Factor analysis of financial crime-related issues

Factor analysis of financial crime-related issues

Purpose The purpose of this paper is to propose indices that were freely considered as relevant for the analysis of financial crime-related issues in Nigeria and list them in the questionnaire that was administered across the six geo-political zones of the country to obtain relevant data that are us...

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Bibliographic Details
Published in:Journal of financial crime Vol. 26; no. 1; pp. 113 - 130
Main Authors: Iwasokun, Gabriel Babatunde, Akinyede, Richard Olufemi, Fadamiro, Catherine Folake, Bello, Oniyide Alabi
Format: Journal Article
Language:English
Published: London Emerald Publishing Limited 07-01-2019
Emerald Group Publishing Limited
Subjects:
Bribery
Corruption
Counterfeiting
Crime
Criminal investigations
Criminal statistics
Financial institutions
Forgery
Fraud
GDP
Gross Domestic Product
Hypotheses
Machine learning
Manufacturing
Polls & surveys
Principal components analysis
Research methodology
Standard scores
Values
White collar crime
Nigeria
Factor analysis
Extracted factor
Nigeria
Financial crime
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Summary:Purpose The purpose of this paper is to propose indices that were freely considered as relevant for the analysis of financial crime-related issues in Nigeria and list them in the questionnaire that was administered across the six geo-political zones of the country to obtain relevant data that are useful for factor analysis of financial crime-related issues. Design/methodology/approach The research methodology involved data survey, preparation and normalization. Followed by principal component analysis-based factor analysis and then, results and interpretation. Findings The results of factor analysis placed high premium on government policies and regulations, responses and management, capacity building and awareness and litigation as the major issues for safe and secure financial system in Nigeria. Findings from the research also established that systemic ways of ensuring that citizens adopt technical know-how for national development rather than committing crimes should be introduced and enforced by the Nigerian government. Originality/value The research formulated some indices and established some models for the analysis.
ISSN:1359-0790
1758-7239
DOI:10.1108/JFC-11-2017-0120