An interconnected world facilitates the proliferation of fraud and corruption, which poses a significant threat to the integrity of global financial systems. Illicit and illegitimate finance has become a pressing concern to governing agencies and regulators around the world, with financial crimes, money laundering, tax dodging, and fraudulent practices plaguing multiple industries and sectors. As these nefarious activities continue to evolve, there is an urgent need for effective strategies and best practices to combat and prevent illicit finance from infiltrating our financial institutions and businesses.

Addressing the crucial issue of illicit finance, editor Abdul Rafay, a distinguished academic scholar specializing in financial crimes, corporate finance, and financial technology, presents the definitive solution in the book, Theory and Practice of Illegitimate Finance. This premier reference work offers a comprehensive exploration of all aspects related to illicit finance, providing valuable insights and lessons learned from real-world cases. Through meticulous research and analysis, the book delves into crucial topics such as financial intelligence, hacking fraud, and financial data leaks, empowering business owners, policymakers, researchers, and industry professionals to implement effective measures against fraud and corruption.

By equipping readers with the knowledge and tools to tackle the complexities of illicit finance, Theory and Practice of Illegitimate Finance becomes an indispensable resource for academicians and students. Abdul Rafay's unparalleled expertise, as demonstrated in his successful editing of previous books and numerous research papers, further solidifies the book's credibility. Embracing this transformative journey through the book's insights, readers from all walks of life can contribute to a more transparent and accountable financial world, safeguarding the integrity of global finance systems and ensuring a brighter and more secure future.

Coverage:

The many academic areas covered in this publication include, but are not limited to:

Accounting
Banking Compliance
Cybersecurity
Economics and Finance
Fraudulent Investments
Governance
Money Laundering
Risk Management
Taxation
Transparency
White-Collar Crime

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Editor/Author Biographies

Abdul Rafay is a practitioner cum academician. For more than 25 years, Mr. Rafay has been working as a freelance advisor, consultant & trainer to a wide variety of public & private sector national and multinational companies in the areas of Corporate Finance, Financial Policy & Implementation, Auditing & Assurance, Accountancy, Corporate Tax Management, Financial Technology, and System Consultancy. He has been providing consultancy to various industries including Textile, Auto Assembling, Footwear, Industrial/Agro Chemicals, Ice Cream/Dairies, Glass/Ceramics, Healthcare, Mining/Natural Resources, Packaging/Paper Sacking, Steel/Pipe Casting, Rice Processing, Brokerage/Co-operative Financing, Software Development, Real Estate, Printing/Publishing, and Construction/Civil Engineering, etc. Mr. Rafay is a Fellow member of the Institute of Chartered Accountants of Pakistan. He is also a member of various national and international professional bodies including the Institute of Internal Auditors (IIA), USA; Association of Certified Fraud Examiners (ACFE), USA. Since 2001, he has been a lifetime member of the Lahore Tax Bar Association. He has served as Co-regional Director (Founding) of Lahore-Islamabad Chapter of Professional Risk Managers International Association (PRMIA), Washington, USA (2011-2013). In 2012, he was nominated as Member: Education & Training Committee (ETCOM) of The Institute of Chartered Accountants of Pakistan (ICAP). He is also a member of ICAP’s “Islamic Finance working group” which is closely in liaison with the State Bank of Pakistan and other stakeholders for Islamic Finance Accounting and Auditing Standards. He is an Alumnus of Rausing Executive Development Center (REDC), Lahore University of Management Sciences (LUMS), Pakistan. In 2014, International Finance Corporation (World Bank Group) selected him for Training of Trainers (ToT) for Corporate Governance Action Planning for SMEs. He is also an approved trainer for the Institute of Financial Markets of Pakistan (IFMP) established by the Securities and Exchange Commission of Pakistan (SECP), the corporate regulator. In 2013, his name got included in the list of "Certified Directors" as per Clause (xi) of The Code of Corporate Governance 2012 issued by SECP. Currently, he is on the board of a Listed Company as an Independent Director. For the last 27 years, Mr. Rafay has also been associated with teaching in some of the top business schools of Pakistan. His specialized subjects of interest include Strategic Corporate Finance, Financial Crimes, Financial Derivatives, Investments/Portfolio Analysis, International Financial Reporting Standards, Corporate Restructuring (Mergers & Acquisitions), Financial Statement Analysis & Corporate Taxation. He also served as an instructor in Civil Services Academy, Pakistan to train the CSS Officers selected by the Federal Public Service Commission of Pakistan (FPSC). Currently, he is a Professor of Finance & Accounting at the University of Management & Technology, Pakistan. He has published more than two dozen research papers in SSCI, ESCI and Scopus indexed journals published by reputed global publishers including Emerald, Sage, Taylor & Francis, Routledge and IGI Global. He contributed multiple chapters in Books edited by International Editors. He also edited international books on FinTech, Islamic Finance, Financial Crimes, Money Laundering, Terrorism Financing, Energy Finance, Environmental Finance and Technological/Financial Frauds published by IGI Global, USA.

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