The role of virtue ethics in enhancing reputation through combatting financial crimes

Ritab AlKhouri, Pashaar Halteh, Khaled Halteh and Milind Tiwari

Journal of Money Laundering Control, 2023, vol. 27, issue 2, 228-241

Abstract: Purpose - This paper aims to outline how certain lessons from ethical systems can be relevant and applicable to tackling unethical behavior, including financial crime, within the finance profession. Design/methodology/approach - This paper adopts a pragmatic perspective while acknowledging that there is a myriad of reasons managers act unethically, including the reality that many do so knowingly and deliberately. The matter is further complicated by human nature, given an individual’s behavior (ethical or unethical) is not easily discernable from their psychological, sociological, theological or cultural attributes. Findings - Although such systems may not solve the problem of corrupt behavior, research suggests that industry professionals can learn to act in a more responsible and ethical manner. Given the wounded reputation of the financial sector, owing to their role in committing financial crimes such as money laundering, advances in ethical conduct would elevate both the effectiveness of the sector, as well as its reputation. Originality/value - It is impractical to think we can completely resolve the problem of unethical behavior. Improvement, however, seems possible through promoting virtuous character traits and ethical behavior in individuals and organizations. Virtue ethics can play a significant role in combating financial crime and supporting anti-money laundering initiatives.

Keywords: Finance; Ethics; Financial crime; Money laundering; Virtue; POV (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-02-2023-0033

DOI: 10.1108/JMLC-02-2023-0033

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