Please use this identifier to cite or link to this item: https://essuir.sumdu.edu.ua/handle/123456789/92229
Or use following links to share this resource in social networks: Recommend this item
Title Global overview of modern financing typologies to mitigate financial risks in development countries
Authors Patel, S.
Kasztelnik, K.
Zelihic, M.
ORCID
Keywords фінансовий ризик
financial risk
відмивання грошей
money laundering
сучасне фінансування
modern financing
Type Article
Date of Issue 2023
URI https://essuir.sumdu.edu.ua/handle/123456789/92229
Publisher Sumy State University
License Creative Commons Attribution 4.0 International License
Citation Patel, S., Kasztelnik, K., & Zelihic, M. (2023). Global overview of modern financing typologies to mitigate financial risks in development countries. SocioEconomic Challenges, 7(2), 54-66. https://doi.org/10.21272/sec.7(2).54-66.2023.
Abstract In this study, we reviewed the laws and legal regulations that mandate banks and financial services organizations to implement anti-money laundering efforts which are responsible to detect and mitigate the risks of money laundering and modern financing. We examined the topics of money laundering and modern financing in greater depth to understand the risk factors related to each financial crime. Understanding the aspects of each financial crime is necessary to comprehend predicate offense typologies. We continued with a review and synthesis of the literature on money laundering and modern financing typologies. We concluded the review with an analysis of Gary Becker’s economic theory of criminal behavior and the neoclassical approach to criminal behavior. As suggested by the key concepts reviewed in this literature review, predicate offenses are evolving as prevailing conditions of society change. A major global challenge in recent times is the Covid-19 pandemic crisis which has increased financial risks worldwide (Klimczak et al., 2021). Understanding the different types of predicate offenses and typologies portrays a holistic process of how criminals launder money or finance modern acts. A review of the existing literature demonstrated intensive research on the topic of financial crime but there is a gap in the current legislative and financial risk management framework. The legislative and financial risk management framework detects economic uncertainties and risk factors requiring a reevaluation of financial risk measurement methodologies to mitigate the risk consequences of money laundering and modern financing activities. A best practice to provide a sound framework to manage financial risks is for U.S. banking and financial service company compliance managers to identify predicate offense typologies. American society could benefit from the results of the study (Klimczak et al., 2021). The banking and financial industries ought to be prepared for the future and continue to adapt to new emerging threats, varying consumer classification, and changing environment. It is essential for compliance leaders to implement public education initiatives and help their customers recognize their role in combating money laundering and modern financing activities. Overall, the study has contributed to positive social change by identifying predicate offense typologies that can help U.S. banking and financial services company compliance managers reduce the risks of money laundering and modern financing activities (Klimczak et al., 2021).
Appears in Collections: SocioEconomic Challenges (SEC)

Views

Albania Albania
1
Australia Australia
171628682
Bahamas Bahamas
362568005
China China
11841
Estonia Estonia
11848
Ethiopia Ethiopia
1
France France
1
Germany Germany
1
Ghana Ghana
1
Hungary Hungary
1
India India
271
Indonesia Indonesia
1
Iran Iran
916075328
Jordan Jordan
4556780
Kazakhstan Kazakhstan
1
Malaysia Malaysia
1
Malta Malta
1
Mauritius Mauritius
1
Netherlands Netherlands
11855
Pakistan Pakistan
1920
Philippines Philippines
79059
Puerto Rico Puerto Rico
314331
Saudi Arabia Saudi Arabia
1
Singapore Singapore
1
South Africa South Africa
11846
Spain Spain
314328
Sri Lanka Sri Lanka
1
St. Lucia St. Lucia
1
Taiwan Taiwan
314324
Uganda Uganda
1
Ukraine Ukraine
11851
United Kingdom United Kingdom
916075335
United States United States
362568003
Unknown Country Unknown Country
4556790
Vietnam Vietnam
1
Zambia Zambia
1

Downloads

Albania Albania
1
Australia Australia
1
Bahamas Bahamas
1
China China
1
Egypt Egypt
11842
France France
1
Germany Germany
1
India India
11843
Indonesia Indonesia
916075327
Iran Iran
11836
Italy Italy
1
Kenya Kenya
1
Malawi Malawi
1
Malta Malta
1
Mauritius Mauritius
1
Netherlands Netherlands
1
Pakistan Pakistan
1
Puerto Rico Puerto Rico
1
Tunisia Tunisia
1
Uganda Uganda
1
Ukraine Ukraine
11857
United Kingdom United Kingdom
916075336
United States United States
916075333
Unknown Country Unknown Country
1

Files

File Size Format Downloads
Patel_SEC_2_2023_5.pdf 902.55 kB Adobe PDF -1546693905

Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.