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.

Chapter 8: Sentencing in Financial Crime by Karen Harrison

Nicholas Ryder

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


8. Sentencing in financial crime Karen Harrison* 8.1 INTRODUCTION Thus far this book has been about financial crime: what it is; how it is caused; how extensive the problem of it is; and an analytical examination of national and international policy measures designed to combat it. This chapter, however, is slightly different. Rather than continuing in this line of study, it looks at what we should do with those people who have been convicted by the criminal courts of committing financial crime. To this end, the aim of this chapter is to first define what we mean by a financial criminal; discuss what the aims of sentencing should be when faced with such offenders; examine sentencing policy on a national basis; consider what sentencing options are available for financial criminals; and finally, by analysing examples of sentencing practice from both England and Wales and the US, assess whether the practice of sentencing offenders in England and Wales is satisfactory. 8.2 THE FINANCIAL CRIMINAL As explained in Chapter 1 of this volume, despite there being ‘no internationally accepted definition of financial crime’,1 in England and Wales it can be said to include ‘any offence involving fraud or dishonesty; misconduct in, or misuse of information relating to, a financial market’;2 money laundering and terrorist funding. A person who has committed such offences must, therefore, be able to be described as a financial criminal. Other perhaps more common terms of parlance include that of University of Hull, Law School. International Monetary...

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