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 20: Responsibility and accountability in the financial sector

Graeme Baber

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


Much of the agenda for financial regulation is driven by the international organisations, which produce ‘soft law’ instruments that are converted into legislative form in the various jurisdictions. One example of this is the Basel documents that the Basel Committee on Banking Supervision has published, which do not have direct effect. The Basel II Framework has been transposed into the laws of many countries, and the Basel III Framework is undergoing the same process. The international organisations are constantly active in producing guidelines for areas of financial regulation that have gone awry. For instance, both the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) have produced instruments concerning credit rating agencies and, more recently, financial benchmarks. These organisations tend to work together, and in co-ordination with the governments of the largest countries, in order to lay down a framework for financial regulation on a global basis. The financial crisis of 2007–2009 revealed a number of difficulties in the sector, which have been addressed – not least in the establishment of the FSB as the ‘enhanced’ successor of the Financial Stability Form. The FSB’s objectives are ‘to coordinate at the international level the work of national financial authorities and international standard setting bodies (SSBs) in order to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies’ and ‘to address vulnerabilities affecting financial systems in the interests of global financial stability’.

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