Koivula_EC_EmEcon.docx - UTICA COLLEGE | MGT 619 Economic...

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UTICA COLLEGE | MGT 619 Economic Crime Compliance In Emerging Markets Nick Koivula Economic crime, which is now transnational by nature, occupies and feeds off numerous countries and organizations. Economic crime flourishes in regions where the culture of compliance is deficient. Regions designated “emerging economies” (e.g. India, Brazil, Indonesia, China, and South Africa) provide fertile grounds for fraudulent mannerisms, which is attributable to following the path of least resistance. Due to the global economy, emerging economic segments are capable of creating world- wide repercussions in the sensitive market place; creating state and national threats. With what is hoped to be the cessation to the global economic crisis, it is recommended that organizations become active participants in the dynamic struggle against global economic crime. It is recommended to be completed through a global public and private system with a common goal of constructing free and fair trade in global emerging markets.
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Nick Koivula Utica College | MGT 619 Table of Contents Table of Figures ............................................................................................................................................ 3 Foreword ..................................................................................................................................................... 4 Crime ....................................................................................................................................................... 4 Economic Crime ....................................................................................................................................... 6 Defining Economic Crime ..................................................................................................................... 8 Emerging Economies ............................................................................................................................. 10 Major Fraud Concerned ..................................................................................................................... 11 Global Ramifications .............................................................................................................................. 12 Emerging Market Economic Crime Strategy & Implementation ................................................................ 13 Public & Private Coalition ...................................................................................................................... 14 Creating Global Compliance Culture ...................................................................................................... 15 Bibliography ............................................................................................................................................... 21
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Economic Crime Table of Figures Figure 1: Economic Crime Timeline ............................................................................................................. 7 Figure 2: Compliance ................................................................................................................................. 19 Figure 3: Corruption Perception Index ....................................................................................................... 20
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Nick Koivula Utica College | MGT 619 Foreword Creating an international strategy toward thwarting fraud and economic crime demands the understanding of crime, specifically economic crime, emerging economies 1 and the collective global movements as related to the effects caused. The history of crime is essential in understanding why private and public sectors must focus on economic crime and what the best practices are in doing so. Recognizing how economic crime is successful is also essential in executing strategic tactics to minimize economic crimes and maximize returns on investments in such a volatile marketplace. Crime Crime and criminal enterprises have been around for centuries and will continue to exist through the future of the ever-changing cyber world. Economic criminaliods and organized criminal based enterprises operate in the grey segments of commerce. They use illegitimate means to create products or providing illicit services that are in demand. These groups (or individuals) are successful by offering goods and services, legal or illegal, at lower prices [Ala08]. In order for today’s criminaliods to endure and be successful, it must be able to transform and adapt in order to elude law enforcement and changing market policy [Der08]. They are often driven by greed and pathological materialism; therefore can be caught by taking on the correct action. This translates into extreme covert actions while existing in legal and illicit realms [Der08]. They must exist in both of these realms in order to make their illegal business appear legitimate.
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