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Financial economic crime

In recent years, incidents have occurred in the area of financial economic crime which have damaged the image of the institutions involved. This includes directors who have given preferential treatment to themselves or others, annual accounts and other documents which do not reflect the true situation, or actions which infringe legislation and regulations.

The consequences have included declining stock exchange prices, negative media attention, court cases brought by angry shareholders, substantial fines from regulators, and directors who are prosecuted by the public prosecution department.

Financial economic crime is a collective name for irregularities in the area of fraud, money laundering, the funding of terrorism, sanction legislation, insider trading and many other irregularities of a financial economic nature.

Complexity of non-core risks
Incidents and the results of many investigations by regulators, law enforcement agencies, etc., have shown that a wide range of organisations have difficulty gaining insight into and controlling risks in the area of financial economic crime. Furthermore, the consequences are considerable. HIG is in favour of a project-based approach where internal and external specialists work together on preventive recognition, identification and control of potential risks. Prevention of incidents, and a repressive approach as needed, will be defining for the resilience of organisations in the area of financial economic crime.