In an ideal world who should carry the can for wrongdoing business?. A look at the global and the Italian context
| Pages | 859-869 |
| DOI | https://doi.org/10.1108/JFC-10-2017-0098 |
| Published date | 02 July 2018 |
| Date | 02 July 2018 |
| Author | Domitilla Vanni |
| Subject Matter | Accounting & Finance,Financial risk/company failure,Financial crime |
In an ideal world who should carry
the can for wrongdoing business?
A look at the global and the Italian context
Domitilla Vanni
University of Palermo, Palermo, Italy
Abstract
Purpose –This paper aims to analyze themain international rules against economic crime and to verify if
Italian legislationprovides for appropriate measures accordingto own needs at a national level.
Design/methodology/approach –The research uses a comparative approach by examining the
existing legislations on a global, European and Italian level for finding analogies and differences between
them.
Findings –The research has discovereda wide variation in the legislative interventions againsteconomic
crimes and in the kind of imposedsanctions. Nevertheless, there seems to be a trend toward penalties,with a
high degreeof uniformity between the different levels of protection.
Research limitations/implications –This paper aims to maintain a common international level in
fighting againsteconomic crime and to enforce the effectivenessof national regulations.
Practical implications –The achievement of a high level of protection, for public security and social
cohesionto prevent and reduceeconomic crimes.
Social implications –This paper ensures a high level of security for the general publicby taking action
against money laundering,cybercrimes and other sorts of misconduct, as well as by intensifying preventive
action againstall kinds of economic crime through aneffective global cooperation.
Originality/value –This is a fast-moving area of law, which continues to evolve for the variety of
behaviors through which economic crime occurs, so different solutions to the problem can be found by
national legislators who must be coordinatedin a global context on the basis of an international standard of
protectionto which they more and more frequently have to conformtheir own rules.
Keywords Economic crime, Money laundering, International
Paper type Research paper
1. Introduction
Economic crimes refer to illegalacts committed by an individual or a group of individuals to
obtain a financial or professionaladvantage. In such crimes, the offender’sprincipal scope is
an economic gain. Cybercrimes, tax evasion, robbery, selling of controlled substances and
abuses of economic aid are allexamples of economic crimes.
It is difficult to define the concept of economic and financial crimes all over the world
because the criminal policies,especially in the economic area, vary greatly from one country
to another.
It is also difficult to determine the extent of these crimes because their growing
perception evolves quickly, as well as the fact that many cases are not reported and the
investigation to discover these crimes requires high levels of expertise which is not well
developed in many countries,especially in developing countries.
The emergence of new formsof economic and financial crimes over the past decades with
a series of high-profile cases in Europe and North America, as well as in developed
countries, makes the questionmore complicated.
Global and the
Italian context
859
Journalof Financial Crime
Vol.25 No. 3, 2018
pp. 859-869
© Emerald Publishing Limited
1359-0790
DOI 10.1108/JFC-10-2017-0098
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