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Financial Crime Definition in Argentina: A Complex Phenomenon with Far-Reachng Consequences
In the midst of ongoing debates about corruption and economic crime, experts are struggling to define what constitutes financial crime in Argentina. While some view corruption as a public ethics issue, others see it as a lack of transparency in government operations. However, local organization CIPCE (Centro de Investigación y Prevención de la Criminalidad Económica) argues that corruption is merely one part of a broader criminal phenomenon: economic crime.
Economic Crime Definition
According to CIPCE, economic crime encompasses a wide range of offenses, including:
- Financial crimes committed by banks
- Tax evasion
- Money laundering
- Illicit capital havens
- Bribery, embezzlement, and other corrupt activities involving public officials
These crimes not only affect democratic institutions but also undermine the state’s treasury, depriving it of resources needed to implement public policies.
Impact of Economic Crime
The impact of economic crime is far-reaching, with those most vulnerable being those who need government services the most. The social damage generated by these criminal activities is often invisible, making it difficult for citizens to grasp the true extent of the problem. Moreover, the selective and inefficient prosecution of economic crimes perpetuates a culture of impunity in Argentina’s judicial system.
Contributing Factors
Experts point to Argentina’s recent financial liberalization and market reforms as contributing factors to the rise of economic crime. The process has led to institutional state capture by powerful economic groups, which exert significant influence over decision-making processes and public policy implementation.
Addressing Economic Crime
As CIPCE notes, addressing economic crime requires a comprehensive approach that takes into account its complex relationships with politics and economics. The organization is working to raise awareness about the issue and promote effective prosecution and prevention strategies to combat this growing threat.