Financial Crimes: Need for Strengthening the Gatekeepers to Safeguard the Financial System

The Indian Banker, Indian Bank Association, ISSN 2349-7483. Volume VIII, Issue 2, September 2020. pp 12-18, https://www.theindianbanker.co.in/

14 Pages Posted: 27 Apr 2021

Date Written: July 1, 2020

Abstract

The growth and expansion of the global financial system have a latent manifestation in the form of financial crimes, broadly involving financial and cyber frauds, money laundering, terrorist financing, corruption, and tax evasions. Increasing global integration of the financial system and the advent of digital modes of financial transactions while improving the efficiency of the financial system, have also expanded the tool-kit of the perpetrators of financial crimes. Financial crimes have huge economic, social, and psychological cost. This paper presents a global paradigm of the fight against financial crimes and, in the Indian context, highlights the need for strengthening the Gatekeepers, namely, Designated Non-Financial Businesses and Professions (DNFBPs) to curb the menace of financial crimes.

Keywords: Financial Crime, Gatekeepers, Financial System

JEL Classification: G21

Suggested Citation

Srivastava, Ashish, Financial Crimes: Need for Strengthening the Gatekeepers to Safeguard the Financial System (July 1, 2020). The Indian Banker, Indian Bank Association, ISSN 2349-7483. Volume VIII, Issue 2, September 2020. pp 12-18, https://www.theindianbanker.co.in/, Available at SSRN: https://ssrn.com/abstract=3834889

Ashish Srivastava (Contact Author)

Reserve Bank of India ( email )

University Road
Pune 411016, Maharashtra
India

CAB, RBI, Pune ( email )

University Road, Pune
Maharashtra
India

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