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Research Handbook on International Financial Crime
A significant proportion of serious crime is economically motivated. Almost all financial crimes will be either motivated by greed, or the desire to cover up misconduct. This Handbook addresses financial crimes such as fraud, corruption and money laundering, and highlights both the risks presented by these crimes, as well as their impact on the economy. The contributors cover the practical issues on the topic on a transnational level, both in terms of the crimes and the steps taken to control them. They place an emphasis on the prevention, disruption and control of financial crime. They discuss, in eight parts, the nature and characteristics of economic and financial crime, the enterprise of crime, business crime, the financial sector at risk, fraud, corruption, the proceeds of financial and economic crime, and enforcement and control.
More Information
Critical Acclaim
Contributors
Contents
More Information
A significant proportion of serious crime is economically motivated. Almost all financial crimes will be either motivated by greed, or the desire to cover up misconduct. This Handbook addresses financial crimes such as fraud, corruption and money laundering, and highlights both the risks presented by these crimes, as well as their impact on the economy.
The contributors cover the practical issues on the topic on a transnational level, both in terms of the crimes and the steps taken to control them. They place an emphasis on the prevention, disruption and control of financial crime. They discuss, in eight parts, the nature and characteristics of economic and financial crime, The enterprise of crime, business crime, the financial sector at risk, fraud, corruption, The proceeds of financial and economic crime, and enforcement and control.
Academics interested in criminology, law, as well as business and legal studies students will find this book to be an invaluable resource. Practitioners, including lawyers, compliance and risk managements, law enforcement officers, and policy makers will also find the points raised to be of use.
The contributors cover the practical issues on the topic on a transnational level, both in terms of the crimes and the steps taken to control them. They place an emphasis on the prevention, disruption and control of financial crime. They discuss, in eight parts, the nature and characteristics of economic and financial crime, The enterprise of crime, business crime, the financial sector at risk, fraud, corruption, The proceeds of financial and economic crime, and enforcement and control.
Academics interested in criminology, law, as well as business and legal studies students will find this book to be an invaluable resource. Practitioners, including lawyers, compliance and risk managements, law enforcement officers, and policy makers will also find the points raised to be of use.
Critical Acclaim
‘The Research Handbook on International Financial Crime brings together a strong group of contributors under the editorship of Professor Barry Rider. Reflecting the success of the long-standing Cambridge International Symposium on Economic Crime, the Handbook covers a wide range of subjects over some sixty chapters. It will make a valuable contribution to the practical as well as the theoretical aspects of this important subject.’
– Sir William Blair, Justice of the Queen’s Bench Division, Commercial Court, President of the Board of Appeal of the European Supervisory Authorities
‘Monumental and magisterial are fitting descriptions for this book. The editor and contributors provide extensive knowledge and authoritative insight into the ever-burgeoning field of financial and economic crimes. With in-depth coverage on a national and international scale of topics such as fraud, financial and market governance, corruption, money laundering, and civil and criminal processes, this book delivers a compendious guide for scholars, policymakers and practitioners everywhere, as well as an unrelenting warning about embedded societal risks of insecurity and instability.’
– Clive Walker, School of Law, University of Leeds, UK
‘This compendious Handbook is packed with an eclectic collection of essays which addresses issues arising in financial crimes such as fraud, corruption and money laundering.’
– Lloyd’s Law Reports
– Sir William Blair, Justice of the Queen’s Bench Division, Commercial Court, President of the Board of Appeal of the European Supervisory Authorities
‘Monumental and magisterial are fitting descriptions for this book. The editor and contributors provide extensive knowledge and authoritative insight into the ever-burgeoning field of financial and economic crimes. With in-depth coverage on a national and international scale of topics such as fraud, financial and market governance, corruption, money laundering, and civil and criminal processes, this book delivers a compendious guide for scholars, policymakers and practitioners everywhere, as well as an unrelenting warning about embedded societal risks of insecurity and instability.’
– Clive Walker, School of Law, University of Leeds, UK
‘This compendious Handbook is packed with an eclectic collection of essays which addresses issues arising in financial crimes such as fraud, corruption and money laundering.’
– Lloyd’s Law Reports
Contributors
Contributors: I. Abramova, R. Alexander, S.A. Ali, A. Armstrong, L. Atherton, G. Baber, A. Bacarese, F.N. Baldwin, S. Bazley, C. Bradley, J. Bryant, A. Campbell, E. Campbell, S.D. Cassella, R. Cheung, J. Clough, G. Crentsil, L. de Koker, K.A. Drummond, J. Fisher, L. Fituni, D. Fitzpatrick, R.D.Francis, M.M. Gallant, P.M. German, G. Gilligan, M. Glanville, P. Gray, A. Hakimah Ab Halim, J. Harvey, M. Hauman, D. Hayton, J. Henning, T.R. Hurst, J. Ingle, S.F.A. Jabbar, D. Jayasuriya, J. Jeremie, J. Johnson, D. Johnston, S.D. Keene, I. Kerusauskaite, D. Kirk, M. Krambia-Kapardis, M. Levi, K. Levy, X. Li, E. Liu, A.S. Lukito, F.G. Madsen, J.L. Masters, A. Middlemiss, N. Moola, H. Mulukutla, K. Murray, C. Nakajima, R. Parlour, C. Pédamon, S. Quo, J. Reading, B. Rider, H. Rosenberg, N. Ryder, N. Saleh, C.A. Schipani, C. Spector-Naranjo, C. Stears, E. Stuart-Smith, M.R.C. Sutherland, H. Tjio, W. Tupman, M. Turkington, A. Walters, C. Wells, L.H. Xing, Y. Zhen
Contents
Contents:
Introduction
Barry Rider
Preface
Michael Levi
PART I THE NATURE AND CHARACTERISTICS OF ECONOMIC AND FINANCIAL CRIME
1. The Characteristics of Economic Crime and Criminals
William Tupman
2. The Concept of Fraud: A Comparative Analysis
Gilbert Crentsil
3. Financial Crime – A Historical Perspective
George Gilligan
4. The Internationalisation of Crime and Technology
Peter M. German
5. Crimes of the Powerful and Legitimization
Leonid Fituni and Irina Abramova
PART II THE ENTERPRISE OF CRIME
6. Organised Economic Crime
Shima D. Keene
7. Trafficking Crimes
Frank G. Madsen
8. Economic Crime and Terror: Spinning a Web of Greed and Fear
Shazeeda A. Ali
PART III BUSINESS CRIME
9. The Misuse and Abuse of the Corporate Form
Hans Tjio
10. The Anti-Money Laundering Regime in Hong Kong
Mark R.C. Sutherland
11. Unfair Competition and Crime
Shirley Quo
12. Transparency and Responsibility: Recent Developments in the Regulation of Hedge Funds in the US and the EU
Thomas R. Hurst
13. Corporate Governance and Responsibility
Chizu Nakajima
14. Good Corporate Governance and Corporate Social Responsibility in Indonesian Banking Institutions: A Pathway in Preventing Financial Crime
A. Suhartati Lukito
15. Fiduciary Duty of Loyalty
Cindy A. Schipani
16. Corporate Criminal Responsibility: A South African Perspective
Johan Henning and Mignon Hauman
17. Insolvency Related Crime
Laura Atherton and Nadia Saleh
PART IV THE FINANCIAL SECTOR AT RISK
18. Engendering Confidence in the Financial System – Challenges and Observations
Jackie Harvey
19. The Financial Crisis, Economic Crime and Development
John Jeremie
20. Responsibility and Accountability in the Financial Sector
Graeme Baber
21. A New Era of Sentencing Insider Crimes
Rita Cheung
22. Regulation of Insider Trading in China from the Perspective of Protecting the Integrity of the Capital Markets
Zhen Ye
23. Compliance Issues in the Financial Sector
Dayanath Jayasuriya
24. Compliance – Risks and Obligations
Stuart Bazley
25. Practicalities of Financial Crime Deterrence
Richard Parlour
PART V FRAUD
26. Fraud in Civil and Criminal Law
Jonathan Fisher
27. Fraud and Restitution
David Hayton
28. Theory of Fraud in French Law: Fraus Omnia Corrumpit - Old Law, New Opportunities
Catherine Pédamon
29. The Concept of Fraud in Islamic Law
Siti Faridah Abdul Jabbar and Asma Hakimah Ab Halim
30. Computer Related Fraud
Jonathan Clough
PART Vl CORRUPTION
31. The Legal Mechanisms to Ccontrol Bribery and Corruption
Nicholas Ryder
32. Corruption – New Strategies
Jesper Johnson
33. Corruption and International Development Assistance
Ingrida Kerusauskaite
34. Corruption in China
Li Hong Xing, Xuebin Li and Enze Liu
35. Corruption and Public Policy in Post-Conflict States
Matthew Glanville
PART VII THE PROCEEDS OF FINANCIAL AND ECONOMIC CRIME
36. The Pursuit of Criminal Property
Richard Alexander
37. Confiscation and Forfeiture
Kenneth Murray
38. Money Laundering Offences
Jeffrey Bryant
39. Money Laundering and the Consent Regime in the United Kingdom– Time for Change?
Andrew Campbell and Elise Campbell
40. Civil Asset Recovery: The American Experience
Stefan D. Cassella
41. The Management of Information in the Context of Suspected Money Laundering Cases
Alan Bacarese, Kenneth Levy and Hari Mulukutla
42. Anti-Money Laundering Measures and the Effectiveness Question
Louis de Koker and Mark Turkington
43. AML: Maintaining the Balance between Controlling Serious Crime and Human Rights
M. Michelle Gallant
44. The Regulation and Financing of Terrorism
Fletcher N. Baldwin
PART VIII ENFORCEMENT AND CONTROL
45. The Traditional Criminal Justice System – Its Efficacy in Dealing with Financial and Economically Motivated Crime
David Fitzpatrick
46. The Management of Complex Fraud Cases
David Kirk
47. Defending Individuals Charged with White Collar Crimes – Challenges and Strategies
Kathryn Arnot Drummond
48. Protecting the Whistleblower
Anona Armstrong and Ronald D. Francis
49. Rewards for Whistleblowing
Caroline Bradley
50. Auditors and Fraud Detection: An Elusive Role
Maria Krambia-Kapardis
51. Control Liability and Compliance: Tools for Controlling Financial Crime
Christopher Stears
52. Disruption of Crime and the Use of Intelligence
David Johnston
53. Extradition
Colin Wells and Emma Stuart-Smith
54. International Co-operation in Fighting Financial Crime
John Reading
55. The International Criminal Court and Financial Crime
Jessie Ingle
56. Offshore Issues in Policing Financial Crime
John L. Masters
57. Civil Enforcement in the United States Securities and Banking Industries
Arthur Middlemiss, Hillary Rosenberg and Chiara Spector-Naranjo
58. The Practical Issues in Tracing and Freezing in the Context of Civil Recovery Proceedings
Peter Gray and Nooree Moola
59. Disqualification of those Engaged in the Management of Companies and Financial institutions
Adrian Walters
60. Strategic Tools - For Now and Perhaps the Future
Barry Rider
Index
Introduction
Barry Rider
Preface
Michael Levi
PART I THE NATURE AND CHARACTERISTICS OF ECONOMIC AND FINANCIAL CRIME
1. The Characteristics of Economic Crime and Criminals
William Tupman
2. The Concept of Fraud: A Comparative Analysis
Gilbert Crentsil
3. Financial Crime – A Historical Perspective
George Gilligan
4. The Internationalisation of Crime and Technology
Peter M. German
5. Crimes of the Powerful and Legitimization
Leonid Fituni and Irina Abramova
PART II THE ENTERPRISE OF CRIME
6. Organised Economic Crime
Shima D. Keene
7. Trafficking Crimes
Frank G. Madsen
8. Economic Crime and Terror: Spinning a Web of Greed and Fear
Shazeeda A. Ali
PART III BUSINESS CRIME
9. The Misuse and Abuse of the Corporate Form
Hans Tjio
10. The Anti-Money Laundering Regime in Hong Kong
Mark R.C. Sutherland
11. Unfair Competition and Crime
Shirley Quo
12. Transparency and Responsibility: Recent Developments in the Regulation of Hedge Funds in the US and the EU
Thomas R. Hurst
13. Corporate Governance and Responsibility
Chizu Nakajima
14. Good Corporate Governance and Corporate Social Responsibility in Indonesian Banking Institutions: A Pathway in Preventing Financial Crime
A. Suhartati Lukito
15. Fiduciary Duty of Loyalty
Cindy A. Schipani
16. Corporate Criminal Responsibility: A South African Perspective
Johan Henning and Mignon Hauman
17. Insolvency Related Crime
Laura Atherton and Nadia Saleh
PART IV THE FINANCIAL SECTOR AT RISK
18. Engendering Confidence in the Financial System – Challenges and Observations
Jackie Harvey
19. The Financial Crisis, Economic Crime and Development
John Jeremie
20. Responsibility and Accountability in the Financial Sector
Graeme Baber
21. A New Era of Sentencing Insider Crimes
Rita Cheung
22. Regulation of Insider Trading in China from the Perspective of Protecting the Integrity of the Capital Markets
Zhen Ye
23. Compliance Issues in the Financial Sector
Dayanath Jayasuriya
24. Compliance – Risks and Obligations
Stuart Bazley
25. Practicalities of Financial Crime Deterrence
Richard Parlour
PART V FRAUD
26. Fraud in Civil and Criminal Law
Jonathan Fisher
27. Fraud and Restitution
David Hayton
28. Theory of Fraud in French Law: Fraus Omnia Corrumpit - Old Law, New Opportunities
Catherine Pédamon
29. The Concept of Fraud in Islamic Law
Siti Faridah Abdul Jabbar and Asma Hakimah Ab Halim
30. Computer Related Fraud
Jonathan Clough
PART Vl CORRUPTION
31. The Legal Mechanisms to Ccontrol Bribery and Corruption
Nicholas Ryder
32. Corruption – New Strategies
Jesper Johnson
33. Corruption and International Development Assistance
Ingrida Kerusauskaite
34. Corruption in China
Li Hong Xing, Xuebin Li and Enze Liu
35. Corruption and Public Policy in Post-Conflict States
Matthew Glanville
PART VII THE PROCEEDS OF FINANCIAL AND ECONOMIC CRIME
36. The Pursuit of Criminal Property
Richard Alexander
37. Confiscation and Forfeiture
Kenneth Murray
38. Money Laundering Offences
Jeffrey Bryant
39. Money Laundering and the Consent Regime in the United Kingdom– Time for Change?
Andrew Campbell and Elise Campbell
40. Civil Asset Recovery: The American Experience
Stefan D. Cassella
41. The Management of Information in the Context of Suspected Money Laundering Cases
Alan Bacarese, Kenneth Levy and Hari Mulukutla
42. Anti-Money Laundering Measures and the Effectiveness Question
Louis de Koker and Mark Turkington
43. AML: Maintaining the Balance between Controlling Serious Crime and Human Rights
M. Michelle Gallant
44. The Regulation and Financing of Terrorism
Fletcher N. Baldwin
PART VIII ENFORCEMENT AND CONTROL
45. The Traditional Criminal Justice System – Its Efficacy in Dealing with Financial and Economically Motivated Crime
David Fitzpatrick
46. The Management of Complex Fraud Cases
David Kirk
47. Defending Individuals Charged with White Collar Crimes – Challenges and Strategies
Kathryn Arnot Drummond
48. Protecting the Whistleblower
Anona Armstrong and Ronald D. Francis
49. Rewards for Whistleblowing
Caroline Bradley
50. Auditors and Fraud Detection: An Elusive Role
Maria Krambia-Kapardis
51. Control Liability and Compliance: Tools for Controlling Financial Crime
Christopher Stears
52. Disruption of Crime and the Use of Intelligence
David Johnston
53. Extradition
Colin Wells and Emma Stuart-Smith
54. International Co-operation in Fighting Financial Crime
John Reading
55. The International Criminal Court and Financial Crime
Jessie Ingle
56. Offshore Issues in Policing Financial Crime
John L. Masters
57. Civil Enforcement in the United States Securities and Banking Industries
Arthur Middlemiss, Hillary Rosenberg and Chiara Spector-Naranjo
58. The Practical Issues in Tracing and Freezing in the Context of Civil Recovery Proceedings
Peter Gray and Nooree Moola
59. Disqualification of those Engaged in the Management of Companies and Financial institutions
Adrian Walters
60. Strategic Tools - For Now and Perhaps the Future
Barry Rider
Index
