Financial crime encompasses a broad spectrum of illegal activities involving money or assets, including fraud, money laundering, cybercrime, bribery, and...
Financial crime refers to illegal acts committed against financial institutions, financial markets, or investors, typically involving money or other assets. It includes fraud, money laundering, cybercrime, and embezzlement.
Common types include fraud (e.g., investment fraud, identity theft), money laundering, bribery and corruption, cybercrime (e.g., phishing, ransomware), and terrorist financing.
It leads to significant financial losses, erosion of trust, reputational damage, increased regulatory costs, and can fund other illicit activities, ultimately destabilizing economies.
Measures include robust anti-money laundering (AML) and counter-terrorist financing (CTF) regulations, enhanced due diligence, advanced cybersecurity, international cooperation, and forensic investigations.