fighting economic crime

MASTER OF SCIENCE IN ECONOMIC CRIME MANAGEMENT

Table of contents

No

Topics Page

1. Objective 1

2. Introduction 1

3. Definition 1

4. An Imminent Threat 2

5. Causes of Economic Crime 3

The Fraud Triangle Theory 3

Pressure 4

Opportunity 7

Rationalization 10

6. Countermeasures in Preventing Economic Crime 11

Sound Control Environment 12

Developing a Sound Code of Conduct/Ethics 12

Sound Training and Awareness Program 12

Effective Recruitment Program 13

Proactive Internal Audit Department 14

Internal Control Structure 15

Sound Control Activities 15

Good Accounting System 15

7. Conclusion 16

8. References 17

Produced by: Mohd Latiff bin Mohd Muzar (B1501479)


FIGHTING ECONOMIC CRIME

OBJECTIVE

This study aims to examine the causes of economic crime, and then to formulate

an effective recommendation on combating or mitigating the impact caused by

economic crime.

INTRODUCTION

The evolution of modern technology, rapid changes in development, dynamic

progress in communication technology, and faster methods of travel have made

the world transnational in nature. Transnational economic activities are becoming

a trend, and are currently being increasingly practiced on a global scale.

Business activities have become more diversified in numerous economic fields,

and have become more complex than ever. To make things worse, the modus

operandi of economic crime tags along with the complexity of business, and is

continuously eyeing to exploit the weak control environment of business

organizations for fraud. The globalization of the world acts as a catalyst in

prospering the growth of economic activities, while at the same time, making

these activities more challenging, highly competitive and stressful. This

stimulates the environment in increasing the risk of unethical practices among

business operators during these activities.

DEFINITION

Providing a wholly accepted, complete and precise formal definition of economic

crime in modern society appears to be a very challenging process, and still

remains unsolved due to its complexity. Sociologists, criminologists and

researchers attempt to simplify the definition of economic crime by segregating it

based on particular laws. Sutton (1983) defines economic crime as nonviolence

criminality arising from some corporate or business activity against property,

involving fraud or deception. PwC (2014) defines economic crime as the

Page / 1Produced by: Mohd Latiff bin Mohd Muzar (B1501479)


intentional use of deceit to deprive another of money, property or a legal right.

The Audit factory defines economic crime in a more generalized concept, in

which all crimes that are committed within, against, and by business enterprises.

Generally, economic crime can be summarized as a nonviolent profit oriented

crime within legitimate business.

AN IMMINENT THREAT

Economic crime has evolved drastically to catch up with the advancement of

economic diversification. Yearly reports and research conducted by researchers

and various agencies demonstrate the statistics in a very alarming posture. In

2014, a survey conducted by PwC found that 37% of business organizations

admit they had experienced economic crime, compared to only 34% in 2011. The

figure indicates economic crime is not just a mere persistent threat to the

business organization and business process, but is also more mimicking to a

‘growing cancer’ that should be addressed before it becomes worse. Even

though economic crime is categorized as a universal problem, the damage done

is too costly to be ignored by CEOs. It causes massive of loses to the economy,

which simply threaten an organization’s annual revenue. Moreover, economic

crime harms the corporate and brand images of an organization, plummeting

shareholder value and corroding the integrity of the employees, which in turn

reflexes the inability of the organization to attract and retain human capital.

Each year, organizations lose portions of revenue due to fraud, bribery and

corruption. These loses were at the value of USD 3.7 trillion in 2014, with the

median of USD 145,000, which is 5% of business revenue. In addition, 22% of

the business organizations involved in economic crime lose at least

approximately USD1 million to occupational fraud. Furthermore, the financial

damage caused by occupational fraud is in tandem with the time span the fraud

lasts in organizations. The startling fact is that the median duration for fraud

cases to be detected and reported is 18 months (ACFE, 2014).



The alarming threat of economic crime needs to be thoroughly analyzed for

immediate and drastic countermeasures. For effective integrated comprehensive

multidisciplinary countermeasures, both the active and passive methods are vital

in mitigating organization loses, and completely combating economic crime.

Sound preventive countermeasures should be able to interact and implement

each other in order to be effective against any illegal business activities in order

for economic crime to be eliminated. This approach should be an integrated and

connected joint one by the government, business organizations and the society.

CAUSES OF ECONOMIC CRIME

1. The Fraud Triangle TheoryIt is best to look at pioneering criminologist Dr. Donald Cressey’s Fraud

Theory to investigate the conditions of fraud. Cressey found that, in order

for people to commit fraud, three elements must co-exist: non-shareable

financial problems, opportunity and rationalization. Cressey’s Fraud

Theory was later known as the Fraud Triangle Theory. The ‘triangle’

consists of three main elements: the pressure, the opportunity and the

rationalization.

Figure 1: The Fraud TriangleSource: ACFE http://www.acfe.com/fraud-triangle.aspx


OPPURTUNITY RATIONALIZATION

PRESSURE

http://www.acfe.com/fraud-triangle.aspx


Later, Lister (2007) defined the first element of fraud (i.e., pressure) as the

source of heat for the fire; the second element (i.e., opportunity) as the

fuel that keeps the fire going; and the third element (i.e., rationalization) as

the oxygen that keeps the fire burning. The idea was further augmented

by Vona (2008), who believed personal and corporate pressure, a

person’s position in the organization and the ability to conceal a fraud, are

often associated with the cause to commit it. On the other hand, Albrecht

(2008) believed that pressure can simply be categorized into two

categories: financial and non-financial pressure. He listed out personal

debt, greed, living beyond one’s mean, poor credit and unexpected

financial needs, as financial pressure; while a challenge to beat the

system, the need to perform better than actual performance and

frustration with work, as non-financial pressure. Murdoch (2008) agreed

with Albrecht’s ideas, and included political and social status or reputation

as part of pressure. He also included gambling habits and drug addiction

as non-financial pressure. Meanwhile, in the same year, Rae and

Subramanian came out with a new perspective, and believed the main

cause of fraud to be committed is financial pressure, organization

system’s weakness and lack of personal integrity.

a. Pressure

From the various definitions concluded by sociologists,

criminologists and researchers, elements of pressure are always

the driving factor for individuals or employees to commit crimes,

whether caused by personal pressure, corporate/employment

pressure or external pressure in nature (Figure 2). Pressure always

acts as a motivator that motivates employees as ‘the source of heat

for the fire’.



TypePressure

Personal Corporate/Employment External

Financial

- Gambling - Continuous - Threat to business

- Addiction compensation structure financial stability

- Sudden financial - Management financial - Market

expectation

problem interest

- Paying for life style

- Low Salaries

Non-Financial

- Lack of personal - Unfair treatment - Ego

discipline - Fear to lose the job - Image/reputation

- Greed - Frustration with work - social pressure

- Challenge to beat the system

Figure 2: Classification of PressureSource: Kassem, R. and Higson, A.W, (2012), “The New Fraud Triangle Model”

The Asia-Pacific Fraud Survey (2013) found that 27% of company’s

management is likely to commit fraud when economic times are

tough due to corporate pressure. Moreover, 19% of the

respondents reported that a highly competitive economic

environment and tough economic times increased the possibility of

bribery and corruption. It is not surprising when the report found

that 54% of Malaysia’s business organizations are inclined to take a

‘shortcut’ approach to meet targets during tough economic times.



Global Av-erage

Malaysia China Indonesia Singapore

27%

54%

34%

29%

11%

Figure 3: Likely to Take Shortcuts to Meet Targets When Economic Times Are ToughSource: Ernst & Young Global Limited, (2013), “Building a More Ethical Business Environment Asia-Pacific Fraud Survey 2013”

Other than corporate pressure, KPMG Malaysia, in their Fraud,

Bribery and Corruption Survey (2013), found personal pressure to

be the leading motivation for fraud to be committed, which is

caused by greed/lifestyle (55%), personal financial pressure (42%),

family pressure (18%), gambling (13%) and drugs (8%). Greed or

living beyond one’s mean remain as the most contributing factors

that motivate individuals to conduct fraud for the consecutive year;

the trend shows a spiral down from 62% in 2009.



Drug

Gambling

Family Pressure

Personal Financial Pressure

Greed/Lifestyle

2%

7%

4%

39%

62%

8%

13%

18%

42%

55%

20013 2009

Figure 4: Motivating factors for fraud Source: KPMG Malaysia, (2014), “Fraud, Bribery and Corruption Survey 2013”

b. Opportunity

Opportunity promotes an environment or temporary circumstances

for fraud to occur. The occurrence of opportunity enables

employees with the most control to commit fraud. Most of the time

poor internal controls in business organizations create opportunities

for the employees to become fraudsters. In 2014, 68% of fraud

events in Malaysia occurred due to poor internal controls (a great

leap from 59% in 2009). The other two factors that create

opportunity in business organizations for fraud to take place are the

lack of skill sets of internal audit teams to detect fraud (39%); and

the lack of fraud awareness training, which have resulted in the

inability by staff to recognize glaring red flags or early warning

signals of fraud (39%).



Management override to internal controls

Inadequate utilization of technology tools available to identify red flags

Lack of fraud awareness training

Lack of skill sets of Internal audit team to detect fraud

Poor Internal Controls

25%

56%

29%

34%

39%

39%

68%

2009 2014

Figure 5: Factors that allowed the incidence of fraud to take place in the organizationSource: KPMG Malaysia, (2014), “Fraud, Bribery and Corruption Survey 2013”

Most of fraudsters who commit fraud assume they are unlikely to be

caught due to their ability to conceal their fraudulent activities

based on their level of authority. A survey conducted by ACFE

(2014) shows the highest group of economic crimes was committed

at the employee level (42%), followed by managers (36%) and

owners/executives (19%). Compared to the 2012 survey, the trend

shows a drop in the manager group, but a slight increment at the

employee level (0.4%), and owner/executive level (1%).



Other

Owner/Executive

Manager

Employee

3%

18%

38%

42%

3%

19%

36%

42%

2014 2012

Figure 6: Position of Perpetrator – FrequencySource: ACFE, (2014), “Report to the Nations on Occupational Fraud and Abuse”

But there is a slight difference in this trend in the context of

Malaysia. Even though the group of perpetrators remains the same,

the increment of employee involvement in 2013 was 50%,

compared to 34% in 2009, which is alarming (KPMG, 2013). Even

though statistics indicate a weak correlation between level of

authority and group of fraud, it is undeniable that the level of

authority does create an opportunity for perpetrators to commit

economic crimes.

Suppliers

Service Providers

Management

Customers

Employees

1%

1%

6%

58%

34%

6%

8%

18%

18%

50%

2013 2009



Figure 7: Fraud Incidents Attribute to the Categories of Fraud PerpetratorsSource: KPMG Malaysia, (2014), “Fraud, Bribery and Corruption Survey 2013”

c. Rationalization

Rationalization is the factor that encourages an individual to commit

fraud. Beccaria (1764) explained that human being are rational, and

act based on their free will by understanding the sequences of their

decisions. Committing a crime is a choice that people make based

on their hedonistic rationality. Human beings are prone to pleasure

rather than pain. They make their decisions on a basis of pleasure,

which outweighs pain. The more pleasure they get from committing

fraud, the higher the tendency to rationalize the act of fraud.

Rationalization occurs when pleasure supersedes pain. But

normally, rationalization only applies to first timers and occasional

fraudster because the needs to rationalize often fade away in

repeated actions of fraud. People attempt to convince themselves

and justify their actions by statement such as ‘they deserve’, ‘they

only borrow the money’, ‘everybody is doing it’ or ‘they’re under-

paid’. Sometimes it is just a way of making excuses to legitimate

their wrong doings to be accepted.

Unethical behavior and an organization’s culture play an important

role in how people justify their fraud. A survey by KPMG (2013)

found that 16% of executives agreed that poor ethical practices in

an organization rationalize employees to commit fraud. Based on

the survey, poor communication of an organization’s value or code

of ethics/code of conduct (81%), poor examples shown by senior

management (43%) and poor ethical culture within the organization,

are significant factors to poor ethical practices.



The inherently unethical nature of the industry in which the or-

ganization operates in

Poor ethical culture within the organization generally

Poor example shown by senior management

Poor Communication of orga-nization's value or Code of

Ethics/Code of Conduct

57%

62%

52%

19%

33%

38%

43%

81%

Significant factorInsignificant factor

Figure 8: Factors Contributed to Unethical Behavior Occurring in an OrganizationSource: KPMG Malaysia, (2014), “Fraud, Bribery and Corruption Survey 2013”

THE COUNTERMEASURES IN PREVENTING ECONOMIC CRIME

In formulating an effective anti-fraud strategy, the elements of fraud prevention,

detection, investigation and correction must be closely linked, rather than stand

alone. However, this paper specifically focuses on fraud prevention programs.

The AFCE (2014) and KPMG Malaysia (2013) surveys had listed some of the

prevention measures taken by organizations to control the risk of fraud. Internal

control (91%), pre-employment screening (81%) and corporate code of conduct

(81%) were the measures taken by Malaysia’s business organizations in

minimizing their risk of fraud (KPMG Malaysia, 2013). A survey by ACFE (2014)

found that external audit (81%), code of conduct (77%) and internal audit (70%)

were the most enacted measures taken by organizations globally as their fraud

prevention program. However, it appears that code of conduct and audit (internal

or external) were the most common approaches enacted by organizations. Listed



below are preventative measures to reduce the opportunity of fraud from

occurring:

1. Sound Control EnvironmentA control environment sets an organization’s culture, philosophy, ethical

values and management’s attitude. It influences and sets an

organization’s tone in conducting business. An effective control

environment is mandatory in reducing the opportunity of fraud to take

place.

a. Developing a Sound Code of Conduct/EthicsA fraud risk environment is very much influenced by the attitude

within an organization. A high ethical standard means a high

integrity with a consistent policy is applied impartially without

double standards, either to low level employees, or higher level

management. Positive ethical culture towards preventing fraud

needs to be nurtured and embedded in the organization. Any

wrongdoing act is to be considered as unacceptable, reported, and

seriously investigated.

The culture or attitude of ‘when in doubt, report’ must be nurtured

and instilled in employees, managers and executives. Thus,

organizations have to outline a clear yet comprehensive business

ethics policy in difficult circumstances (such as threats of financial

self-interest), as well as a fraud prevention policy as some sort of

guidance to employees.

The key of having sound ethical conduct is ‘tone at the top’. Without

top managements’ commitment for fostering a culture of high

integrity, any endeavors are futile. Top management must look



committed in preventing fraud, thus automatically creating an

environment of wrongdoers will be punished without fail.

b. Sound Training and Awareness ProgramEmployees equipped with knowledge of fraud risk awareness is

significant to the efficiency of fraud prevention programs, especially

for those who work in high risk areas such as accounting, operation

and sales departments. In addition, a survey conducted by ACFE

(2014) found that 44% of fraud perpetrators do work in accounting,

operation and sales departments. Moreover, the survey also found

that more than 42% of fraud in an organization was detected by

tips. Obviously, it is very important for employees to be made

aware of what constitutes of fraud, and how to react when dealing

with any suspected wrongdoer.

Training and fraud risk awareness can be either in formal or

informal in nature. Instead of seminars and training sessions,

department meetings, monthly newsletters, periodical reports,

posters and pages on internal websites can be an approached in

educating employees. Knowledgeable employees reduce the

opportunity and discourage fraud.

Training provided to the employees should be focused on their

tendency to be operational or administrative. The act of talent

spotting enables organization to identify their employee preference,

and whether they are in operational or administrative groups. The

process is important due to the high risk appointment. For example,

accountant and sales executives should be handled by specific

groups that are committed and competent. Assigning the wrong

group of people to a wrong position opens up an opportunity for

fraud. By appointing the suitable person for the job, the occurrence

of wrongdoing can be minimized.

c. Effective Recruitment ProgramPage / 13



The objective of recruitment programs is to find competent and

trustworthy people in order to reduce the likelihood of unqualified

candidates with proven criminal records in joining organizations,

and in turn reducing the opportunity of fraud from occurring.

However, the ACFE report (2014) indicated that almost 87% of

fraudsters have never been convicted of fraud related offences, and

only 5% of fraudsters have been convicted. Yet, pre-employment

screening plays an important role in protecting an organization’s

interests. In doing so, candidates will undergo a verification

process, with emphasis on educational background, suitability and

experience, criminal record and financial credit. A screening

process is not a privilege to new employees, but is extended for

promotion of high risk positions within organizations.

d. Proactive Internal Audit Department

A survey conducted by Asia-Pacific Fraud Survey (2013) on 681

respondents of executives, senior manager and employees with an

annual revenue of more than USD 500 million, found that 33% of

the respondents agreed that the implementation of stronger internal

audit teams is the best countermeasure to proactively combat fraud

in an organization. In Malaysia, statistics show a larger number

(51%).

The unbiased and independent report from internal audit teams

reported to top level of management is very significant in improving

an organization’s risk management and internal control process.

The evaluation, recommendations and highlight of the report are

pivotal for the organization’s strategic objective achievements.

Furthermore, by analyzing and scrutinizing the policies and

procedures of the organization, the report of internal audit teams



manages to push the effectiveness of company’s practice to a

better level, as demanded by the stakeholders. Clearly, a strong

internal audit team not only enables an organization to detect or

realize their weaknesses, but it also acts as a catalyst to increase

the capability of an organization in managing their fraud risk, both

effectively and efficiently.

2. Internal Control StructureIn preventing the loss of resources, whilst achieving its performance, it is

vital for an organization to protect its internal control. Internal control

consists of policies and procedures designed to provide management with

reasonable assurance that the company is indeed capable in achieving its

objectives and goals, producing reliable financial reports and complying

with applicable laws and regulations. An effective internal control structure

requires cost/benefit analysis to evaluate controls. In addition, the control

needs to be monitored and tested on a regular basis for it to work

efficiently and effectively. The risk assessment conducted helps

organizations understand risk, potential abuses and weaknesses that

enable it to structure an appropriate action plan, and use the best

resources to mitigate the risk.

3. Sound Control ActivitiesControl activities are policies and procedures that support management

instructions to address an identified risk. Sound control activities manage

to mitigate the likelihood of identified risk of fraud. Preventive control

activities such as proper procedures for authorization, security access

restriction, adequate documents and records, physical control over assets

or records, and segregation of duties, are designed in order to prevent

opportunities of fraud from occurring.

4. Good Accounting SystemPage / 15



A survey conducted by ACFE (2014) marked that 17% of fraud occurs in

the accounting department. More attention should be given to the

accounting department in order to prevent fraud. Every transaction made

must be in complete form before being validated by appointed authorities.

Any access to the system can only be made by specific employees with a

certain amount of authority. This is to ensure the system is protected both

the insiders and outsiders. Access to the system is subjected to the

employees’ task in order to protect sensitive information from any breach

of confidentiality or fraudulent activities. Accounts should be placed at the

proper time and valuation with correct summarization.

CONCLUSION

Economic crime is threatening the business theatre. The threat is spreading

viciously by putting an organization’s image and reputation, annual revenue and

employees’ integrity, at stake. However, elimination of the threat is not possible.

Drastic countermeasures only manage to minimize the damage. Anyhow,

organizations, with the intervention of criminologists, sociologists and

researchers, are devising proper strategies, tools and methods in deterring,

preventing and detecting fraud. Failure in dealing with the threat will only cultivate

fertile ground for the occurrence of fraud. Therefore, a comprehensive approach,

with the involvement of the government, business organizations and the society,

should be structured in order to be convincingly ahead in curbing economic

crime.



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