The term "economic and financial crime" refers broadly to any nonviolent crime that results in a financial loss, even though the loss may be hidden or not perceived as a loss by victims. The available evidence suggests that technological change, most notably the growth of the Internet, has had a significant impact on overall levels of economic and financial crime. Such change has also complicated efforts to identify and analyze the extent of economic and financial crime throughout the world. There is some evidence, however, that the extent and impact of economic and financial crime is increasing. A recent victimization survey of companies across the world, for example, found that 37 percent of the respondents had suffered a loss from some form of economic crime, which was an increase compared to previous surveys. The majority of fraud cases, one of the most common forms of economic or financial crime, occurred in the developing world, most notably Africa. Money laundering, another of the most important forms of economic and financial crime, is discussed in a separate section of the paper, with attention to its prevalence and efforts to counter it. This report advises that economic and financial crimes pose a serious long-term threat to peaceful and democratic socioeconomic development in many countries, as they introduce distortions into free market economies. Measures mounted for preventing and controlling economic and financial crimes are discussed, and five recommendations are offered for how member states of the United Nations can cooperate in countering such crimes. 28 notes