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Abstract
Financial crimes pose a major challenge to Nigeria’s economic stability, affecting investment, governance, and public trust in financial institutions. This study examines the types, causes, and effects of financial crimes, with a focus on money laundering, fraud, and corruption. It also explores the role of economic, institutional, technological, and regulatory factors in driving financial crimes. A descriptive survey research design was employed, using a structured questionnaire to collect data. Multiple regression analysis was conducted to assess the relationship between financial crimes and its underlying causes. The findings reveal that economic hardship, weak institutional governance, technological vulnerabilities, and regulatory inefficiencies significantly contribute to financial crimes in Nigeria. Among these, economic factors (β = 0.432, p = 0.000) had the strongest influence, followed by institutional weaknesses (β = 0.389, p = 0.000), regulatory inefficiencies (β = 0.317, p = 0.000), and technological factors (β = 0.278, p = 0.000). The high R² value (0.659) confirms that these factors collectively explain a substantial portion of financial crimes in the country. The study concludes that financial crimes reduce foreign direct investment (FDI), weaken financial institutions, and hinder economic development. To combat these issues, it recommends strengthening economic policies, improving institutional governance, enhancing cybersecurity measures, and enforcing stricter financial regulations. These findings provide valuable insights for policymakers and financial regulators in developing more effective strategies to curb financial crimes and promote economic stability in Nigeria
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