Borochkin A.A.National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation borochkin@yandex.ru
Rogachev D.Yu.National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation rogistyle@mail.ru
Importance The article addresses criminal activity in the banking sector. The topic is gaining popularity against the backdrop of fines imposed recently on the largest international banks for numerous violations of financial and banking laws, particularly, market manipulation for money laundering or capital expatriation. Objectives The study aims to examine the size of and reasons for bank fines imposed on international banks, analyze the relationship of criminal activities in the financial and banking sector, investigate current problems and shortcomings of financial and banking legislation enabling capital flight to offshore financial centers. Methods We employ descriptive statistics methods, i.e. box plots and pivot tables, to analyze data, and a case study method to find a solution to the problem of threats to the entire economic system from crimes committed by a large financial or banking institution. Results The paper assesses criminal activities in the banking sector, analyzes the efficiency of punitive measures, presents possibilities for future development and improvement of laws on anti-money laundering and combating the terrorist financing in the banking sector and securities market. Conclusions The analysis clarifies the practice of criminal activities in the banking sector through offshore zones, tax evasion, violation of fair trade principles on stock exchanges, and economic development destabilization. The paper may be of interest for supervising and regulatory authorities in the AML/CFT area.
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