Table of Contents

Research Handbook on International Financial Crime

Research Handbook on International Financial Crime

Research Handbooks in Financial Law series

Edited by Barry Rider

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.

Chapter 2: The concept of fraud: a comparative analysis

Gilbert Crentsil

Subjects: economics and finance, financial economics and regulation, law - academic, corruption and economic crime, finance and banking law


The quest to postulate a general definition of fraud may seem utopian. Therefore, when McGrath states that fraud is ‘notoriously difficult to define’ he is expressing pervading sentiment in the literature. One reason is that fraud has tentacles in both civil and criminal jurisdictions under English law, thus making it difficult to couch an all-embracive definition. The evolution of the concept has also been coarse. Although essentially a criminal concept, the Court of Equity principally administered fraud. Moreover, prior to the passing of the Fraud Act 2006 ‘fraud’ was not an offence in England. Thus there was no categorical statutory or judicial definition of fraud in either the criminal or the civil jurisdictions. The preponderance of synonyms in describing fraud is another feature that makes it difficult to define it. Fraud has, among others, been described as ‘white collar crime’,‘financial crime’, ‘economic crime’,‘deceit’,‘forgery’,‘dishonesty’. Some in the judiciary recognised this difficulty and suggested that courts were not to ‘cramp themselves … with a hard and fast definition’. The connection between definition and practical application has been encapsulated in the statement that fraud‘… is the elephant easy to recognise, but difficult to define, and a jury is well able to recognise it, even though they could not define it’. Fraud is a universal phenomenon: it is found across nations and cultures. This chapter presents a brief comparative overview of the concept. The reader is thus referred to relevant sources for detailed discussions.

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