Citation:

Eleanor John-Oti, Stephen Gowon John-Oti. "Financial Crimes: A Comparative Study of Nigeria and Chinese Approaches to Combating the Scourge" International Research Journal of Economics and Management Studies, Vol. 4, No. 5, pp. 59-64, 2025.

Abstract:

Financial crimes, including money laundering, fraud, corruption, and embezzlement, pose significant threats to economic stability and governance worldwide. This study provides a comparative analysis of Nigeria and China's approaches to combating financial crimes, focusing on legal frameworks, enforcement mechanisms, technological integration, international cooperation, and socio-cultural influences. The study is grounded in the Routine Activity Theory and the Institutional Theory. The Routine Activity Theory explains how financial crimes thrive in environments with systemic vulnerabilities, weak oversight, and a lack of deterrence, as seen in Nigeria's enforcement challenges. The Institutional Theory highlights the role of governance structures and institutional strength in shaping anti-crime policies, contrasting Nigeria's decentralized enforcement with China's centralized, technology-driven approach. A Qualitative Comparative Analysis (QCA) methodology was employed, integrating thematic content analysis and cross-case comparisons. Primary data were obtained through expert interviews and policy documents, while secondary data were sourced from academic literature, government reports, and international anti-financial crime organizations. Findings reveal that China's centralized governance, strict enforcement, and advanced technological surveillance have strengthened its financial crime prevention, while Nigeria's efforts are hampered by weak institutional capacity, political interference, and limited technology adoption. However, concerns about transparency, civil liberties, and due process in China contrast with Nigeria's struggles with systemic corruption and enforcement gaps. The study recommends enhanced institutional reforms, increased technology integration, and stronger international collaborations for both countries to improve financial crime prevention.

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Keywords:

Corruption, Enforcement Mechanisms, Financial Crimes, International Collaboration, Legal Frameworks, Technological Integration.