Researchers shed light on the evolving landscape of financial crimes

[Chandler, AZ, August 28, 2023] – Maja Zelihic, dean of the Forbes School of Business and Technology® at the University of Arizona Global Campus, along with researchers from Jonestown Bank & Trust Company and Tennessee State University, shed light on the evolving landscape of financial crimes, their typologies, and the critical role of economic theories in understanding criminal behavior, and published their findings in journal Social Economic Challenges.

"Through this research, we have embarked on a journey to unravel the intricate world of financial crimes and modern financing,” said Zelihic. “As our global landscape evolves with technology and unforeseen challenges, it is imperative that we understand the underlying economic theories that drive criminal behavior.”

Through a series of educational and training activities in the field of business administration, the initiative will strengthen academic ties and promote mutual understanding between nations.

The publication, titled “Global overview of modern financial typologies to mitigate financial risks in developed countries,” uncovers critical insights that illuminate the intricate realm of financial crimes and modern financing. The key findings of the research include:

• Evolving Landscape: uncovers how digital technologies, globalization, and the COVID-19 pandemic have reshaped the landscape of financial crimes, presenting new challenges and opportunities for illicit activities.
• Understanding Typologies: provides an in-depth exploration of various typologies of financial crimes, revealing the tactics criminals employ to exploit financial systems.
• Economic Theories: underscores the role of economic theories in understanding criminal behavior. The economic model of crime and the neoclassical approach shed light on how offenders make decisions based on cost-benefit analysis.
• Cost-Benefit Analysis: Offenders' decisions to commit crimes are influenced by a careful cost-benefit analysis, where potential benefits are weighed against anticipated punishments.
• Motivations and Punishments: the intrinsic and extrinsic motivations that drive criminal behavior, while highlighting the role of punishments in deterring criminal activities.
• Global Challenges and Responses: the impact of the COVID-19 pandemic on financial crimes, offering insights into how economic uncertainty and technological advancements have created new avenues for criminal activities.
• Holistic Frameworks: calls for comprehensive legislative and risk management frameworks that adapt to the changing landscape of financial crimes, emphasizing the need for a proactive approach to combatting these challenges.

“This study underscores the need for proactive legislative and risk management frameworks to adapt and counteract the evolving nature of financial crimes,” Zelihic says. “By shedding light on these key insights, we aim to equip policymakers, law enforcement agencies, and financial institutions with the knowledge needed to tackle these challenges head-on and create a safer financial environment for all."

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For more information about the University of Arizona Global Campus, visit uagc.edu.