CORRUPTION, ECONOMIC AND FINANCIAL CRIMES IN THE PUBLIC SECTOR
1.1 STUDY BACKGROUND
Economic crime was described as a manifestation of a criminal act done either exclusively or organized with or without employees or groups with the intention of gaining wealth through illegal means, conducting illegal activities that violate laws land and other regulatory statutory provisions governing the economic activities of the government and its administration. It can erode confidence in the system of a country; threaten the integrity of government programs and institutions, compromising security, law and national order. Overall, the overwhelming presence of economic crimes can make a country attractive to investors (Area Information 2006).Whatever the sophistication of the methods used by the criminals, the common characteristics of crime include cheating, lying and stealing. Corruption is a threat in the public sector, even if discomfort is worldwide, the extent of its scope in the public sector was tragically prodigious. All indicators show that the spread of this cancer had become frightening.The threat of corruption leads to slow the movement of files in offices, police extortion toll and slow traffic on the roads, port congestion, queues at passport offices and stations gasoline, ghost workers syndrome, election irregularities, among others. Even crazy people on the street recognize the devastation caused by corruption – the funds allocated for their welfare disappear into thin air.Corruption is endemic in all governments, and is not suitable for all continents, regions and ethnic groups. Corruption is in the democratic and dictatorial policy; feudal, capitalist and socialist economies. Corrupt practices did not begin today; the story is as old as the world. Ancient civilizations have traces of illegality and corruption. (Lipset and Lenz 2000).
The price of corruption is extremely high. The economic foundations, political, social and moral of the country have been severely eroded and degraded. He brought us close to the edge and almost made us helpless and hopeless. It became imperative that something drastic had to be done to stop the rot. This impelled the president’s commitment to the fight against corruption head – on. (ICPC ACT 2000).