Research Handbooks in Financial Law series
Edited by Barry Rider
Chapter 25: Practicalities of financial crime deterrence
This chapter is an introduction to the key practicalities of financial crime deterrence. It is based on 25 years’ experience in financial markets, including what has been described as the leading example of compliance turnaround, and the leading transformation of a country’s financial markets. The first step in financial crime deterrence is to carry out an assessment of how an organisation may be affected by underlying criminal activity including drug trafficking, money laundering, bribery and corruption, fraud, cybercrime, terrorism, nuclear weapon proliferation, organised crime and sanctions. Without such a step, any deterrence system is likely to be skewed, or at worse irrelevant.
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