Combating financial crime : evaluating the prospect of a whole-of-government approach

Abstract

Tax crimes, money laundering and other financial crimes threaten the strategic, political and economic interests of developed and developing countries. The problems encountered by the researcher, is the broad and vague meaning of financial crime compounded by the confusing and ill-considered use of the term by law- and policymakers, politicians, government agencies, agency officials and practitioners weakening effective communication about the phenomenon. The literature shows that given the complexity and multi-faceted nature of financial crime, combating financial crime in all its facets cannot be undertaken by investigative agencies acting in isolation. This study was undertaken with the aim to describe and systematically categorise financial crime and evaluate the prospect of using a Whole-of-Government approach as a framework to harness the capacity of the existing government agencies to combat financial crime more effectively. The research was underpinned by a pragmatic paradigm allowing the researcher to apply a qualitative research methodology using an exploratory and evaluation research design. A detailed review of the literature available nationally and internationally was conducted to establish a conceptual and practical understanding of the issues under investigation. An interview schedule with predetermined questions was developed, pre-tested and administered to participants who are active practitioners involved in combating financial crime in the primary government agencies responsible for combating financial crime based on a purposive sample. The data obtained from the literature and participants were analysed, interpreted and thematically listed according to the frequency with the aim of identifying and comparing similarities and differences between the data. The data was used to develop a system to categorise financial crime systematically based on descriptors used to describe the meaning and application of the term financial crime and to propose practical methods practises and models to combat financial crime more effectively. This research indicates that financial crime can be systematically categorised according to descriptors of the unlawful conduct and that the whole of government approach is a viable approach to combat financial crime more effectively according to the available models for arranging Whole-of-Government work.