COMPLIANCE
Conclusion
White-collar crimes such as corruption should be regarded as equivalent to violent crimes and should carry hefty penalties . Furthermore , whenever possible , all corruption should be subject to zero-tolerance enforcement strategies to deter future acts of corruption . Corrupted funds are funneled or laundered in order to dissociate the source of funds from the perpetrator . Thus , it is essential to have strong WPA and accounting controls to capture points of entry and exit of funds whenever and wherever possible to detect suspicious transfers of assets . Subjecting perpetrators to maximum penalties and justice , as well as rewarding the whistleblowers , is key in fighting corruption . Together , we can make a difference in protecting the financial and economic costs to our society , protecting public and private funds , allocating them appropriately and maintaining price controls .
Kishani A . Udugampola , Ph . D ., CAMS-FCI , CFE , CAMLS , Federal Reserve Bank of New York ( FRBNY )
Disclaimer : The views and opinions expressed here are those of the author and do not represent an official position of the FRBNY or the Federal Reserve System .
1
Vito Tanzi , “ Corruption Around the World : Causes , Consequences , Scope , and Cures ,” International Monetary Fund , May 1998 , https :// www . imf . org / external / pubs / ft / wp / wp9863 . pdf
2
“ What is Corruption ,” Transparency International , https :// www . transparency . org / en / what-is-corruption
3
Inge Amundsen , “ Corruption ,” Chr . Michelsen Institute Development Studies and Human Rights , January 17 , 2000 , https :// etico . iiep . unesco . org / sites / default / files / 2018-05 / corruption _ definitions _ and _ concepts . pdf
4
Ibid .
5
“ Federal Bribery Charges ” Carmichaellegal . com , https :// www . carmichaellegal . com / federal-bribery-charges
6
Benjamin A . Olken and Rohini Pande , “ Corruption in Developing Countries ,” Annual Review of Economics , April 25 , 2012 , https :// www . annualreviews . org / doi / 10.1146 / annurev-economics-080511-110917
7
JM Olejarz , “ Understanding White-Collar Crime ,” Harvard Business Review , November 2016 , https :// hbr . org / 2016 / 11 / understanding-white-collar-crime
8
“ Predicate Crimes To Money Laundering : Bribery And Corruption ,” Financial Crime Academy , https :// financialcrimeacademy . org / predicate-crimes-to-money-laundering /
9
“ Anti-Money Laundering / Combating the Financing of Terrorism ( AML / CFT ),” International Monetary Fund , https :// www . imf . org / external / np / leg / amlcft / eng / aml1 . htm # corruption
10
Paolo Mauro , “ Why Worry About Corruption ?” International Monetary Fund , February 1997 , https :// www . imf . org / external / pubs / ft / issues6 / index . htm
11
Eleftherios Spyromitros and Minas Panagiotidis , “ The impact of corruption on economic growth in developing countries and a comparative analysis of corruption measurement indicators ,” Cognet Economics & Finance , September 23 , 2022 , https :// www . tandfonline . com / doi / ref / 10.1080 / 23322039.2022.2129368 ? scroll = top & role = tab
12
Sara Martins Gomes Lopes , “ Non-criminal liability and obstacles in recovering proceeds of corruption in Brazil ,” Stolen Asset Recovery Initiative , The World Bank and United Nations Office on Drugs and Crime , October 25 , 2022 , https :// star . worldbank . org / blog / non-criminal-liabilityand-obstacles-recovering-proceeds-corruption-brazil
13
Jon Vrushi , “ Immunity or Impunity ? The effects of immunity provisions on national levels of control of corruption ,” European Research Centre for Anti-Corruption and State-Building , Hertie School of Governance , ERCAS Working Paper No . 53 , December 2018 , https :// www . againstcorruption . eu / wp-content / uploads / 2018 / 12 / Working-paper-53-1 . pdf
14
“ Former Sri Lankan Ambassador Pleads Guilty to Defrauding Sri Lankan Government ,” U . S . Department of Justice , April 1 , 2022 , https :// www . justice . gov / usao-dc / pr / former-sri-lankan-ambassador-pleads-guilty-defrauding-sri-lankan-government ; Scott Woodruff Lyons , “ The U . S .’ s Recent Enhanced Efforts to Fight Corruption by Protected Individuals ,” American Society of International Law , November 9 , 2022 , https :// www . asil . org / insights / volume / 26 / issue / 12
15
Scott Woodruff Lyons , “ The U . S ’ s Recent Enhanced Efforts to Fight Corruption by Protected Individuals ,” American Society of International Law , November 9 , 2022 , https :// www . asil . org / insights / volume / 26 / issue / 12
16
“ FAQ : Whistleblower Protection Act ,” National Whistleblower Center , https :// www . whistleblowers . org / faq / whistleblower-protection-act-faq /
98 acamstoday . org