A Quantitative Study on the Prevention and Detection of Financial Crimes Using Artificial Intelligence in Mauritius

Financial crime has emerged as a pressing concern across various industries, particularly within accounting firms, which handle vast amounts of data and transactions daily. Instances of theft, deceit, extortion, corruption, and money laundering abound, with the allure of illicit gains often outweighing perceived risks for so-called white-collar offenders. With the rapid evolution of digital technology, financial crime has taken on a new dimension, with criminal organizations operating internationally and illicit funds traversing physical and virtual boundaries to reach their destinations. In this landscape, Artificial Intelligence (AI) assumes a paramount role in the prevention and detection of financial crimes. The aim of this research is to assess the efficacy of Artificial Intelligence in mitigating financial crimes in Mauritius, focusing on three critical components: Machine Learning, Robotic Process Automation, and Neural Network. Utilizing a quantitative methodology grounded in primary data, an online questionnaire was administered to employees within accounting firms in Mauritius specializing in financial crime prevention and detection. This study employs the sophisticated analytical tools offered by the Statistical Package for the Social Sciences (SPSS) to investigate the dynamic relationships among three key variables: Machine Learning, Robotic Process Automation, and Neural Networks. Through rigorous analysis, this research aims to evaluate the effectiveness of these technologies in enhancing financial crime prevention and detection within the specific context of Mauritius. The analysis elucidates a noteworthy and positive correlation between these variables and the deterrence and identification of financial malfeasance, with Machine Learning demonstrating the most pronounced impact at 75.9%. Nevertheless, it is imperative to underscore the collective importance of all three variables in fortifying Mauritius's defenses against financial malpractice. These insights underscore the critical need for heightened awareness and adoption of Artificial Intelligence technologies to confront the burgeoning threat of financial crime effectively in Mauritius.