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THE ROLE OF CORPORATE GOVERNANCE IN THE ORIGINS OF CORPORATE CRIME
Abstract
A series of big scandals from 1990s has drawn attention to the corporate sector and has brought about questions regarding the quality of the legislative scope of corporate governance. Apart from the active role of corporate governance as the key factor in protecting companies from corporate crime, particularly on the microeconomic level, its contribution on the macroeconomic level is also not negligible in terms of its impact on the effects of illegal business operations through the implementation of money laundering and terrorist financing prevention systems. Goals of corporate crime and money laundering as well as terrorist financing are often intertwined. Their modus operandi includes legal and regular business transactions, but also various corporate, tax, legal and IT speculations which contribute to the realization of unlawful activities. Affirmation of corporate crime through seemingly regular business activities points to the fact that when raising awareness of tax and other authorities, as well as numerous practitioners in the role of supervisors in the process of detection of money laundering or terrorist financing risks, the possibility of detecting suspicious transactions increases. The extent of operations subject to illegal activities speaks in favour of the fact that governance structures in companies have a significant impact on corporate crime in the sense of its prevention or realization, which brings the importance of corporate governance to a higher level.
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