Financial Management Analysis of Money Laundering, Corruption and Unethical Business Practices: Case Studies of India Nigeria and Russia

Abstract

Corruption as uniquely classified by the author as: (i) Democratic Corruption, referring to illegal payment by the people, of the people and for the people; (ii) Hierarchical/Anarchical Corruption, relating top bribery which must be compulsorily paid to get - political party-interested-cum-social utility - work, devoid of prudent financial management considerations, accomplished/executed with the blessings of the political party (Government) in power through the chain of middlemen (who may not belong to any political party) acting as agents, money laundering, fraud and allied issues are important issues and which have caused government collapse/instability, have received scanty analytical treatment by financial economists. This study analyses these critical financial management issues by analyzing country case studies -- Nigeria, India, Russia -- with a view to come out with meaningful solutions to check these menacing problems of business financial indiscipline by imbibing ethical values in human beings by resorting to spiritual leadership as any reform must come from heart (within) and not by acts/legislations.

Keywords: Corruption, Money laundering, India, Nigeria, Russia, Financial indiscipline, Spiritual leadership

JEL Classification: G14, G19, N24