Many commentators, regulatory agencies and politicians have blamed the risky behaviour of both financial institutions and their actors for the collapse of the United States sub-prime mortgage market which in turn precipitated the global 'Credit Crunch'. This edited volume explores how financial crime played a significant role in the global economic crisis.
The volume features contributions from internationally renowned academic and practitioner experts in the field who pinpoint some of the most important facets of financial crime which have emerged over recent years. Key subjects include: the possibility of criminalising reckless risk-taking on the financial markets; the duty of banks to prevent money-laundering and corruption; the growth of the Shadow Banking System; and the manipulation of LIBOR by banks. The book illustrates the global nature of financial crime, and highlights the complex relationships between regulatory bodies, law enforcement agencies and private actors in the attempt to limit the harmful effect of white collar crime on the stability of the financial sector.
This book will be of great use and interest to scholars, practitioners and students within the field of financial crime, banking and finance law, and international political economy.
'This new book from Routledge, which explores the link between the global economic crisis and financial crime, must surely be one of the best.' - Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers (2015)
‘It is a unique innovation in financial markets and financial crime literature, providing an inquiry into the global financial crisis from a distinctive criminal law perspective and, at the same time, bringing some fresh analyses generally, on the current state of the law and practice in this field. Importantly, it also raises a few pertinent unanswered questions, which provide a clear roadmap for further inquiry. […]It is a must read for scholars, students, professionals, commentators and policymakers in law, accountancy, banking and financial industry. As far as Europe and the US are concerned, it is the most current and comprehensive analysis of the regulatory standard and legislative response to current issues plaguing the financial markets.’ Review by Martin-Joe Ezeudu in the King's Law Journal, DOI: 10.1080/09615768.2015.1101903
‘In the spirit of helping to address some of the silences in our understandings, the scope of this collection is helpful and impressive. This arises from the breadth of coverage from a range of different and indeed disparate focal points, and from the distinctive angles brought by contributors from different backgrounds: as one would expect, many are academic lawyers, who are joined by specialists in global political economy, and also lawyers providing practitioner perspectives.’ Review by Dr Sarah Wilson in the Journal of International Banking Law and Regulation 2016, 31(1)
1. Introduction, Nicholas Ryder, Umut Turksen and Sabine Hassler 2. Risk, recklessness and policing the financial markets, Jonathan Fisher QC 3. Credible Deterrence and Consumer Protection through the Imposition of Financial Penalties: Lessons for the Financial Conduct Authority, Peter Cartwright 4. LIBOR Manipulation: The Limits and Potential of Corporate Criminal Liability, Robert Stokes 5. Implications of Anti-money Laundering Law for Accountancy in the European Union- A comparative study, Umut Turksen 6. Solicitors and Complying with the Anti-Money Laundering Framework: Reporting Suspicions, Applying for Consent and Tipping off, Andrew Campbell and Elise Campbell 7. Corruption, Money Laundering and Societal Responsibility of Banks, Indira Carr and Rob Jago 8. The Good, the Bad and the Fraud: Securitization and Financial Crime in Light of the Global Financial crisis, Anastasia Nesvetailova and Andrei Sandu 9. Virtual currency in a virtual world: virtually unstoppable, Alan S. Reid 10. Are the current laws and potential enforcement measures effective in achieving the accountability of bank directors for their actions, or the actions of the banks they manage? A comparison of UK and US approaches, Henry Hillman
While a growing number of high profile financial crime cases have hit the headlines recently the topic of financial crime is also generating much attention amongst academics and practitioners. This series will be the first to be dedicated to the law of financial, or economic, crime and offers a platform for important and original research in this area.
Books in the series will cover traditional subjects of financial crime including money laundering, terrorist financing, fraud, market abuse, insider dealing, market manipulation, tax evasion, bribery and corruption. But broader legal and regulatory issues will also be covered as well as emerging areas of concern such as the risks to stability of the financial system posed by financial crime. Emphasis will be placed on comparative approaches to the subject considering legislation across a number of jurisdictions as well as international regulations where appropriate, giving the series a truly global outlook.
The titles in the series are primarily aimed at an audience of researchers, scholars and practitioners in the area but should also be of interest to policy makers, law enforcement agencies, financial regulatory agencies, as well as people employed within the financial services sector.