Financial crimes: the constant challenge of seeking effective prevention solutions
Purpose – Financial market‐related crimes seem to continually increase in number as well as in the amount of illicit profits. This emerging situation has obliged governments and self‐regulated bodies to act aggressively on the issue. This paper provides a snapshot of the evolution timeline of financial crimes and discussion in support of the fight against this plague.Design/methodology/approach – Based on financial crime literature and field work.Findings – Improvement in the expertise and degree of refinement employed by both organized crime and criminal businessmen.Research limitations/implications – Some information originates from confidential sources and consequently could not be further developed.Originality/value – Contemporary picture of the current situation. Some recommendations were submitted to regulatory authorities who are examining and adjusting their actions accordingly.
Expert elicitation to estimate the size of an iceberg based on the tip: Some methodological challenges in determining the magnitude of white-collar crime
Expert elicitation is a research method designed to make estimations in areas where we have no knowledge, only indicators and experiences. By systematic interviews of experts, we tried to estimate the magnitude of white-collar crime in Norway. On our way to a final answer, we were faced with a number of obstacles in our research design. This article reports from our research journey by communicating our learning from methodological challenges when applying expert elicitation to estimate the size of an iceberg based on knowledge about the tip of the iceberg. In particular, participation refusals and response confusions are discussed. This article presents results from a study where we engaged an expert panel to estimate a number of parameters that can determine the total amount of money lost yearly because of white-collar crime. ________________________________________________________________________
Institutional Response to Economic Growth: Capital Markets in Britain to 1914
It is becoming increasingly clear that the organisational structures of economic institutions evolve in response to the market environment in which the institutions operate. Thus, for example, Alfred Chandler has shown that the adoption by firms of the multi-divisional form of organisation in the US, beginning in the first quarter of the twentieth century, was an explicit response to the problems and opportunities of rapid growth and change in the US economy.1 It is similarly becoming clear that the relationship over time between the organisational structure of such economic institutions as firms and banks and economic development is not simply one in which the impact of growth and change determines institutional structure but rather it is one in which the suitability of the organisational structure adopted by institutions affects the ability of the economy to achieve and maintain a satisfactory rate of economic growth as well.