A Scientific Approach to Fighting Money Laundry: Forensic Accounts

22 Pages Posted: 17 Jun 2016 Last revised: 24 Feb 2021

See all articles by Professor Kelly Kingsly

Professor Kelly Kingsly

Independent; Regional Advisory Commision on Financial Markets; Harvard University, Harvard Kennedy School (HKS), Students; Copperstone University ; Charisma university; University of Yaounde II ; Harvard kennedy school

Date Written: May 22, 2016

Abstract

The urban dictionary (online) defines “magic bullet” as a term used to describe a universal solution a person uses for any problem they encounter” while the Merriam-Webster dictionary describes it as “something providing an effective solution to a difficult or previously unsolvable problem”. Furthermore, it can be described as the perfect drug to cure an ailment with no hazard of side effects. The term was first used in this manner by the German scientist, Paul Ehrlich to describe antibody and, later, the drug Salvarsan that he created to treat syphilis. In general, it refers to a magic answer to any vexing problem.

The use of forensic science techniques has traditionally been concentrated on more serious crimes such as rape and homicide. Increasingly, however, forensic techniques are being used routinely to aid the investigation of volume crimes such as money laundry, financial crimes, white collar crimes, burglary and vehicle crime.

This paper examines Forensic science techniques in developing Forensic accounts as it is. The paper explains the meaning, the purpose, the uses, the importance and the challenges of forensic accounting. The paper further enumerates skills needed for forensic accountants as well as factors impacting the growth of the demand of forensic accounting. Finally, the paper develops an overview of the contribution of forensic science to criminal investigations.

Keywords: Forensics, Accounts, Venality, Racketing, Magic bullet

Suggested Citation

Kingsly, Professor kelly and Kingsly, Professor kelly and Kingsly, Professor kelly, A Scientific Approach to Fighting Money Laundry: Forensic Accounts (May 22, 2016). Law and Social Inquiry, Forthcoming, Accounting, Organizations and Society, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2783155

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