Abstract

Financial crime is one of the most divisive issues in today’s society and is receiving much attention from people worldwide. This study examined the applicability of the components of the fraudulent triangle (pressure, opportunity, and rationalization), and the main objective was to determine whether these factors contributed to the occurrence of financial crimes in Somalia. The study used a correlational research design, and the primary data were collected from 200 respondents using a questionnaire. The results show a statistically positive relationship between these components and financial crimes. The findings reveal that opportunity has a stronger positive correlation than the other two elements. The study suggests that independent national agencies and committees be established or activated and frequent audit procedures be conducted to prevent financial crimes in the public sector. Effective accountability mechanisms are additionally required to promote transparency and good governance in public institutions.

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