Abstract

Economic crimes or financial crimes are those sets of crimes which a culprit commits in order to get some kind of benefits of his own or for some other collective purpose which is illegal in nature. It is a small term with a wider meaning and covers a much larger aspect of crime which is beyond the imagination of a normal human being. From fraud to Cyber Crime, every crime is larger in its own ambit. Its covers not only a smaller area of a country but also covers the whole world as crimes like money laundering are not endemic in nature but are pandemic and as a result affects a larger group of people. It is a global challenge to tackle now and every government in this world is trying their best to curb these challenges and maintain proper piece and harmony in the society. In early period these crimes were not that severe in nature and used to affect only few individuals but with the advent of new technologies and internet people started inculcating wrong ideas in their minds. Further by grasping more knowledge about internet and its uses people with evil minds started practicing illegal activities like fraud and cyber crime which caused great havoc between various sections of the society and further caused great catastrophic damages to the society and people living in it. It became rigorous for the authorities to control these crimes and even more challenging to maintain peace and provide justice to the affected individuals. As the technology evolved these evil mind people started targeting fragile areas related to the finance sector hence disturbing the economy. For curtailing these crimes various government authorities and international organizations like ECOSOC (Economic and social crimes), FATF (Financial action task force), ACAMS (Association of certified anti money laundering specialist), IMF (International monetary fund) are putting their best put forward.

Keywords