The role of virtue ethics in enhancing reputation through combatting financial crimes
| Date | 14 April 2023 |
| Pages | 228-241 |
| DOI | https://doi.org/10.1108/JMLC-02-2023-0033 |
| Published date | 14 April 2023 |
| Author | Ritab AlKhouri,Pashaar Halteh,Khaled Halteh,Milind Tiwari |
The role of virtue ethics in
enhancing reputation through
combatting financial crimes
Ritab AlKhouri
Department of Financial Technology, Al-Ahliyya Amman University,
Amman, Jordan
Pashaar Halteh
Department of Management, La Trobe University, Melbourne, Australia
Khaled Halteh
Department of Financial Technology, Al-Ahliyya Amman University,
Amman, Jordan, and
Milind Tiwari
Australian Graduate School of Policing and Security, Charles Sturt University,
Canberra, Australia
Abstract
Purpose –This paper aims to outline how certain lessons from ethical systems can be relevant and
applicableto tackling unethical behavior, including financialcrime, within the finance profession.
Design/methodology/approach –This paper adopts a pragmatic perspective while acknowledging that
there is a myriad of reasons managers act unethically, including the reality that many do so knowingly and
deliberately. The matter is further complicated by human nature, given an individual’s behavior (ethical or
unethical) is not easily discernablefrom their psychological, sociological, theological or cultural attributes.
Findings –Although such systems may not solve the problem of corrupt behavior, research suggests that
industry professionals can learn to act in a more responsible and ethical manner. Given the wounded reputation
of the financial sector, owing to their role in committing financial crimes such as money laundering, advances in
ethical conduct would elevate both the effectiveness of the sector, as well as its reputation.
Originality/value –It is impractical to think we can completelyresolve the problem of unethical behavior.
Improvement, however, seems possiblethrough promoting virtuous character traits and ethical behavior in
individuals and organizations. Virtue ethics can play a significant role in combating financial crime and
supportinganti-money laundering initiatives.
Keywords Finance, Ethics, Financial crime, Money laundering, Virtue, POV
Paper type Viewpoint
1. Introduction
This paper endeavors to explainhow lessons from ethical systems could be beneficial to the
finance profession. In our attempt to shed some light on the importance of the ethical
behavior of managers in business, this paper reviews the applicability of virtue ethics in
business; with special emphasis given to virtue ethicswithin the finance profession. In this
paper, we do not claim to solve the problem of unethical behavior; however, it offers an
opportunity to revisit certainideas, which could provide the foundation for business leaders
and future researchersinfinance.
JMLC
27,2
228
Journalof Money Laundering
Control
Vol.27 No. 2, 2024
pp. 228-241
© Emerald Publishing Limited
1368-5201
DOI 10.1108/JMLC-02-2023-0033
The current issue and full text archive of this journal is available on Emerald Insight at:
https://www.emerald.com/insight/1368-5201.htm
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