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 5: Crimes of the powerful and legitimization

Leonid Fituni and Irina Abramova

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


The economic and socio-political developments of this century’s first decade have turned the crimes of the powerful (CoP) into a major focus of criminological research, legal practice and societal debate. By definition, the actual offences, summarily called the “crimes of the powerful”, encompass a range of criminal or harmful activities (primarily, but not exclusively, in the economic sphere) perpetrated by the individuals, businesses and other organizations that exercise significant influence, power or authority in a given society/state. The basic idea behind the isolation of the CoP as a separate category within the general body of economic crime is based on the assumption by some strands of criminological sciencethat the CoP reflect the unequal stance of different groups in the society vis-à-vis the law and justice. Since in the real world laws and regulations are structured and then implemented under the influence and, as a rule, in the interests of powerful social groups, the privileged elements of the society are believed to be better positioned to fulfil the dispositions of those norms. In cases where they nevertheless violate the latter, thanks to their professional qualities or social position they are less prone to being discovered and are relatively better protected in litigation. Quite often, they may even escape justice. Those assumptions, though sounding arguable, on the whole are confirmed by comparative statistics on investigations and convictions respectively for the “white-” and “blue-collar” crimes practically in any country.

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