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 54: International co-operation in fighting financial crime

John Reading

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


Much has been written about the need for international co-operation in combating transnational financial crime and the measures that are available to assist in that fight. In this chapter I discuss the nature of co-operation, the means by which co-operation is achieved and suggest some reasons why, despite the many benefits to be gained from co-operating with other places, some placeschoose not to co-operate. One hundred years ago, the most serious financial crime to be committed upon a citizen might have been the theft of his prized milking cow. Whilst there were some transnational crimes, such as piracy on the high seas, the vast majority of crimes were committed locally or perhaps in the neighbouring village or town. The perpetrators lived locally, the crime would be investigated by the local constabulary and the local magistrate would preside over the case. Accordingly, the process of bringing the perpetrator to justice was not particularly difficult. Writing in the Berkeley Journal of International Law in 2004, Stefan Cassella observed that “for law enforcement professionals the hallmark of the new millennium is the rapid increase in the globalization of crime”. Ten years on, and despite many initiatives at the national and international, governmental and non-governmental levels, transnational financial crime continues to be a problem, not just for law enforcement professionals but for the economies of the nations for whom they work.

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