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 37: Confiscation and forfeiture

Kenneth Murray

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


A criminal should not benefit from his crimes. The proposition has long been accepted, but only in the last generation has it translated to an explicit feature of international jurisprudence. A consensus has formed in support of the proposition that ownership of wealth obtained through crime is a rescindable title. The mechanisms designed to bring that proposition to effect can be considered under the headings of confiscation and forfeiture. Sticking with founding principles, there are two issues claiming early consideration. The first relates to the nature of the mechanisms that enable a court to confiscate wealth and force forfeiture. Are they a means of imposing further punishment against the offender? Or are they instead actions to be focussed on the wealth itself, no matter who owns it when the action is enforced? To embrace the Latin: are these actions in personam, that is, against the person; or in rem, that is, against the thing or object or amount of money that embodies the wealth? The answer in practice is both: some of these mechanisms are in personam and some are in rem. The significance of the distinction and how it is applied, however, is a useful way into considering different approaches to confiscation and forfeiture: what unites and what separates them, and what the key differences are. The second issue relates to justification.

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