Financial crime is a type of property crime that involves the illegal conversion of ownership of property (belonging to one person) to one's own personal use and benefit. Fraud (cheque fraud, credit card fraud, mortgage fraud, medical fraud, corporate fraud, securities fraud (including insider trading), bank fraud, insurance fraud, market manipulation, payment (point of sale) fraud, health care fraud); theft; scams or confidence tricks; tax evasion; bribery; sedition; embezzlemеnt; identity theft; money laundеring; and forgery and counting

Financial crimes may include other criminal activities such as computer crime and elder abuse, as well as violent crimes such as robbery, armed robbery, or murder. Individuals, corporations, and organised crime groups can all commit financial crimes. Individuals, organisations, countries, and entire economies can all be victims

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In 1977, the United States enacted the Foreign Corrupt Practices Act to combat bribery of foreign authorities. This legislation dominated worldwide anti-corruption enforcement until around 2010, when other countries, most notably the United Kingdom Bribery Act 2010, began drafting broader and more robust laws. [1] Formalized paraphrase [2] In 2016, the Worldwide Organization for Standardization published a standard for international anti-bribery management systems. [3] In recent years, governments' cooperation in enforcement action has expanded. [4] Formal paraphrase

Money laundering and terrorist financing pose considerable challenges for most countries in terms of prevention, identification, and prosecution. The sophistication of the procedures used to launder money and finance terrorism adds to the complication of these concerns. Such sophisticated techniques may involve multiple financial transactions, the use of intermediaries such as financial advisers, accountants, shell corporations, and other service providers, transfers to, through, and from different countries, and the use of various financial instruments and other types of value-storing assets. Money laundering, on the other hand, is a fundamentally straightforward idea. It is the process of disguising the proceeds of an illegal action in order to conceal their genuine origin. Money laundering, in essence, includes the proceeds of unlawfully obtained property rather than the property itself. Most countries subscribe to the definition adopted by the United Nations Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (1988) (Vienna Convention) and the United Nations Convention Against Transnational Organized Crime (2000) (Palermo Convention):



I. The conversion or transfer of property with knowledge that such property is derived from any (drug trafficking) offence or offences or from an act of participation in such offence or offences, with the intent of concealing or disguising the illicit origin of the property or assisting any person involved in the commission of such an offence or offences to evade the legal consequences of his actions



B. The concealment or camouflage of the real nature, source, location, disposition, movement, rights to, or ownership of property, knowing that such property is derived from an offence or offences or from an act of involvement in such an offence or offences; and



Iii. Obtaining, possessing, or using property with knowledge at the time of receipt that such property was derived from an offence or offences or from an act of participation in such offence or offences



The Financial Action Task Force on Money Laundering (FATF), which is recognised as the international standard setter for Anti-money Laundering (AML) efforts, defines "money laundering" briefly as "the processing of criminal proceeds to disguise their illegal origin" in order to "legitimise" criminal gains


Money laundering in the UK financial industry was estimated to be worth £25 billion per year in 2005



[5] Formal paraphrase According to a 2009 United Nations Office on Drugs and Crime (UNODC) study[6,] illegal proceeds amounted to 3.6 percent of global GDP, with 2.7 percent (or USD 1.6 trillion) laundered. [7] Formalized paraphrase [8] Formalized paraphrase

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