Effectiveness of Legal Anti-Corruption Mechanisms in the Financial Sector

Oleksandr Bukhanevych1, Ihor Samsin2, Viktor Nalutsyshyn3, Volodymyr Kopanchuk4 & Kostiantyn Bukhanevych5

https://doi.org/10.62271/pjc.16.2.971.987

Abstract
The relevance of the issue under research is determined by the growing corruption in the financial sector during the last decades. Combating corruption in this field will depend on the effectiveness of the legal anti-corruption mechanisms in the financial sector. The aim of the article is to analyse the effectiveness of legal anti-corruption mechanisms in the financial sector using the case of Ukraine and to provide recommendations for increasing such effectiveness. The factors that reduce the effectiveness of legal anti-corruption mechanisms in the financial sector of Ukraine were identified through content analysis, doctrinal approach, comparative methods, analysis of legal acts and abstract logical method. As a result of the
research, directions for increasing the effectiveness of such legal mechanisms are proposed. The recommendations formulated in the work can be applied to the improvement of such mechanisms both in Ukraine and in other countries, in particular EU countries. Future research prospects may include providing recommendations for improving the effectiveness of legal anti-corruption mechanisms in the financial sector of other countries, taking into account their specifics.

Keywords: Anti-corruption legislation, corruption prevention, legal mechanisms, finance, financial sector.