Financial Crime in the 21st Century

Financial Crime in the 21st Century

Law and Policy

Nicholas Ryder

This book focuses on the financial crime policies adopted by the international community and how these have been implemented in the United Kingdom and the United States of America.

Preface

Nicholas Ryder

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

Extract

Financial crime has gained increased notoriety since the international community recognized the problems posed by money laundering in the 1980s. Since the introduction of the first anti-money laundering initiatives in the late 1980s, different types of financial crime have gained international recognition. For example, the terrorist attacks on 11 September 2001 resulted in the instigation of the ‘financial war on terrorism’ by President George Bush. Similarly, the collapse of Barings Bank, Enron and WorldCom and the threat posed by mortgage fraud during the financial crisis have propelled fraud to the top of many countries’ financial crime policies. Insider trading has also become a significant problem to the global financial services sector. This work focuses on the financial crime policies adopted by the international community and how these have been implemented in the United Kingdom and the United States of America. Furthermore, it also considers the appropriateness of confiscation and forfeiture of the proceeds of crime. The work also focuses on the financial crime agencies in both jurisdictions and the effectiveness of their sentencing policies towards financial crime. The objective of this work is to recommend a ‘model financial crime policy’ based on a detailed analysis of the measures discussed in this book. viii M2499 - RYDER PRINT.indd viii 17/12/2010 16:56