Supervisory Board (DPS).","PeriodicalId":38940,"journal":{"name":"Journal of Financial Crime","volume":"47 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135219434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：