A crossroad in combating and preventing financial crime. Looking for synergetic instruments for attack and prevention
| DOI | https://doi.org/10.1108/13590790710742627 |
| Pages | 127-137 |
| Published date | 15 May 2007 |
| Date | 15 May 2007 |
| Author | Antonello Biagioli,Massimo Nardo |
| Subject Matter | Accounting & finance |
A crossroad in combating and
preventing financial crime
Looking for synergetic instruments for attack
and prevention
Antonello Biagioli and Massimo Nardo
Ufficio Italinao dei Cambi, Italy
Abstract
Purpose – The paper aims to address regulators, enforcers and the academy, presenting reflections
on some research-driven innovative approaches, strategies and tools in the fight against financial and
economic crime, with reference to some instances of concrete application deriving from the Italian
FIU’s experience and know-how.
Design/methodology/approach – The paper focuses on the need for a systemic approach both in
considering the problems of the regulatory/operational apparatus for combating financial crime
(including evaluation issues) and in identifying solutions devised to improve such apparatus and its
results. This approach cannot be detached from a methodological attitude based on synergies between
the various parts involved.
Findings – In the light of such systemic approach, new perspectives and innovative ideas are put
forward with reference to some major topics of the strategies for combating financial crime.
These refer to themes such as measuring AML/CTF costs and benefits, bridging regulatory and
professional frontiers, modelling and monitoring the status of the financial system and the behaviour
therein, developing prevention tools, integrating interdisciplinary knowledge, and profiting from
research.
Research limitations/implications – A systemic approach in understanding and fighting
financial crime and its complex issues implies pooling together knowledge and expertise gathered
under different complementary disciplines. This may provide information on the manifold sides and
tinges of the phenomenon. By the same token, it is essential to take into consideration the systemic
effects that specific action undertaken by the authorities may entail due to the subsequent reactions
from other parts in the system.
Practical implications – Data provided by the system offer a privileged practical basis in order to
model the system’s structure and understand its dynamics and its reactions to endogenous and
exogenous impulses.
Originality/value – The paper explores themes and issues to which the international community is
becoming increasingly sensitive, and which would certainly benefit from innovative vision and
approach. The ideas and solutions expressed surely need further development, test and discussion, but
they are bound to become part of the most significant prospective challenges in the combat against
economic and financial crime.
Keywords Finance, Crimes,Costs, Benefits, System monitoring,Knowledge management
Paper type Viewpoint
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/1359-0790.htm
This paper is the result of the structured integration between the papers presented by the authors
at the 24th Cambridge Symposium on Economic Crime, September 2006.
The authors acknowledge a special gratitude to Mr Giorgio Merlonghi for his generous and
intelligent collaboration. They remain of course fully responsible of the ideas expressed in this
paper and of any possible mistakes.
Combating and
preventing
financial crime
127
Journal of Financial Crime
Vol. 14 No. 2, 2007
pp. 127-137
qEmerald Group Publishing Limited
1359-0790
DOI 10.1108/13590790710742627
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