Financial Crime

Financial crime is a crime committed against property involving the unlawful conversion of property ownership to one’s benefit.

Over the last 30 years, financial crime has become a major concern to governments worldwide. The concern arises as the effects of financial crime vary. Today, the occurrence of financial crime is a threat to economic development and stability in many societies.

INTERPOL established the Financial Crime and Anti-Corruption Centre (IFCACC) to respond to the rise of financial crime and coordinate international responses.

What are the Different Types of Financial Crime?

These include:

Financial Crime Issues

The possibilities of making money illegally seem endless from the different types of financial crimes. The people who commit these crimes feel the risks are low while returns are high. Financial crime can be small-scale or large-scale.

Small-scale crimes include basic theft and fraud, while large-scale operations have a footing on every continent. However, these crimes should not be taken lightly, as their social and economic effects link to crimes such as terrorism.

As digital technology grows, so do financial crimes. Criminal gangs operate through countries to avoid detection. INTERPOL comes in to coordinate international responses to help curb this global issue.

Role of INTERPOL in Fighting Financial Crime

Financial crime has grown rapidly in recent years, impeding economic growth and causing losses to businesses and individuals. In addition, corruption complicates the financial crime issue creating a great opportunity for organized criminal activities.

The tactics of the criminals advance as globalization and digitization of processes continue to take effect. As a result, they modify their methods to seize new opportunities to defraud businesses and individuals.

There is a need for an immediate response to these crimes, and INTERPOL IFCACC is up to the task. IFCACC helps coordinate international responses. The program helps expand the existing initiatives for tackling financial crime, asset recovery, and illegal money flows.

The IFCACC works closely with key stakeholders to help in solving financial crime. These stakeholders include the financial sector, police organizations, law enforcement agencies and other financial task forces.

Capabilities of IFCACC

Some of the IFCACC capabilities include;

Final Thoughts

Financial crime threatens businesses and individuals in all aspects of their lives. Additionally, it’s detrimental to the economy and causes huge losses to businesses and companies. Therefore, there is a need to curb financial crimes as they go beyond social and economic effects.

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