Problems of Legal Enforcement of Provisions on Economic Fraud Under National and Foreign Criminal Legislation and Assessment of the Related Risks

Kobleva M.M., Osadchaya N.G., Seregina E.V., Fomenko I.V., Kazarinov I.A. and Pateeva D.R.

International Journal of Economics & Business Administration (IJEBA), 2020, vol. VIII, issue 4, 725-738

Abstract: Purpose: The objective of this article is to analyze the problems of criminal liability for various kinds of economic fraud in criminal law. Design/Methodology/Approach: In the course of the study, the authors have analyzed the provisions of foreign and national legislation governing criminal liability for fraud. An assessment of risks related to various kinds of economic fraud has been performed. Analysis of crime rate for January-June 2020 shows that in the Russian Federation nearly 26 thousands of such criminal acts are committed each month on average, with the number of committed acts of economic fraud steadily increasing. Findings: As a result, the authors have concluded on the need to improve the provisions of national criminal legislation on economic fraud taking into account the positive experience of foreign criminal law, with assessment of the risks related to various kinds of economic fraud for the purpose of counteracting such criminal acts. Practical Implications: Study of the comments concerning imperfection of provisions on economic fraud represented in legal literature makes it evident that there is a long-standing need for their reforming. Certain considerations on improvement of provisions of criminal legislation on various kinds of economic fraud are set forth, and also a method for calculating the risks related thereto is proposed. Originality/Value: With an integrated approach to study of the problems of criminal liability for economic fraud, an understanding of the complexities of qualifying the given crime is elaborated, as well as a mechanism for specifying an adequate and proportionate punishment for its commission.

Keywords: Economic fraud; fraudulent behavior; breach of trust; criminal liability; criminal punishment; risks related to fraud; counteraction. (search for similar items in EconPapers)
JEL-codes: K11 K14 K42 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:ers:ijebaa:v:viii:y:2020:i:4:p:725-738

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