Fair value accounting and untraceable financial crime
Tiago Cardao-Pito
Abstract:Purpose
The purpose of this study is to inquire about the structural possibility of “fair value” accounting being used to commit and conceal financial crimes such as fraud, theft, money laundering, tax evasion and corruption.
Design/methodology/approach
This study builds on the embezzler test, a recently developed test that examines whether normative architectures are sufficiently well equipped to cope with illicit financial flows that cross the boundaries of organizations and countries. This test was applie… Show more
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