International Frauds And Legal Frameworks: A Comparative Study Of Global Scandals, Governance Failures And Policy Reforms
- IJLLR Journal
- Feb 1
- 1 min read
Simran Chaudhary, UPES
ABSTRACT
International frauds have emerged as a major global concern because they effect financial stability, erode public confidence, and compromise the integrity of international trade and investment. These fraudulent activities, which range from trade-based frauds and tax evasion to cyber fraud, Ponzi schemes, and cross-border money laundering, thrive on weaknesses in national legal frameworks and the intricacies of international financial networks. The necessity of strong transnational collaboration, coordinated legal frameworks, and efficient enforcement mechanisms is evident due to their increasing prevalence.
With an emphasis on tools like the OECD Anti-Bribery Convention, the United Nations Convention against Transnational Organized Crime (UNTOC), and the Financial Action Task Force (FATF) recommendations this paper critically analyses the national and international legal frameworks governing fraud. Through case studies, such as the the Wire card scandal, and well-known international financial scams, it draws attention to the structural flaws and regulatory deficiencies that enable these crimes to continue. Weak corporate governance, inadequate compliance frameworks, and major obstacles in cross-border evidence gathering and extradition are common patterns that show up.
The study concludes by offering policy recommendations to strengthen both preventive and punitive measures. These include enhancing information- sharing between jurisdictions, establishing uniform global standards for corporate due diligence, expanding digital forensic capabilities, and supporting capacity-building in emerging economies. Ultimately, a more coordinated, technologically adaptive, and globally inclusive response is essential to curtail international frauds and protect the integrity of the global financial system.
Keywords: International frauds, transnational crime, legal frameworks, case studies, corporate governance, policy recommendations.
