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 44: The regulation of the financing of terrorism

Fletcher N. Baldwin

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


The entrepreneurship of internet technology has given birth to a lush domain. The fertile technology ground has attracted and cultivates multiple forms, shapes, and sizes of deviant behaviors and the accompanying laundering facilities to fund the illegal and nonconforming activities. Technology has provided an enhanced environment for the development of illicit activities, particularly the activities of the sale of arms, the sale of drugs and the training of terrorists. The upscale mall in Nairobi, the train station in China, the twin towers in New York City, the subway in London – terror knows no borders. It recognizes no statutes or international agreements. There is no functioning golden rule. The terrorists assume the trappings of phantoms. The lack of a well-described, clearly defined opponent without a public schedule makes the defense against terror exceedingly difficult. As a result terrorists are leaving a profound and indelible mark on the global economy and the global psychology. Terror and terrorists are impacting the world economy. They are destabilizing the global psychological climate. Terrorists need funds. The funds needed for their frightening enterprises are intimately connected with banks and financial institutions, with hawala and the underground exchanges. The illicit funds are deposited into accounts. Creative and skilled money launderers have discovered and designed numerous ways to legitimize their funds, to launder their funds. The financial institutions attempt to disassociate themselves from the money launderers, to identify themselves as innocent owners without knowledge of the criminal activities from which the funds are derived.

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