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 6: Organized economic crime

Shima D. Keene

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

Extract

Organized crime is one of the greatest threats to human, national and international security throughout the world. It is not only a threat, but a daily reality that causes immense harm to individuals, families and communities, capable of undermining governance, fuelling corruption and hindering economic development. Evidence drawn from law enforcement activity suggests that organized crime is not only large in scale and impact, but that some elements have diversified and globalized, reaching macroeconomic proportions. Organized Crime Groups (OCGs) are most commonly associated with drugs trafficking. However, they are increasingly known to be have diversified, becoming involved in many different types of criminal activity to include fraud, identity theft, burglary, child sexual exploitation, counterfeit currency, intellectual property crimes, environmental and wildlife crimes, human smuggling and trafficking, firearms and cybercrime. Furthermore, their reach has expanded as a result of globalization, especially with the aid of internet-based technologies, which have enabled the indiscriminate targeting of potential victims irrespective of their age, sex, race, location or religion. Moreover, organized crime is on the increase. In 2009, global organized crime was estimated to generate $870 billion per annum in illegal profits, representing 1.5 per cent of global GDP. In 2014, this figure rose to approximately $1 trillion. Furthermore, this trend in growth is expected to continue. In the United Kingdom (UK), the number of active OCGs known to law enforcement is approximately 5,300. The human and economic costs of such groups are considerable.

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