Financial Crimes : Need for Strengthening the Gatekeepers to Safeguard the Financial System

The growth and expansion of the global financial system have a latent manifestation in the form of financial crimes, broadly involving financial and cyber frauds, money laundering, terrorist financing, corruption, and tax evasions. Increasing global integration of the financial system and the advent of digital modes of financial transactions while improving the efficiency of the financial system, have also expanded the tool-kit of the perpetrators of financial crimes. Financial crimes have huge economic, social, and psychological cost. This paper presents a global paradigm of the fight against financial crimes and, in the Indian context, highlights the need for strengthening the Gatekeepers, namely, Designated Non-Financial Businesses and Professions (DNFBPs) to curb the menace of financial crimes