Is Financial Crime a 'Crime', Proper so Called? A Study of the Legislative Developments in Sanctioning 'White Collar Crime' and an Assessment of What the Future Holds for Financial Fraud

2009 ◽  
Author(s):  
Brian Ikol Adungo
Keyword(s):  
White Collar Crime ◽  
White Collar ◽  
Financial Fraud ◽  
Financial Crime ◽  
The Future

scholarly journals White-collar crime

2017 ◽  
Vol 19 (2) ◽  
pp. 120-126 ◽  
Author(s):  
Petter Gottschalk
Keyword(s):  
Law Enforcement ◽  
Empirical Evidence ◽  
Religious Belief ◽  
White Collar Crime ◽  
White Collar ◽  
Religious Organizations ◽  
Deterrent Effect ◽  
Financial Crime ◽  
Delinquent Behaviour ◽  
Neutralization Techniques

Policing religious organizations presents challenging situations. When there is suspicion of financial crime by white-collar criminals, secrecy and trust represent obstacles to law enforcement. This article discusses the lack of detection and neutralization techniques often applied in religious organizations. There may be too much trust, too much freedom, too much individual authority, too little scepticism, too much loyalty and too little control of the financial side in religious organizations. There may be no empirical evidence for the proposition that religion has a deterrent effect on crime, although sociologists and criminologists have long recognized potential links between religious belief and delinquent behaviour.

scholarly journals “White-Collar Crime”

2016 ◽  
Vol 57 (3) ◽  
pp. 385-415 ◽  
Author(s):  
Arjan Reurink
Keyword(s):  
Financial Markets ◽  
White Collar Crime ◽  
White Collar ◽  
Future Research ◽  
Financial Crime ◽  
Sociological Research ◽  
Financial Industry ◽  
Social Legitimacy ◽  
Center Stage ◽  
The Social

AbstractDespite the ubiquity of illegality in today’s financial markets and the questions this raises with regard to the social legitimacy of today’s financial industry, systematic scrutiny of the phenomenon of financial crime is lacking in the field of sociology. One field of research in which the illegal dimensions of capitalist dynamics have long taken center stage is the field of white-collar crime research. This article makes available to economic sociologists an overview of the most important conceptual insights generated in the white-collar crime literature. In doing so, its aim is to provide economic sociologists with some orientation for future research on financial crime. Building on the insights generated inwccliterature, the article concludes by suggesting a number of promising avenues for future sociological research on the phenomenon of illegality in financial markets.

Financial crime – is there any way out of the theoretical deadlock?

2017 ◽  
Vol 24 (4) ◽  
pp. 529-540
Author(s):  
Paul Eisenberg
Keyword(s):  
Design Methodology ◽  
State Of The Art ◽  
White Collar Crime ◽  
White Collar ◽  
The State ◽  
Financial Crime ◽  
Content Type ◽  
The Past ◽  
Financial Scandals ◽  
Research Questions

Purpose This paper aims to approach fundamental topics of financial crime and the law. What does constitute financial crime? Which field of law is best suited to address the threats of transgression by financial executives? What does motivate highly rewarded financiers to become white collar criminals? Design/methodology/approach To answer these research questions, contemporary theories of criminology in general and of white collar crime in particular, as well as theories on motivation, are critically discussed. Benefits and limitations of the theories in use are exemplified on the background of the London Interbank Offered Rate (LIBOR) scandal. Findings The paper criticises that the state-of-the-art theories are not able to embrace financial criminality in its entirety. A provoking pace for further research might be that of psychopathic disorders among white collar criminals. Thus, white collar crime maintains its challenging character. Originality/value This paper provides a thorough testing of multidisciplinary theories that emerged over the past decades against the recent LIBOR scandal. The research questions addressed and the methodologies applied provide a framework for the assessment of the prevailing theories against other financial scandals.

scholarly journals Situational Criminogenic: The Financial Crime’s Collaborative Factors in Indonesia

2021 ◽  
Author(s):  
Supriyanto ◽  
Adrianus Meliala
Keyword(s):  
Unit Area ◽  
White Collar Crime ◽  
White Collar ◽  
Point Of View ◽  
Financial Crime ◽  
Grounded Theory Method ◽  
Financial Crimes ◽  
Cultural Status ◽  
Ponzi Scheme ◽  
Depth Interviews

Financial crimes in Indonesia from 2014-2018 were classified as quite dynamic with a total of 241,367 cases. In 2018 the legal unit area of Polda Metro Jaya had the highest number of cases of 5,526 cases of financial crimes. This study seeks to examine the determinant aspects of financial crime in Indonesia. I used the illustration of the case of First Travel and the Koperasi Simpan Pinjam (KSP) Pandawa that occurred in Indonesia with a total loss of up to IDR 1 trillion. Discussions in this paper begin from the point of view of white collar crime that elaborated with criminaloid and organizational criminogenic aspects. This study uses a grounded theory method through in-depth interviews of actors. The result is that on the criminaloid aspect, the perpetrators have a tendency to easily confess, have certain social and cultural status, has moral sensitivity and intelligence, and has skills, but hesitates in acting. Meanwhile, in the organizational criminogenic aspect, it was found that the perpetrators were in an environment with profit-oriented ambitions, had certain business perceptions, had a loyal attitude towards their group and their human resources tended to be homogeneous. The results of this study found that a supportive situation is needed in financial crime based on the illustrations of the cases used. Situational criminogenic aspects in research in the form of business that utilize religious sentiments, use a cooperative system and manage funds with a Ponzi scheme. This research will enrich criminology studies, especially in the field of white collar crime. Other than that, hopefully can be useful in the formulation of policies for stakeholders.

scholarly journals Justificatory Narratives: The Collapse of Greensill Capital

2021 ◽  
Vol 10 (3) ◽  
Author(s):  
Vincenzo Ruggiero
Keyword(s):  
Supply Chain ◽  
Future Development ◽  
White Collar ◽  
Financial Crime ◽  
Supply Chain Finance ◽  
The Future ◽  
The Uk ◽  
A Company

The collapse of Greensill Capital, a company whose self-styled owner experimented with innovative supply-chain finance, led to parliamentary inquiries in the UK during the course of 2021. This paper tells the story of the collapse and analyses the justifications mobilised by the company’s owner, Lex Greensill, in defence of his acts. His exculpatory narratives contain classical components that characterise white-collar and financial crime, but also some innovative aspects that may prefigure the future development of these types of crimes.

scholarly journals The problem of, and with, financial crime

2020 ◽  
Vol 63 (4) ◽  
pp. 495-508
Author(s):  
George Gilligan
Keyword(s):  
Law Enforcement ◽  
White Collar Crime ◽  
White Collar ◽  
Financial Crime ◽  
Legal Definition ◽  
Short Survey ◽  
Interdisciplinary Approaches ◽  
Definitional Uncertainty ◽  
The Uk

Financial crime is a term that is widely used, but it is a label or category that is bedevilled by definitional uncertainty and this uncertainty impacts upon how it is perceived and acted upon by law enforcement and other regulatory actors. This is perhaps not surprising and echoes many of the difficulties that have plagued efforts to counter white-collar crime. This article considers the definitional and other ambiguities that have permeated debates about both white-collar and financial crime. The analysis draws on a short survey which asked law enforcement and other regulatory actors in Australia and the UK whose responsibilities included countering behaviours that could be viewed as financial crime, what operational definitions of financial crime they employed in the course of their work. Results indicate that definitional uncertainty ensures that there are numerous understandings of what constitutes financial crime and no immediate prospect of a universal legal definition. However, there are some interesting classification developments for financial crime emerging from the business sciences literature and interdisciplinary approaches would seem to offer the most promise for categorising the suite of evolving behaviours that comprise financial crime.

scholarly journals Gender in White-Collar Crime: An Empirical Study of Pink-Collar Criminals

2013 ◽  
Vol 4 ◽  
pp. 22-34 ◽  
Author(s):  
Petter Gottschalk ◽  
Lars Glasø
Keyword(s):  
Law Enforcement ◽  
International Business ◽  
Detection Rate ◽  
White Collar Crime ◽  
White Collar ◽  
Financial Crime ◽  
Power Structures ◽  
Business Press ◽  
Victims Of Crime ◽  
Pink Collar

White-collar crime is financial crime committed by white-collar criminals. Sensational white-collar crime cases regularly appear in the international business press and studies in journals of ethics and crime. This article is based on a sample of 255 convicted white-collar criminals in Norway from 2009 to 2012. Only 20 out of 255 white-collar criminals presented in Norwegian newspapers in the years from 2009 to 2012 were women. In the popular press, white-collar crime committed by women is sometimes labeled pink-collar crime. In this article, a number of reasons for this gender discrepance are discussed. Women’s access to organizational power structures is rising, but remains still limited. This is in line with opportunity theory. Women may have a greater sense of risk aversion rather than risk willingness, and women may more easily be perceived as victims of crime. However, It is very hard to believe that Norwegian men commit ten times more white-collar crime than Norwegian women, also because Norway is seen as a salient egalitarian country. Therefore, it is a question of whether the detection rate for female white-collar criminals is lower than for males. As a consequence, more attention should be paid to characteristics of female white-collar crime and criminals in future criminology research and law enforcement.

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