Financial Crime Research Articles

Tech-Powered Forensic Accounting Education: A New Paradigm

The digital age has revolutionized forensic accounting practice, necessitating the integration of advanced technologies into investigations. However, traditional forensic accounting education often lags in these advancements, leaving graduates ill-prepared for the complexities of modern financial crimes. This narrative review explores the evolving landscape of forensic accounting education, focusing on the integration of technology to bridge the gap between academia and industry. The review examines the utilization of data analytics tools (e.g., Excel, Tableau), artificial intelligence, machine learning, and blockchain analysis in forensic accounting instruction. It delves into pedagogical approaches such as virtual simulations and immersive learning experiences that leverage technology to enhance student engagement and practical skills development. The review also identifies key challenges and opportunities presented by emerging technologies. While the rapid evolution of technology and the scarcity of qualified educators pose challenges, blockchain technology offers opportunities for enhanced transparency, data-driven investigations, and collaborative learning. Ethical considerations, including bias mitigation, data privacy, and the role of human judgment, are also emphasized. The findings of this review contribute to the growing body of knowledge on technology integration in forensic accounting education. By highlighting best practices, challenges, and future research directions, this review aims to inform educators, institutions, and policymakers on how to adapt to the changing landscape and equip future forensic accountants with the digital competencies necessary for success in the 21st century.

The Nexus of Cybercrime and Money Laundering: A Conceptual Paper

The nexus between cybercrime and money laundering poses significant challenges that require a holistic understanding and strengthened global efforts to address. Cybercrimes provide financial motivation for criminals to engage in illicit activities. Techniques like cryptocurrency laundering and exploiting online payment systems allow criminals to disguise illegal proceeds. Investigating these modern financial crimes faces hurdles from rapid technological advancements, encryption, international jurisdiction issues, and lack of standardized information sharing between agencies and sectors. Gaps exist in current anti- money laundering legal frameworks in properly criminalizing emerging cyber threats and prosecuting related offenses effectively, as seen in the Malaysian context. Reforms are needed to enhance enforcement mechanisms, risk assessment practices, and the role of regulatory authorities like the Financial Intelligence Unit. A comprehensive approach combining updated laws, improved inter-agency coordination, public-private collaboration, and adaptive strategies is crucial to counter the evolving nexus between cybercrime and money laundering in today's digital landscape.

Novel intelligent supervised neuro-structures for nonlinear financial crime differential systems

Artificial intelligence (AI)-based applications contribute to monitoring financial transactions and detect fraudulent activity in real-time by analyzing transaction patterns, consumer behavior, and other statistics, making them essential for quickly addressing potential threats in the fight against financial crime dynamics. Leveraging financial crime systems with intelligent supervised neuro-structures exploiting nonlinear autoregressive exogenous networks integrating damped least square (NARX-DLS) optimization methods to achieve an appropriate degree of accuracy and adaptability for the estimation of complex nonlinear financial crime differential systems (NFCDSs). The representative NFCDS for financial crime indicators is expressed as susceptible individuals, financial criminals, individuals under prosecution, imprisoned individuals, and honest individuals. The Adams numerical solver accomplishes the acquisition of synthetic data for the layer structure NARX-DLS algorithm execution to solve NFCDSs for various financial crime parameters, such as recruitment rate, influence rate, conversion rate to honest people, financial criminal prosecution rate per capita, discharge and acquittal rate from prosecutions, percentage of discharge rate from prosecution, transition rate to prison, and freedom rate. A sturdy overlap between the solutions of NARX-DLSs and the reference numerical results of NFCDSs implies that the error value is close to a desirable value of zero. The effectiveness of the NARX-DLSs is evidenced by including a variety of assessment metrics that carefully examine the model’s correctness and efficacy, including mean square error-based convergence arches, adaptive regulating parameters, error distribution, and input-error/cross-correlation analyses.

Financial Crimes as ‘Serious Non-Political Crimes’: Consequences for the Concepts of Seriousness and Unworthiness in Exclusion Law

Abstract Financial crimes were recently recognized by the Conseil d’État, France’s supreme administrative court, as ‘serious non-political crimes’ for the purposes of exclusion under article 1F(b) of the Refugee Convention. Such an extension of the scope of article 1F(b) raises questions regarding the seriousness threshold of article 1F(b) and its link to bodily harm. A first approach would be to establish the indirect relationship between financial crimes and bodily harm. Another approach would be to discard the concept of bodily harm as being pivotal in understanding the scope of the exclusion clauses. This second solution would have crucial implications for the theoretical underpinnings of the exclusion clauses of article 1F of the Refugee Convention, namely on the concept of unworthiness. In this regard, the recognition of financial crimes as rendering an asylum seeker unworthy of protection highlights the link between exclusion and moral and societal concerns.

Technology-Based Forensic Auditing and Financial Crime Detection: An Empirical Analysis of Deposit Money Banks in Nigeria

The advent and rapid rate of technological development have prompted various fields of study to receive a new touch. One of those fields of study that has been revamped by the technological revolution is accounting. This study examined technology-based forensic auditing and financial crime detection: an empirical analysis of deposit money banks in Nigeria. The research design adopted in the study is the survey design. The survey design was adopted because the data for the study was extracted through the primary method of distributing questionnaires to the respective respondents. The population of the study is made up of the accounting staff of some selected deposit money banks in Abuja, Nigeria. The total population is made up of 58 persons. The method that was used in collecting data for the study was the questionnaire instrument. The questionnaire was distributed to the respondents to extract specific information in line with the objectives of the study. The method of data analysis that was used in this study is multiple linear regression with the application of the Ordinary Least Squares (OLS) technique. The findings of the study reveal that technology-based forensic auditing contributes significantly to financial crime detection in selected deposit money banks in Nigeria. The implication of this finding is that deposit money banks have already embraced and started applying technologically based forensic auditing in their financial crime explorations. It is therefore the recommendation of the study that auditors should stay abreast of the updates of other technological forensic auditing tools and step up their financial intelligence skills by embedding textual analysis in audit engagement to sharpen their skepticism for proper audit evidence and also favorably influence the technological forensic audit quality.

Intelligent Video Surveillance System for Bank

With the increasing sophistication of financial crimes and the growing demand for secure banking services, the implementation of advanced security measures has become imperative for banks worldwide. Facial recognition technology emerges as a promising solution to enhance security and streamline authorization verification processes. This paper explores the application of facial recognition technology in banks to determine the authorization status of individuals accessing accounts or conducting transactions. The primary objective of this research is to investigate the efficacy of facial recognition systems in accurately identifying and verifying the identity of individuals in banking environments. By leveraging biometric data, such as facial features, these systems aim to authenticate users with a high level of accuracy and reliability. Moreover, the integration of facial recognition technology enables banks to combat various forms of fraud, including identity theft, account takeover, and unauthorized access. This study will examine the technological aspects of facial recognition systems, including their underlying algorithms, data processing techniques, and integration capabilities with existing banking infrastructure. Additionally, it will analyze the security implications and privacy concerns associated with the deployment of facial recognition technology in banking operations. Furthermore, the research will explore the practical implementation of facial recognition systems in real-world banking scenarios, evaluating their effectiveness in enhancing security, reducing fraud, and improving customer experience. It will assess the potential challenges and limitations faced during deployment, such as system accuracy, scalability, and regulatory compliance

The procedure for implementing the compliance system in the bank

In today's conditions of globalization and increased competition in the financial sector, the introduction of a compliance system in the bank is becoming an extremely urgent task. As banking institutions are leading participants in the financial system, their stability is important for the economy of the state. The activities of banking institutions are aimed at preventing financial crimes, such as money laundering and terrorist financing, through compliance, which consists in checking customers, monitoring financial transactions and identifying suspicious transactions, preventing crises and financial failures. With the growing requirements of regulatory authorities, as well as taking into account potential financial risks and threats from unscrupulous customers or criminal groups, banks need to improve their risk management system and ensure compliance of all operations with legislation and standards. This creates the need to develop and implement an effective compliance system that ensures compliance with all legal and ethical norms in the bank's financial activities. In this context, the study and analysis of the process of implementation of the compliance system becomes an important task that requires careful research and determination of the optimal course of action to achieve successful results in ensuring internal control and compliance in the bank. The compliance system, or internal control, is defined as a set of procedures, policies, and standards that are aimed at ensuring the fulfillment of all internal and legal requirements in the bank, as well as at identifying, evaluating, and managing various risks associated with the bank's activities. In this scientific study, we will consider the process of implementing a compliance system in a bank in the context of regulatory requirements and international standards, as well as investigate the practical aspects of its implementation, including the structure of the compliance team, monitoring and reporting tools, as well as the impact of the compliance system on the bank's business strategy and reputation. Our study will emphasize the importance of properly organizing the process of implementing the compliance system to ensure customer trust and maintain the bank's stability in the modern financial environment.

Cryptocurrency and financial crimes: A bibliometric analysis and future research agenda

The use of cryptocurrency for financial crimes has increased in recent years because of its decentralized and anonymous nature. This study extracted scholarly articles from the Scopus database and adopted bibliographic and content analysis to review financial fraud research in cryptocurrency. In addition, this study discussed the top ten cryptocurrency scams, potential reasons for falling into those traps, and associated theories to explore scammers’ behavior and outlined comprehensive future research guidelines for a safer financial world. Since 2018, the publication trend of revealing cryptocurrency frauds has gained momentum, and research on this topic has increased significantly in the last two years. The USA is the most significant contributor to cryptocurrency scam research. We found that both developed and developing countries are fairly concerned about combatting crypto fraudsters even though there are no regulated guidelines across the countries. The research potential has shifted from malware, bitcoin, and blockchain to fintech-based crimes such as money laundering, pump-and-dump schemes, and phishing. We observed that ICO fraud, money laundering, Ponzi schemes, phishing, darknet market transactions, ransomware, and pumps and dumps are some of the predominant crimes in crypto and that investor overconfidence, speculative expectations, low barriers to entry, decentralization, and anonymity are the primary reasons for crimes in cryptocurrency. This study suggests studying the socioeconomic impacts of cryptocurrencies, the necessity for standardized global regulation, and the integration of interdisciplinary research. Future research should emphasize exploring the innovation cycle in cryptocurrency assets, understanding cybercrime dynamics, guarding against crypto market manipulation, and developing automated scam prevention.

Gravitating towards Artificial Intelligence on Anti-Money Laundering A PRISMA Based Systematic Review

In Bangladesh, like many other countries, the implementation of Anti-Money Laundering (AML) measures plays a crucial role in the fight against financial offences and the maintenance of the financial system's integrity. The integration of Artificial Intelligence (AI) is one of the technologies for AML that has emerged as a promising approach to enhance the detection and prevention of financial crimes. The researcher aims to investigate the current state of AML, the impact of AI, the roles involved, and the legislation to achieve economic stability for the transformation of Bangladesh into a smart nation by 2041. In this systematic review study, the PRISMA framework is utilized to provide a comprehensive analysis of existing literature on the application of AI in AML, with a focus on risks, laws, and implications, particularly within the context of Bangladesh. The review synthesizes findings from diverse sources (Web of Sciences, Scopus, PubMed, and DOAJ indexing articles and reports) including academic research, industry reports, and regulatory documents, to assess the effectiveness, challenges, and ethical considerations associated with AI-driven AML solutions. Through a structured search strategy and rigorous selection criteria, the researchers discovered a total of 299 research papers, consisting of 181 latest studies and 117 previous relevant studies identified and analyzed to elucidate key trends, methodologies, and gaps in the current landscape of AI-enabled AML practices. The review also offers insights and recommendations for policymakers, practitioners, and researchers interested in leveraging AI technologies to combat money laundering effectively while navigating regulatory frameworks and safeguarding privacy rights. By critically examining the intersection of AI, AML, and legal frameworks, this study contributes to the ongoing discourse on the role of technology in addressing financial crime challenges in Bangladesh and beyond.

Questionable relations: On aggressive financialised ‘assemblages’ in creative and ecologically-challenged space-economies

In this contribution, the interest is in three things, arising from a project on ‘dark’ F-KIBS clusters. This has already resulted in critical papers on management consultancy and accounting ‘assemblages’ in which such clusters are embedded (Cooke, 2023a; 2003b). Questions posed are: first, why is there so much financial crime being punished with huge fines? Second has there been a significant rise in such prosecutions in recent years? Third, which jurisdictions or clusters display the most prosecuted firms and sectors? These questions are stimulated by an interest in ‘assemblage geography’ and evolutionary spatial analysis; accordingly, financial ‘dark’ clusters are proposed for study in this contribution. Assemblage connections may be hypothesised to be found in financial districts that replicate Marshallian proximity, notably Delaware in the US (Weitzman, 2022). That state specifically and its main city, Wilmington, is proposed as an exemplary rising agglomeration of relational interactions specialising in US tax avoidance and bankruptcy. In Switzerland, Bellinzona Federal Criminal Court recently hosted a Swiss Bank’s first-ever domestic trial for criminality in the shape of Credit Suisse. This bank had a fine of SFr2mn imposed on the bank, which was also ordered to pay €18.6mn in compensation to the Swiss government. An extra penalty was imposed by confiscation of SFr12 mn in criminal assets from the convicted perpetrators. The case had involved a group of Bulgarian clients laundering cocaine profits between 2004 and 2008 involving huge sums of cash being brought to the bank in suitcases, further associated with two assassinations. These red flags were missed by a bank which had received multiple fines elsewhere (Carrel, 2022). In reference to gang crime, in 2004, a Credit Suisse banker in Tokyo was arrested for allegedly helping launder at least ¥5bn linked to Japan’s largest Yakuza gang connected in a Japan, Switzerland and Hong Kong network (Makortoff and Pegg, 2022). Regarding the demise of Switzerland’s second global bank, after being badly hit by the huge Greensill and Archegos bankruptcies Credit Suisse was bailed out for £45 billion by the Swiss Central Bank in March 2023. Earlier, in 2015–2017, Disney, the creative economy exemplar in this narrative, is profiled in our third vignette as an imperious tax-dodging ‘fiefdom’ yet surviving as the global mass-entertainment leader. Finally, in sections 4 and 5, we profile two London-centred banking ‘scandals’ with ‘sustainability’ rather than ‘creative’ overtones. Thus of dubious banking practices London’s many categories of financial regulator are served by two ‘assemblage’ cases that will be analysed subsequent to being advanced as candidates. One recent exemplar is Balli Steel, an Anglo-Iranian sanctions-breaker, while another is Britishvolt, a financially failed EV gigafactory project in the UK.

Unwelcome Migrant Churches—A Case Study of the Portrayal of the Universal Church of the Kingdom of God in German-Speaking Online Press

This paper presents a comprehensive analysis of the portrayal of the Universal Church of the Kingdom of God in German-speaking online press. Utilizing qualitative content analysis, this inquiry examines German-speaking media articles published from 1990 to 2021. Using the systematic methodology developed by Kuckartz and Rädiker, media contents are deconstructed into individual codes and categorized into thematic complexes. This approach provides an understanding of how the UCKG is portrayed in German-speaking online press and therefore may affect Brazilian migrants who are affiliated with the UCKG. The findings of this survey reveal a multifaceted picture of the UCKG and its representation in the German-speaking online press. Dominant themes include the church’s rapid global expansion, the centralization of the leader, and various criminal allegations, predominantly financial crimes and corruption. The study uncovers a consistent pattern of critical and often one-sided media portrayal, contrasting with academic perspectives highlighting the church’s adaptation and diversity in its European context. Additionally, the research illuminates how these media narratives potentially influence public perception and policy decisions regarding the UCKG in Germany. The implications of this study are significant for professionals in the field of migration and religion to gain insights into the complexities of working with religious communities, particularly those facing media scrutiny and public misperceptions.

Analisis Yuridis Penerapan Konsep Asas Lex Specialis Sytematis Dalam Tindak Pidana Perpajakan

The sustainability of a country's development heavily relies on its revenue streams, with taxation being a crucial pillar in generating state income. However, corruption within the taxation sector poses a significant threat, leading to substantial losses in state revenue and hindering efforts to enhance societal welfare. This research endeavors to address this challenge by examining the application of criminal law in combating corruption within the taxation sector. Furthermore, the research identifies the role of the Lex Specialis Systematis in delineating taxation crimes from broader financial crimes. While taxation crimes are confined to the realm of tax-related finances, corruption transcends this boundary, impacting broader state finances. This study advocates for a comprehensive legal approach that integrates both tax law and anti-corruption legislation. It underscores the necessity of applying the principles of Lex Systematic Specialist to taxation laws, ensuring that taxpayers are held accountable within the framework of tax regulations. Simultaneously, it emphasizes the applicability of anti-corruption laws, governed by the principles of Lex Specialis, to combat corruption within the taxation sector effectively.In conclusion, this research highlights the imperative of a harmonized legal framework that synergizes tax law and anti-corruption measures. By bridging the gap between these legal domains, the state can enhance its capacity to combat corruption within the taxation sector, safeguard state revenues, and foster sustainable development for the benefit of society at large.

How Do Innovative Improvements in Forensic Accounting and Its Related Technologies Sweeten Fraud Investigation and Prevention?

The purpose of this article is to look at recent developments in forensic accounting that have to do with preventing and investigating fraud. The following new developments in forensic accounting are being studied by doing a thorough literature review: data analytics, cyber forensic accounting, and the impact of blockchain and cryptocurrencies on the field. We take a close look at each new trend, breaking it down into its uses, pros, disadvantages, and ethical implications. Case studies and real-world examples back up the findings, showing how effective these fraud prevention and investigation tendencies are. Investigations into financial crimes employing information technology have their own set of challenges, which the report sheds light on. Blockchain technology’s capacity to increase accountability, traceability, and transparency in financial transactions is also explored. To improve fraud detection and prevention efforts, the study finishes with suggestions for researchers, practitioners, and policymakers to adapt to and take advantage of these new trends. To effectively identify and discourage financial crime in the constantly evolving world of new technology, the study finishes by stressing the necessity for continuous research and innovation, highlighting the dynamic character of forensic accounting.

Analisis Tindak Pidana Penipuan Online dalam Konteks Hukum Pidana Cara Menanggulangi dan Pencegahannya

Fraud has been around for more than twenty centuries. The world continues to grapple with the devastating impact of financial crime. In this digital age, financial fraud is more sophisticated than ever. This article discusses the origins of fraud, its development, and technological advances in fraud prevention and security. In simple terms, fraud is deception with the intent to illegally gain financial advantage over a person or an entity. It refers to dishonest acts that deprive a person or entity of money or legal rights. Fraud requires the intentional misrepresentation of facts to convince someone to hand over money or property, unlike outright theft, which requires stealth or force. The crime of fraud is a form of crime that harms society financially and psychologically. This research aims to analyze various aspects related to fraud, including the motives of the perpetrators, the methods used, and the impact on victims and society. The impact of this crime is financially, emotionally, and psychologically detrimental to victims, and can undermine public trust in institutions and individuals. Through an in-depth understanding of the motives, methods, and impacts of fraud, this research contributes to the development of more effective prevention and law enforcement strategies. Preventive measures involving public education on the risks of fraud, increased legal awareness, and enhanced cooperation between law enforcement agencies and the private sector can be the first step in combating this phenomenon. In addition, strict and fair law enforcement against fraud perpetrators is also necessary to ensure justice for victims and minimize the possibility of similar crimes occurring in the future.

Capital market manipulation and regulatory compliance – a bibliometric analysis of scholarly research in the post-2000 era

Purpose The purpose of this paper is to systematically analyze the literature around regulatory compliance and market manipulation in capital markets through the use of bibliometrics and propose future research directions. Under the domain of capital markets, this theme is a niche area of research where greater academic investigations are required. Most of the research is fragmented and limited to a few conventional aspects only. To address this gap, this study engages in a large-scale systematic literature review approach to collect and analyze the research corpus in the post-2000 era. Design/methodology/approach The big data corpus comprising research articles has been extracted from the scientific Scopus database and analyzed using the VoSviewer application. The literature around the subject has been presented using bibliometrics to give useful insights on the most popular research work and articles, top contributing journals, authors, institutions and countries leading to identification of gaps and potential research areas. Findings Based on the review, this study concludes that, even in an era of global market integration and disruptive technological advancements, many important aspects of this subject remain significantly underexplored. Over the past two decades, research has lagged behind the evolution of capital market crime and market regulations. Finally, based on the findings, the study suggests important future research directions as well as a few research questions. This includes market manipulation, market regulations and new-age technologies, all of which could be very useful to researchers in this field and generate key inputs for stock market regulators. Research limitations/implications The limitation of this research is that it is based on Scopus database so the possibility of omission of some literature cannot be completely ruled out. More advanced machine learning techniques could be applied to decode the finer aspects of the studies undertaken so far. Practical implications Increased integration among global markets, fast-paced technological disruptions and complexity of financial crimes in stock markets have put immense pressure on market regulators. As economies and equity markets evolve, good research investigations can aid in a better understanding of market manipulation and regulatory compliance. The proposed research directions will be very useful to researchers in this field as well as generate key inputs for stock market regulators to deal with market misbehavior. Originality/value This study has adopted a period-wise broad-based scientific approach to identify some of the most pertinent gaps in the subject and has proposed practical areas of study to strengthen the literature in the said field.

Impact of Crimes on Economic Growth of Pakistan, Bangladesh and India using individual and Panel Data

The purpose of this research paper is to study the detailed dynamics of economic and financial crimes of Pakistan, Bangladesh and India. Our econometric modelling focuses on the impact of the vector of financial and economic crime proxies upon economic growth of Pakistan, Bangladesh and India using data of individual country and then Panel data. In accordance with the reviewed literature, for our sample of south Asian countries, Crime (corruption and shadow economy) have a negative effect upon the vector of development proxies (Economic growth). I have estimated the relationship between GRP and CRP, GRB and CRB and GRI and CRI. I have then estimated the relationship between CRP, with, YURP and INFP, Similarly I have estimated the relationship between CRB with INFB, YURB. Similarly, I have estimated the relationship between CRI, with INFRI, YURI. Finally, I have estimated GR with CR using panel data. Then I estimated CR with INFR and YUR. Governmental policies on economic prosperity and societal wellbeing should focus on reducing corruption and shadow economy, in order to favour benefits in the field of economic development. World bank data denotes crime rate as economic and financial crimes.

Moderating Influence of Corruption on the Relationship between Aggregate Tax Revenue and Economic Development in Nigeria and Ghana

The study examines the moderating influence of corruption on the relationship between aggregate tax revenue and economic development in Nigeria and Ghana. Ex-post facto research design was adopted for the study where country specific data extracted from the annual publications of OECD database on tax revenue in Africa, Central Bank of Nigeria and Transparency International (TI) for the periods 1981 to 2022 were used. The dependent variable was economic development measured with Gross Domestic Product at 2015 Constant price while the independent variable was Aggregate tax revenue. The relationship between the dependent and independent variables was moderated by the presence of corruption measured by Corruption perception index for Nigeria and Ghana. Different econometric techniques were applied in the study while the data was analyzed by means of the Autoregressive Distributed Lag (ARDL) model using E views Version 10. The findings showed that in Nigeria and Ghana, aggregate tax revenue had a positive and significant influence on economic development both short and long run whereas corruption had a negative but significant influence on the relationship between tax revenue and gross domestic product of Nigeria and Ghana. The study therefore recommends among others that the respective governments of Nigeria and Ghana should put in place adequate fiscal measures to ensure that revenue generated from taxes are effectively utilized to develop their economies. They should also see the need to tackle corruption in the process of executing projects by ensuring that activities of bad and corrupt leaders are closely monitored through further strengthening the hands of the anti Graft Agencies like the Economic and Financial Crimes Commission (EFCC) and ICPC to have the political will to persecute corrupt leaders and managers of public funds.

The mechanism of interaction between subjects of financial monitoring and subjects of implementation of the law enforcement function

The relevance of the study is determined by the need to effectively detect, stop and investigate financial crimes, including money laundering, terrorist financing and other violations. The purpose of the research is to study the peculiarities of the cooperation of financial monitoring subjects and law enforcement agencies in the fight against the financing of terrorism and to determine directions for its improvement in Ukraine. The methodological basis of this research is general scientific and special methods. Such methods as analysis and synthesis, deduction and induction, normative and positive analysis, systematization, structural-logical, statistical were used. The interaction of financial monitoring subjects and law enforcement agencies in the system of combating the financing of international terrorism was studied and the role of the State Financial Monitoring as the main connecting link in the effectiveness of this interaction was determined. In the course of the analysis of the messages received by the State Financial Monitoring Service and the materials transferred by this institution to law enforcement agencies, the factors that influenced their dynamics and structure were identified (a change in the approach to the detection of financial transactions with signs of financial monitoring, introduced by the new Law of Ukraine "On Prevention and Counteraction of Legalization ( money laundering), the financing of terrorism and the financing of the proliferation of weapons of mass destruction", as well as the martial law introduced in Ukraine, the nature of financial transactions and the bodies created and whose functions include the processing of materials for such transactions). Differences regarding the organization of cooperation between the specified subjects in different countries of the world are due to both the general policy in the country and the corresponding nature of the anti-legalization legislation. Mechanisms of cooperation between financial monitoring subjects and law enforcement agencies have been defined, which should include: exchange of experience and training in the form of regular meetings, establishment of online information exchange during joint activities to investigate financial crimes.

Mobile Forensics in Financial Fraud Analysis

Mobile forensics, a critical component of digital forensics, is essential for investigating and analyzing digital evidence pertinent to financial fraud security. This guide delineates key steps and methodologies, with a focus on device identification, secure data extraction, password decryption, cloud and deleted data analysis, timeline reconstruction, network and geolocation analysis, app and social media investigations, and comprehensive reporting. The operational process involves acquiring mobile devices, analyzing file systems for financial data, extracting and decoding relevant information, verifying findings, collaborating with network forensics for broader insights, and presenting conclusive results. Mobile forensics plays a pivotal role in uncovering evidence for financial crimes, ranging from fraudulent transactions to data breaches, where mobile devices serve as critical tools. Specialized techniques in mobile forensics contribute significantly to meticulous and successful investigations aimed at mitigating financial fraud risks. Keywords- Mobile Forensics, Data, Analysis, Extraction, Evidence, Financial fraud

FEATURES OF FINANCIAL AND LEGAL LIABILITY IN UKRAINE

The subject of the study is public relations in the field of financial and legal responsibility in Ukraine. Methodology. The methodological basis of the study is the methods of induction and deduction, the dialectical-materialistic method, the method of analysis and synthesis, and the historical method, which allowed for an objective understanding of the content and essence of the issues under study. The aim of the article is to analyse the theoretical aspects of the features of financial and legal liability in Ukraine in order to propose effective ways to improve the mechanism of these procedures. The results of the study have shown that the independence of financial responsibility in Ukraine is emphasised by the relevant criteria, which include the obligation of a person guilty of committing a financial offence to undergo measures of state coercion provided for by the sanctions of financial legislation. Conclusion. Financial responsibility in Ukraine is a legal relationship with a special procedural form of implementation. Financial and legal responsibility is an independent measure of financial sovereignty of the state, has its own legal nature and occupies a certain place in financial legal relations. At the same time, it should be said that liability for violation of financial legislation does not exist only within the framework of financial legislation. Financial responsibility is undoubtedly a type of legal responsibility and is primarily due to the special sphere of sectoral activity of the state and its authorised bodies, which today is considered to be the financial activity of the state, where not all subjects of law are involved, but only subjects of financial law and their financial obligations, which differ only in their ownership, price and public character. Another peculiarity is that, as a rule, financial and legal liability is by its nature restorative, aimed at eliminating negative and other undesirable consequences caused to the financial system of the state. This feature of financial and legal liability reflects the public nature of financial obligations, the fulfilment of which is ensured by the application of financial liability. Some peculiarities that distinguish financial liability in Ukraine are caused by the nature of financial offences that are the basis for financial liability and distinguish financial liability from other types of liability applied both in connection with administrative and disciplinary offences and in connection with criminalised financial crimes and civil offences, the subjects of which are usually independent individual subjects of financial activity, individuals, and companies.