Financial Scams Through Ponzi Schemes: The Case of CIS Countries

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Author(s): Alam I. Asadov (Prince Sultan University, Saudi Arabia)
Copyright: 2021
Pages: 22
Source title: Handbook of Research on Theory and Practice of Financial Crimes
Source Author(s)/Editor(s): Abdul Rafay (University of Management and Technology, Pakistan)
DOI: 10.4018/978-1-7998-5567-5.ch015

Keywords: Accounting and Finance / Business Science Reference / Criminology & Victimology / Social Sciences & Humanities

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Abstract

This chapter investigates the relationship between financial literacy, financial sector development, and Ponzi schemes in the commonwealth of independent states (CIS) countries. It begins with an overview of the early cases of Ponzi schemes in the CIS countries by examining circumstances which formed fertile ground for the schemes to develop during initial years of independence. The study then scrutinised the situation in the member states during the later years which revealed no improvements. A closer examination of the problem discovered that the main triggers are low level of financial literacy and scarce investment alternatives. The chapter suggests that unless the level of financial literacy is raised and the financial sector is developed, Ponzi schemes will continue to thrive in the region. It concludes by providing some policy recommendations to enhance financial literacy and financial sector development, as well as necessary steps to improve financial regulations.

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Financial Scams Through Ponzi Schemes: The Case of CIS Countries

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