Financial fraud remains a significant global concern that has surpassed borders, weakened financial systems, and contributed to economic instability. This study looks through a scientific lens to analyze financial frauds, making sure to highlight the complexity of their mechanisms and the ever-changing barrier posed to international law and regulatory frameworks. The review paper attempts to categorize fraud into traditional financial crimes, such as securities fraud, tax evasion, and insider trading, and emerging threats from cyber fraud, digital currencies, and decentralized financial systems. We also aim to determine the efficacy of international legal instruments, such as the Financial Action Task Force (FATF) recommendations, the United Nations Convention Against Corruption (UNCAC), and regional treaties, in detecting, preventing, and prosecuting financial fraud. Furthermore, the study evaluates the use of advanced technological tools, including machine learning, data analytics, and blockchain forensics, in the detection and prevention of financial fraud. With the help of quantitative case studies and empirical data, the presentation provides insights into the effectiveness of present legal and suggests new, scientifically-grounded methodologies for improving the global fight against financial fraud. The conclusion emphasizes the need for an adaptive, holistic framework that combines legal, scientific, and technological resources to combat financial fraud more effectively in an increasingly complex global economy.
Sanjeev P. Sahni (Wed,) studied this question.
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