The role of private sector organizations in the control and policing of serious financial crime and abuse
| Pages | 111-123 |
| Date | 09 May 2008 |
| Published date | 09 May 2008 |
| DOI | https://doi.org/10.1108/13590790810866854 |
| Author | James F. Gilsinan,James Millar,Neil Seitz,James Fisher,Ellen Harshman,Muhammad Islam,Fred Yeager |
| Subject Matter | Accounting & finance |
The role of private sector
organizations in the control
and policing of serious financial
crime and abuse
James F. Gilsinan
Saint Louis University, St Louis, Missouri, USA
James Millar
University of Arkansas, Fayetteville, Arkansas, USA, and
Neil Seitz, James Fisher, Ellen Harshman,
Muhammad Islam and Fred Yeager
Saint Louis University, St Louis, Missouri, USA
Abstract
Purpose – While the “Information Age” has provided the technological tools to “democratize” data
and make it widely available to a vast audience of knowledge consumers, ironically it has also
provided the materials for a tapestry of rules, regulations and processes that make it more difficult for
individuals to access information relevant to both their public and private lives. The purpose of this
paper is to examine the role of the private sector in the control and policing of financial crime, and
provide an empirical and theoretical framework for understanding the complex tensions created by the
simultaneous expansion of both data sources and technologies to collect and format data to create
marketable information “products.”
Design/methodology/approach – Three primary methods were used to gather the data for this
research. Extensive literature reviews were conducted together with an analysis of existing data bases.
Finally, a number of interviews were done with various corporate managers to ascertain their views of
the existing climate of regulation and/or to determine their approach to monitoring financial crime.
Findings – Regarding the private sector’s role in the control of financial crime, this research found
five distinct roles; each with its own dynamics and implications for successful suppression of unlawful
conduct. The five roles are grudging informant, enthusiastic intelligence operative, agent provocateur,
cop on the take, and officer friendly. A calculus of incentives and disincentives determines which role
will be adopted by the private sector.
Originality/value – Since this paper was exploratory in nature, resulting in a new taxonomy of
compliance types, more in depth research ascertaining the empirical validity of each type would be in
order. Such knowledge can help policy makers formulate rules and regulations that will enhance
public/private partnerships in the control of financial crime.
Keywords Partnership,Private sectororganizations,Finance, Crimes, Data analysis,Government policy
Paper type Research paper
Introduction
Thomas Jefferson noted that “Information is the currency of democracy.” Citizens, in
order to effectively participate in their self governance, must have access to
information to insure the accountability of public officials. Transparency and
accountability are also essential in the private sector. The recent spate of corporate
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/1359-0790.htm
Role of
private sector
organizations
111
Journal of Financial Crime
Vol. 15 No. 2, 2008
pp. 111-123
qEmerald Group Publishing Limited
1359-0790
DOI 10.1108/13590790810866854
To continue reading
Request your trial