A STUDY ON IMPACT OF SANCTIONS ON ECONOMIC CRIME AND DEVELOPMENT  

 AUTHORS – K. ASWINI* & T. VAISHALI**, LLM SCHOLAR* & ASSISTANT PROFESSOR OF LAW** THE TAMIL NADU AMBEDKAR LAW UNIVERSITY, CHENNAI, TAMIL NADU, INDIA.

BEST CITATION – K. ASWINI & T. VAISHALI, A STUDY ON IMPACT OF SANCTIONS ON ECONOMIC CRIME AND DEVELOPMENT, ILE MULTIDISCIPLINARY JOURNAL, 3 (1) OF 2024, PG. 319-324, APIS – 3920-0007 | ISSN – 2583-7230.

ABSTRACT

Economic sanctions and their multifarious impacts on economic crime such as fraud, corruption, and money laundering have been discussed in the research paper. These all are examples of offenses posing a serious threat to the stability and development of countries. Economic crime is transnational in nature, and the practice of sanctions constitutes a tool of foreign policy directed at deterring those activities. The study looks into various types of sanctions, their financial sanctions, trade sanctions, and diplomatic sanctions, how they impact on economies by deterring economic crime, addressing their unintended consequences on economic development and social structures: mixed methods were used for research, that is quantitative and qualitative approaches, which include literature review and case studies, to assess the economic impacts of sanctions imposed on target countries but also on the broad international context. The argument then follows that, in their making, sanctions lead to complex outcomes that not seldom increase inequality and poverty while undermining national development through lack of market and investment access. To date, and, considering the available literature, what this paper aims to do is to offer gaps filled by contributions relating the study of sanctions and economic crimes and give opportunities for policymakers to increase the effectiveness of sanctions as well. Lastly, this research indicates a need to put the understanding of the influencing factors into the extent of the impact that these sanctions could transpose within their effects on economic behavior and the developmental path of a nation.

KEYWORDS: Economic crime, Development, Rational theory, Economic policy, International organisation