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 27: Fraud and restitution

David Hayton

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


The English Fraud Act 2006 usefully indicates that a person can be guilty of criminal fraud in three types of situation that reflect those that lead to various civil liabilities: (1) where the defendant makes a false representation, (2) where he fails to disclose information, and (3) where he abuses his position. For criminal liability subjective dishonesty is required: the accused must have been acting dishonestly according to the standards of ordinary decent people and must himself have realised that what he was doing was, by those standards, dishonest. For civil liability objective dishonesty can suffice, so that the defendant only needs to have been acting dishonestly according to the standards of ordinary decent people, though his conduct is assessed in the light of what he actually knew at the time when he acted. In the first situation a person is liable for fraud if he dishonestly made a false representation and intended thereby to make a gain for himself or another or to cause loss to another or to expose another to a risk of loss. A representation is false if it was untrue or misleading, and the representor knew that it was, or might be, untrue or misleading. A representation may be of fact or law or as to the state of mind of the representor or another person.

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