A PAPER PRESENTATION ON FRAUD AND FINANCIAL CRIME

ABSTRACT : The study investigates the impact of weak internal controls, economic instability, and regulatory enforcement on financial crime, focusing on identifying key risk factors and evaluating measures to mitigate fraudulent activities. Using a quantitative research design, the study examines financial crime within the University of Benin Teaching Hospital (UBTH), employing a descriptive survey to collect and analyse numerical data. The target population consists of employees in financial and administrative departments, with a stratified random sampling technique used to ensure balanced representation. Data collection involves structured questionnaires and secondary sources such as financial and audit reports. Multiple regression analysis is conducted using IBM SPSS 28.0 to assess the relationship between the independent variables and financial crime incidence. Findings reveal that weak internal controls and economic instability significantly contribute to financial crime, while strong regulatory enforcement serves as a deterrent. Weak internal controls provide opportunities for fraudulent activities, highlighting the need for stringent financial oversight and risk management strategies. Economic instability increases financial pressure, making financial crime more prevalent, emphasizing the importance of policies that promote economic stability. Regulatory enforcement plays a crucial role in mitigating financial crime, but its effectiveness depends on transparent and unbiased implementation. The study underscores the necessity of a multi-faceted approach involving stronger internal controls, economic stabilization measures, and reinforced regulatory enforcement to combat financial crime effectively. Policymakers, financial institutions, and regulatory bodies must collaborate to implement sustainable measures that enhance financial transparency and accountability, ultimately fostering a more secure financial system.

KEYWORDS: Financial Crime, Internal Controls, Economic Instability, Regulatory Enforcement, Risk Management