The Caribbean is known for its pristine beaches, star athletes, internationally acclaimed artistes, booming tourism, financial services industries and proximity to major international markets. Unfortunately, the region is also known for a plethora of social ills, including, but not limited to, high levels of crime and violence specifically, drugs, guns and ammunition, extortion, and human trafficking. There is, however, a “weapon of mass destruction” that is destroying Caribbean economies and their reputations; these are financial crimes. While financial crimes are not new to the Caribbean, it can be argued that there has been an uptick of those crimes in the Caribbean since the COVID-19 pandemic. This comes as no surprise as when times are hard, more people turn to fraudulent schemes hoping for a better life. These crimes range from money laundering and tax evasion to cyber fraud and corruption. Although financial crimes are non-violent, they are like zero-sum games as the predators gain and the victims of such crimes lose tremendously. This chapter seeks to be a reference or guide for individuals in the Caribbean with little to no exposure to financial crimes. It also explores basic definitions of financial crimes, typologies, financial fraud as well as factors contributing to financial crimes in some Caribbean countries, impacts of financial crimes, and strategies employed by regional governments and international bodies to combat this illicit activity. By understanding the specific vulnerabilities of the Caribbean, policymakers in the region can develop more robust legal frameworks and preventative measures to address financial crimes.

错误:搜索内容不能为空,请输入英文关键词
错误:关键词超出字数限制,请精简
高级检索

Financial Crimes in the Caribbean: Challenges, Impacts, Strategic Responses, and Recommendations

  • Kadeshah Swearing

摘要

The Caribbean is known for its pristine beaches, star athletes, internationally acclaimed artistes, booming tourism, financial services industries and proximity to major international markets. Unfortunately, the region is also known for a plethora of social ills, including, but not limited to, high levels of crime and violence specifically, drugs, guns and ammunition, extortion, and human trafficking. There is, however, a “weapon of mass destruction” that is destroying Caribbean economies and their reputations; these are financial crimes. While financial crimes are not new to the Caribbean, it can be argued that there has been an uptick of those crimes in the Caribbean since the COVID-19 pandemic. This comes as no surprise as when times are hard, more people turn to fraudulent schemes hoping for a better life. These crimes range from money laundering and tax evasion to cyber fraud and corruption. Although financial crimes are non-violent, they are like zero-sum games as the predators gain and the victims of such crimes lose tremendously. This chapter seeks to be a reference or guide for individuals in the Caribbean with little to no exposure to financial crimes. It also explores basic definitions of financial crimes, typologies, financial fraud as well as factors contributing to financial crimes in some Caribbean countries, impacts of financial crimes, and strategies employed by regional governments and international bodies to combat this illicit activity. By understanding the specific vulnerabilities of the Caribbean, policymakers in the region can develop more robust legal frameworks and preventative measures to address financial crimes.