Economic crime and illegal markets integration: a platform for analysis

Abstract

PurposeThe conventional wisdom regarding economic crime analysis has so far mainly focused upon “structural” issues. The field has been analysed mostly under the organisational aspect (how criminals organisations are structured, how illicit activities they perform are organised). Attention has been paid to “methods” – more in terms of case‐studies and search of “models” than in terms of opportunities dynamics – rather than to the economic profile (what are the special features of markets, supply, demand, production and distribution of illicit goods and services). It seems useful to increase the analysis by opening the quest to economic and sociologic aspects. The paper is an attempt to introduce a wider conceptual framework for a complementary approach, and a proposal aimed at deepening some focal points.Design/methodology/approachIllegal economic activity is – not less than the legal one – a process of making choices among the alternatives available, for the aim of achieving a profit. It is therefore intrinsically an open, flexible activity, which may assume all the schemes and formulas that contingency suggests. In this perspective, the paper addresses observation and analysis towards detecting features and mechanisms of illegal economy market in a market approach, trying to give account thereby of structure and functioning processes of economic crime.FindingsA crucial element resides in the possibility of gathering wider information on the structure and internal dynamics of grey economy. Grey markets may indeed provide supporting structures like optional channels, instruments, or professional expertise, which show fungible for different legal or illegal goals. The goal of preserving the system from the threatens of economic crime must be rooted in an adequate knowledge of the internal operational dynamics of the system itself. Equipping more proactive instruments becomes essential. There is a need for awareness of the trends taking place in the markets: their causes, the alternative option they may grant to illegal players, the probable choice these players will consequently make, and the final effect of such choice on the system. It is necessary to gain the capability to foresee, anticipate and influence behaviour changes.Originality/valueThe paper offers a contribution to more robust methodology for confronting systemic issues.

Attributes of Internal Audit and Prevention, Detection and Assessment of Fraud in Pakistan

“…In this context, IA is also known as the eye of the top management within the organization, which is used to counter any deceitful or dishonest practices that might go against the organizations code of ethics (Badara & Saidin, 2013). Nardo (2011) stated that independence of the auditor is critically important for the IAF and the PD&A of fraudulent activities to be effective. It is the management of the organization that influences the scope of the work that is crafted for the I-Auditors.…”

Anti-money laundering regulations and its effectiveness

“…To combat money laundering cooperation between different financial institutions, especially banks and countries should be promoted. Nardo (2011) analyzed legal and illegal money market and considers them of equal size, volume and relative importance and found that they are interconnected, and there is a small portion between them called semi-legal market. Legal and illegal markets work as the two alternatives available for the investors to decide which one to choose to earn profit.…”

We The North Market : Fonctionnement et spécificités des échanges entre fraudeurs sur un marché illicite en ligne canadien

“…En effet, les marchés du Dark Web, qui ressemblent à des marchés en ligne conventionnels comme Amazon et eBay, permettent aux cybercriminels de vendre et d'acheter des produits frauduleux. Ils peuvent également échanger entre eux tout en restant anonymes, grâce aux réseaux décentralisés de pair-àpair qui leur permettent d'échapper à la détection et aux réglementations gouvernementales (Jung et al, 2022;Nardo, 2011 ;Wilson, 2019). Il existe différents forums pour à cet effet, dont certains qui se concentrent principalement sur la fraude financière (Bermudez-Villalva et Stringhini, 2021).…”