Chapter 9: Conclusion and Recommendations
9. Conclusions and recommendations Financial crime is a global problem that demands a co-ordinated global response. This book has reviewed the financial crime policies adopted by the international community, the United States of America (US) and the United Kingdom (UK) towards four types of financial crime: 1. 2. 3. 4. Money laundering; Terrorist financing; Fraud; and Insider dealing. The book has highlighted the importance of the mechanisms used by the international community, the US and the UK to forfeit and confiscate the proceeds of crime. Furthermore, this research has uniquely categorized the financial crime agencies and regulators in both countries into three categories: 1. 2. 3. Primary; Secondary; and Tertiary. Finally, comparisons have been drawn between the sentencing practices in the US and the UK in relation to the financial crimes outlined above. Holistically, the international community’s financial crime policies are led by the United Nations (UN) and the European Union (EU), who have implemented a number of legal instruments designed to tackle financial crime. The UN has clearly prioritized implementing policies designed to tackle money laundering and terrorist financing. This is illustrated by the fact that many nation states have instigated the integration of the Vienna Convention, the Palermo Convention and the UN Security Council Resolutions following the terrorist attacks in 2001. The UN has been assisted by the Financial Action Task Force (FATF) who have implemented the ‘40 Recommendations’ and the ‘Special Recommendations’ to combat money laundering and terrorist financing. However, it must be noted that a majority...
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